CPP Becomes slush fund for whackos.

[sumdumguy]

CPP ====>$2 Billion =====>cheap housing in Mumbai. Joy to the World🤬

[TASFarms]

And they say it isn’t funded good enough and have to increase deductions.

[Guest]

should a person take it at 60 or wait ?
richard, you seem to be really up on the accounting end , do you have any thoughts on this ?

[GDR]

CPP ====>$2 Billion =====>cheap housing in Mumbai. Joy to the World🤬

About a year and a half ago they anounced they were no longer buying Canadian farmland and instead going to India to build affordable housing. Not sure that is beneficial to us, maybe altering the farmland market maybe was better.

Can't help but think there was pressure from the Liberal party to fullfill UN objectives around the world. Affordable housing sounds more like a humanitarian cause than an investment.

[farming101]

should a person take it at 60 or wait ?
richard, you seem to be really up on the accounting end , do you have any thoughts on this ?

Not Richard, depends how long you're planning to live and how poor you are

[helmsdale]

Not Richard, depends how long you're planning to live and how poor you are

When I get to 60 we'll be talking in the coffee shop about the good ol days when that system existed...

[tmyrfield]

When I get to 60 we'll be talking in the coffee shop about the good ol days when that system existed...

I'm there now. 40 years of farming only a couple of those with a bit of off farm income. A bunch of years with little pensionable earnings. The decreased benefit of early cpp withdrawals doesn't exactly make one feel very eager to live the good life of retirement. What is really sad is friends of same age passing suddenly. You never know.

[Horse]

It was said if you live past 74 you loose money by taking it early,but it was kind of nice seeing a cheque in the mail for seemed like doing nothing but staying alive, now it will be longer as I believe they upped it to 67 so that 2 yrs will make a difference.

[Richard5]

Well I ain't no expert but find finance, tax and stuff lIke that interesting so I read a lot and ask my accountant lots of questions whenever I meet.

Here's my two cents:

I would never pay anything substantial into CPP if I can avoid it. How do you avoid it? Well good advice and guidance on how you setup up your farm corporation is key. If you do it right, using partnership incorporations strategies (which is most likely on the chopping block the next budget) you keep enough land out of your company that you now have other options on how you can pay yourself. My accountant gave me a really neat table that shows what each type of compensation and how it affects your company and personal tax. If you pay yourself rent, it's not subject to CPP however it creates RRSP deduction room. So for me, I make sure I pay a small amount into CPP ($300-500) but then buy approx 5000 in RRSP's to replace what I am not putting into CPP.

The sad thing about CPP is you have no guarantee what you get at the end. If you paid in, you should get 2500 death pmt. if you have a spouse is children there is potential benefits for them. If you are disabled, there is benefits for that. Too often I heard friends talking about trying to max out the CPP each year and until I had it explained to me differently 20 years ago, I totally changed my thinking. The rrsp will be taxable someday but it is mine, I have control where I can invest it and when I turn 65 (or really any age) I can say what I want. CPP is fully controlled and you need to meet their rules.

If you have not paid in much I probably wouldn't take it early. The rules changed a few years ago and you can't fully opt out at 60. You can start drawing at 60 but now have to continue to pay in until 65.

This is only as good as I can explain it as its was explained to me.

[the big wheel]

Well I ain't no expert but find finance, tax and stuff lIke that interesting so I read a lot and ask my accountant lots of questions whenever I meet.

Here's my two cents:

I would never pay anything substantial into CPP if I can avoid it. How do you avoid it? Well good advice and guidance on how you setup up your farm corporation is key. If you do it right, using partnership incorporations strategies (which is most likely on the chopping block the next budget) you keep enough land out of your company that you now have other options on how you can pay yourself. My accountant gave me a really neat table that shows what each type of compensation and how it affects your company and personal tax. If you pay yourself rent, it's not subject to CPP however it creates RRSP deduction room. So for me, I make sure I pay a small amount into CPP ($300-500) but then buy approx 5000 in RRSP's to replace what I am not putting into CPP.

The sad thing about CPP is you have no guarantee what you get at the end. If you paid in, you should get 2500 death pmt. if you have a spouse is children there is potential benefits for them. If you are disabled, there is benefits for that. Too often I heard friends talking about trying to max out the CPP each year and until I had it explained to me differently 20 years ago, I totally changed my thinking. The rrsp will be taxable someday but it is mine, I have control where I can invest it and when I turn 65 (or really any age) I can say what I want. CPP is fully controlled and you need to meet their rules.

If you have not paid in much I probably wouldn't take it early. The rules changed a few years ago and you can't fully opt out at 60. You can start drawing at 60 but now have to continue to pay in until 65.

This is only as good as I can explain it as its was explained to me.

How rude of you, and to think all those people in India paying nothing for our pulses and you won’t even build them a house? 3 hail Mary’s and one lord s prayer and maybe you’ll be spared.

Or if you can’t do that send 5,000 dollars to the liberal party and tru dough might have a conversation that never happened with the big guy to get you off the hook.