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This is too good not to post
November 20, 2025
Recently our premier in BC made an announcement
that BC and the other provinces were going to ask the
feds to remove the age 71 withdrawal limit on RIF's due
to financial hardship. Having to sell assets at
depressed values to fund minimum withdrawals being
considered the hardship. I agree.
Today, the
Minister of Finance in a press release finds an even
better solution and in the process raps the knuckles of
brokers, banks and financial institutions who weren't
playing the game.
What's the game supposed
to be? You are allowed to withdraw assets instead of
cash from a RIF to fund the minimum withdrawal. Who
knew? The banks weren't on board and have been given
until November 28th to get on board.
In the
link to the FAQ on RIF's at the top of the press
release, there is a suggestion that you might want to
heed.
Move your RIF withdrawals to the new TFSA
in 2009 to avoid having to pay tax on income from the
withdrawn funds or assets. Consult your financial
planner.
For the Finance news release:
http://www.fin.gc.ca/news08/08-093e.html
You
will still need to account for your TFSA assets, just
like those cash or margin or RRSP, RDSP, RESP and RRIF
accounts. The investment accounts to account for list
just grew by another category.
Like my home
repair guy, (I finally got around to hiring him to put
shelves in the garage) are you starting to think it
might be time to learn about using Quicken to manage
your net worth?
I wrote the book on how to
account for your money and your investments last year.
Haven't had time to market it to anybody so I gave up
trying and stuck it in to a PDF and it's for
sale.
It's listed on my website shopping cart
for $20. Last year my new staff person who is not even a
bookkeeper, sat down, read the book and proceeded to do
all of the investment accounting to draft for review
stage for my clients. You can do this
too.
Want even more examples of how to
account for your investments? Purchase the case study
for an additional $20.
Quicken XG is $99.
Download it from www.quicken.ca (make sure you buy the
Canadian version, don't go to .com... and you will be
downloading transactions and reconciling accounts in no
time.
If you want a little hand holding, I'm
available for online consults using www.GoToMeeting.com
for an hour at a time.
Disclaimer:
Eileen Reppenhagen CGA does
not research or endorse any
product or service appearing in ads
posted on this site.
Please
do NOT rely on or use the
information on this website as a
basis for a course of action without
obtaining appropriate professional
advice
.
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