Pension & Financial Wellness
Léo Richer | Chair , Pension & Financial Wellness Committee , ARTA
Did You Know ?
Here are the most common topics I have been asked about as a member of ARTA ’ s Pension and Financial Wellness Committee over the last four years .
1 . Did you know that health and dental insurance premiums are deductible on federal taxes ? A recent retiree neglected to use these premiums as medical expenses . He was able to go back with his taxes and add this expense over the last two and a half years . His taxes were adjusted and he received a refund .
2 . Did you know that you could benefit from income splitting ? This is an easy process and can save money for couples who have unequal income .
3 . Do you know that TFSAs can be used by all Canadians over 18 years of age ? Tax Free Savings Accounts are well worth having even if it is simply a savings account or a Guaranteed Investment Certificate ( GIC ). You would not pay tax on it . It is worth some research or advice from a financial advisor .
4 . Do you know that everyone should have a financial plan ? In a recent financial seminar , the speaker indicated that many retirees just go with the flow . Good financial planning can alleviate future problems and reduce anxiety .
5 . Do you know that everyone should have a will ? Do you have one ? Is it current ? Someone indicated that having two executors on a will increases a great deal of paperwork with needed signings and delayed decision making . Perhaps this is something you might reconsider .
6 . Did you know that your Registered Retirement Income Funds ( RRIFs ) could affect your Old Age Security ( OAS ) pension ? It may be worth a look , especially if your income will go beyond the OAS threshold and impact that annual benefit .
7 . Did you know that ARTA has some excellent material concerning financial concerns ?
When you open the ARTA website , please go to the Wellness section and then choose Financial Wellness . Besides a collection of older articles , we have twenty-four posts since 2019 . Many of these are well worth reviewing .
Financial wellness is but a segment of one ’ s overall well-being , and occasional reviews of one ’ s finances and long-term goals helps in aligning your life in the desired direction . news & views AUTUMN 2022 | 43