Speed your Findependence Day with the $10K TFSA limit: join petition to keep it

d23ad08526748111987b5e9b9fd1c19b_400x400By Catherine Swift

Special to the Financial Independence Hub

The campaign of Working Canadians to save the $10,000 limit on Tax-free Savings Accounts is really gaining momentum.

We have always known Canadians love their TFSAs for their simplicity, flexibility and as a valuable tool to permit tax-efficient retirement savings.

Just this week our campaign was bolstered by an Angus-Reid public opinion poll, which reveals that the promise by the new federal government to reduce the TFSA limit is opposed by a majority of Canadians. So of the 11 million who have money in a TFSA, more than 5.5 million of them like the higher limit of $10,000 implemented by the Conservative administration earlier this year.

As well they should. The facts have convincingly shown that the justifications the Liberals claim to support the limit reduction – that “TFSAs are mostly a tool for the rich and cost the treasury too much in foregone revenue” – are just plain wrong.

All we want is pension parity for the middle class

When the federal government continues to pour tens of billions of our tax dollars into generous, indexed public-sector pensions every year, it’s hard to swallow the fact that a billion or so “lost” to TFSAs is somehow unacceptable. These public-sector pensions are also grossly underfunded. Read more

Will the Liberal landslide delay your Findependence Day?

The “Hair” Apparent? National Post.com

The Financial Post provides my take on last night’s Liberal landslide, as it pertains to Financial Independence in this blog that just was published online: So long $10,000 TFSA, and other personal finance fallout from the federal election.

The gist is that we’ll likely lose the $10,000 annual contribution TFSA limits that were only hiked earlier this year but as aging boomers move into semi-retirement or full retirement, it’s likely they’ll fall into the middle tax bracket where the Liberals’ 1.5 percentage point cut should provide several hundreds of dollars of annual tax savings. There are also significant implications for an expanded Canada Pension Plan, Old Age Security and I expect that Ontario will now no longer see a need for the Ontario Retirement Pension Plan or ORPP.

Plenty of other links via my Twitter feed (@JonChevreau), which can also be viewed under the new “Social” tab over at the Hub.

UPDATE Oct 21. See the updated version of this blog at sister site Financial Independence Hub, with links to various Financial Post stories by me, by Jamie Golombek on tax bracket changes, Garry Marr on lost TFSA limits, and Fred Vettese on an expanded CPP and probable elimination of the ORPP.

How to maximize your CPP benefits

Because the Financial Independence Hub is being moved today to a new server to accommodate ever-rising volumes of web traffic, for today we have taken the liberty of posting the normal Monday “Hub” blog here at sister site FindependenceDay.com. The guest blog below is on optimizing CPP benefits:  the same subject as my Financial Post column that ran online today under the headline: Optimizing Your CPP is no trivial exercise. Now let’s get it from the horse’s mouth: Doug Dahmer. — Jonathan Chevreau

 

dougdahmer

Doug Dahmer

By Doug Dahmer, Emeritus Retirement Income Specialists 

Canadians are an easy going and trusting people. Every year thousands of people, across the country, carelessly start their CPP payments and in the process are forgoing hundreds of thousands of dollars in payments to which they are entitled.

I call this “The Great Canadian Pass Up.”

To ensure you fully appreciate the value of making the right decision, before you elect to a start your Canada Pension, Emeritus Retirement Income Specialists have created a powerful tool CPP Optimizer. Give it a try here.

 Most people seriously underestimate their lifetime CPP income entitlement:

Your CPP benefits are a big deal. For a couple, where both spouses have regularly contributed to the CPP plan, the lifetime CPP income they can anticipate will likely exceed $700,000. Consequently it represents an important strategic contributor to the creation of a sustainable retirement income. Therefore, decisions about this benefit need to be taken seriously.

 

Reliance upon “conventional wisdom” can be costly

Read more

Millennial is mortgage free at 31. Next goal: Findependence Day by 35

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Sean Cooper in front of his paid-for home.

My latest MoneySense blog features 30-year old millennial and financial writer Sean Cooper, who is having a mortgage-burning party tonight to celebrate his paying off his mortgage in just three years. See Mortgage free by 31.

In an early guest blog here at the Hub, Cooper credited my financial novel, Findependence Day, with inspiring him to seek early financial independence himself. See also a second millennial’s story at Two millennials well on the way to achieving early Financial Independence.

The book argues in particular that “the foundation of financial independence is a paid-for house.”

Cooper apparently took this message to heart because. He doesn’t even turn 31 for a few more months and has set his next goal to achieve a net worth of $1 million within four years. Well done, Sean, may you serve as an inspiration to your generation!

Click on the above link at MoneySense to find the full Q&A I conducted with Sean or see below.

Email Q&A with “Findependent” Sean Cooper

Read more

Blog Tour for US edition of Findependence Day kicks off on July 27

FindependenceDayBook_US

Findependence Day (US edition)

The publisher of the U.S. edition of Findependence Day (available from Trafford.com in hardcover, paperback and ebook formats; click here to order) is organizing a blog tour for the book that kicks off Monday, July 27th and winds up on August 7th. Click here for the Indie Book Tour, or see below.

As of this summer, the US edition is now also available through two book distributors: Ingram and Baker & Taylor, as well as American libraries.

Here’s the current blog tour schedule for Findependence Day.

July 27

Write and Take Flight 

http://writeandtakeflight.com/

Harmonious Publicity 

http://harmoniouspublicity.com/

July 28 

Carpe Librum 

http://carpelibrum1.blogspot.com/

Read Between the Ink 

http://readbetweentheink.blogspot.com/

July 29 

It Feels Drafty 

http://itfeelsdrafty.blogspot.com/

Fiction to Fruition 

http://fictiontofruition.weebly.com/

July 30 

From Paperback to Leatherbound 

http://frompaperbacktoleatherbound.blogspot.com/

The Literary Nook 

http://theliterarynook.blogspot.com/

July 31 

Voodoo Princess 

http://voodooprincess40.blogspot.com/

The Revolving Bookshelf 

http://therevolvingbookshelf.com/

August 3 

The Book Refuge 

http://thebookrefuge.blogspot.com/

The Book Czar 

http://thebookczar.blogspot.com/

August 4 

Lover of Literature 

http://loverofliterature.tumblr.com/

Zensanity 

http://zensanity.blogspot.com/

August 5 

Bent Over Bookwords 

http://www.bentoverbookwords.com/

A Taste of My Mind 

http://www.atasteofmymind.com/

August 6 

All Inclusive Retort 

http://allinclusiveretort.blogspot.com/

Inkslinger’s Opus 

http://inkslingersopus.blogspot.com/

August 7 

The Zen Reader 

http://thezenreader.blogspot.com/

The Dark Phantom 

http://thedarkphantom.wordpress.com/

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