Right financial advice from the right source


Shannon Childs
SISIP Financial Esquimalt

When faced with financial decisions such as retirement, we first tend to look to our peers for assistance; friends, family or the “almighty” internet are all ready with their “advice”, past experiences, and abundant data.

But how to sort through the conflicting guidance, life lessons and dry analytics?

From taking CPP at age 60, investing only in a TFSA or taking the Transfer Value, there is no right or wrong answer, just right or wrong for you. Each individual will have different financial circumstances, long-term goals, or tax considerations. What worked for your friend or parent might not be the best approach for you.

So yes, it is crucial to weigh your options and seek financial advice, but from the right source.

Canada Pension Plan (CPP)

The choice to take CPP may seem straightforward; take it early and receive money before we die. While one individual may elect to take CPP early to avoid reaching a higher tax bracket in retirement, another might delay a spouse’s CPP, ensuring a higher amount, thereby lining them up for enough income if the other dies.

Our income sources, tax consequences, and estate planning are large factors affecting how we will live in retirement, and we require expert advice to sift through it all.

Tax Free Saving Account (TFSA)

With the TFSA well established after 11 years, you may wonder, “Why we still need RRSPs?”

Available since 1957, the RRSP has a unique purpose: to tax shelter growth, allowing you to reduce your taxable income. The main idea is put your money into an RRSP when you’re in a higher marginal tax bracket than you expect to be in retirement. Money goes in, the amount of income you earned that year is reduced. Your SISIP Financial Advisor will help you evaluate which investment vehicle is best for you, while assisting with your overall retirement planning so you can take proper advantage of your choice and keep your tax implications low. 

Transfer Value

Releasing from the military is a transition that may be stressful for some with the long processes, complicated packages, and conflicting information from departments and peers.

Should you defer your pension, rollover to public service or take a transfer value?

These can all be overwhelming, even confusing. Knowing the benefits to each scenario, and understanding your immediate and future tax consequences will assist you in making informed decisions.

Remember, financial needs, goals, risk tolerance, and knowledge vary form one person to the next; you may enjoy risk or want to take chances, others may require a smoother path. Either way, your local SISIP Financial Advisor will take the time to assess your specific situation and requirements, help you understand your options and set up a plan that works for you. Call today 250-363-3301.

This article is for informational purposes only. The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This article was written, designed, and produced by Shannon Childs for the benefit of Shannon Childs who is a Financial Advisor for SISIP Financial, a trade name registered with FundEX Investments Inc., and does not necessarily reflect the opinion of FundEX.The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities.


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