Are you confident that you are prepared for retirement - now or in the future?

Total votes received: Yes (40%)      No (60%)

Reader Comments:

- No
with only one income and prices increasing it is getting harder and harder to put $ away for retirement

Judy Dunne - Yes
A sound financial plan is the Key!

DSC - Yes
What sort of Financial Planner would I be if I wasn't planning my own life? One who didn't have a wife to plan for him! Thankfully she is a planner too!

Paul - Yes
Retiring is not the question. I will. The question is "how much will I have to retire on?" May need to adjust my expectations in retirement, but it seems we are all doing that with our current lifestyle since 2008.

Brian Vroomen - Yes
....But I need 8% average annual rate of return for the next 15years!

- Yes
I know what I need to retire and have concentrating on accumulating assets.

Allan Johnson - No
I have been in the Financial Services Industry for 15 years. The ups and downs in the market are one thing, but I have also experienced ups and downs in my income. Pretty hard to be pro-active with retirement planning when survival becomes the focus. Ten years of disappointing investment returns have also had a huge impact on everyone's planning and projections.

- Yes
Any person who systematically contributes the maximum allowable RRSP amounts or a combination of employer pension plan and RRSP contributions should normally reach his retirement objective. This is a fact I have experienced personally. You need to have the discipline and the commitment to do it.

Sidney - No
.. I expect things to happen that I don't expect to happen . . ....

And the final word goes to Joan who responded No to the question and had the following to add:

Even though we have saved and invested and prepared for retirement in every financial way, nobody can predict what might happen in the future. The burning question remains: "Will we outlive our pensions?"

The Editors of the Knowledge Bureau Report thank all those that participated.

Approximately 4.7 million Canadians opened Tax-Free Savings Accounts since they were introduced, and about 70,000 of those account holders have been asked to provide additional information on their accounts to CRA. The government is recognizing that there was some general confusion regarding the TFSA rules by account holders as well as the financial institutions holding the accounts. A recent news release from the Department of Finance advised that the deadline for responding to TFSA letters received from CRA has now been extended from June 30th to August 3rd.

Available since January 1, 2009, the Tax-Free Savings Account (TFSA) is a registered account in which investment earnings, including interest, dividends and capital gains accumulate within the account on a tax free basis. Contributions up to an annual maximum of $5000 can be made by/for those who have reached 18 years of age and are residents of Canada. There is no maximum contribution age (you can be 92, for example!), however a tax return must be filed to build "TFSA Contribution Room”. This $5000 annual maximum amount will be indexed after 2009, with rounding to the nearest $500. The annual maximum remains at $5,000 for 2010 contributions.

In the news release, the Government of Canada announced that for 2009, the first year of the program, there will be a case-by-case review to determine if tax will be waived on excess contributions that occurred during the year. In many cases, over contributions were occurring in situations when individuals were using the TFSA accounts as an ATM, i.e. depositing and withdrawing amounts frequently, and in other cases transferring TFSA amounts from one institution to another. These over contributions can result in penalties, and require the account holder to complete a form advising the CRA of the amounts for each month that an over-contribution was made during the year.

RC243 Tax-Free Savings Account (TFSA) Return 2009

RC243-SCH-A Schedule A - Excess TFSA Amounts

RC243-SCH-B Schedule B - Non-Resident Contributions to a Tax Free Savings Account (TFSA)

Educational resources:For more information on tax planning provisions and compliance requirements, subscribe to The Knowledge Bureau's online tax reference for taxpayers, financial advisors and their clients: EverGreen Explanatory Notes.

Call: 1-800-953-4769 to order today.

Tax filing deadlines compel most — but not all — of Canada's almost 24 million tax filers to arrange their affairs and reconcile last year's taxes by April 30. However, there are many late filers.

Please be sure to diarize milestones that maximize your rights under the Income Tax Act:

For more information on tax planning provisions and compliance requirements subscribe to The Knowledge Bureau's online tax reference for taxpayers, financial advisors and their clients: EverGreen Explanatory Notes.

Current question

Do you think the rules for utilizing Tax-Free Savings Accounts are clear?

Current poll results: Yes: 30%  No: 70%   Read what other readers have to say

• TFSA Eligible Investments.  The same eligible investments as allowed within an RRSP will apply to the TFSA. A special rule will prohibit a TFSA from making an investment in any entity with which the account holder does not deal at arm’s length. 

Media Passes Available: Contact The Knowledge Bureau toll free: 1-866-953-4769. Join us for a concentrated, focused day on issues of concern to taxpayers, investors and professional planners in major centres across Canada. At this time, we run workshops two times each year: January and November. The Knowledge Bureau workshops are designed to be a solid investment of your time and money. The sessions begin with 8:00 a.m. registration, session begins promptly at 8:30, provide a one-hour break for lunch and end promptly at 4:00 p.m. They are structured to cover taxation topics in the morning and wealth management topics in the afternoon.

The dates are:

• November 2010 Tax Planning Workshops: Strategies for Individuals and Business Owners - November 3 - 10
• January 2011 Annual Line by Line T1 Tax Update, ALL TAX, ALL DAY - January 11- 27

Help your clients leave a legacy today. This course will be of special interest to advisors who want to ensure their clients' gifts complement their overall wealth management strategy in a tax-effective manner. Charitable giving is a key issue on the minds of many clients. Learn how to establish the most powerful gift planning concepts, designed to maximize charitable gifts, while minimizing taxes. Investment Strategies in Charitable Giving is part of the MFA, Investment Income Services Specialist program. View course brochure Enrol now and SAVE $50 until July 30th, 2010 or call for personal assistance (1-866-953-4769)

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• Understand the benefits for donors of different gift types and determine which are most appropriate for your clients;
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• Become familiar with the potential pitfalls of charitable giving, including how to identify tax shelter schemes that are not acceptable to CRA;
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• Develop your charitable giving strategies and select your chosen cause.
• Decide how much you want to give and what role you want to play.
• Plan and implement the partnership with the charity of your choice.
• Decide whether you want to give directly, start your own charity, give through an endowment, use donor-advised funds, etc.
• Determine what financial tools and techniques are appropriate for you.

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We are pleased to offer all delegates attending the Distinguished Advisors Conference on November 14-17, 2010 a 10% discount off of WestJet's regular fares at time of booking (excluding web and special fares). Attendees must make their travel arrangements through the WestJet specialty sales team 1-877-952-4696 and quote account # C6632. Discounted rates are available 3 days prior and 3 days after the ev

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