#findependence day

[beardedmrbean]

Official observations of Finland’s 106th Independence Day began at 9am Wednesday with a flag-raising ceremony on Tähtitorni Hill in Helsinki's Ullanlinna district.

Hoisting the Finnish flag in bright, cold weather were members of a YMCA scout troop from Rastila, eastern Helsinki, accompanied with singing by the Viipurin Lauluveikot. The male choir was founded in 1897 in Vyborg, which is now part of Russia.

Delivering a speech at this year’s flag ceremony was Speaker of Parliament Jussi Halla-aho (Finns).

Independence Day commemorates December 6, 1917, when the Finnish Parliament approved a declaration of independence from Russia that had been issued by the Senate. Finland had been a Grand Duchy under the Russian Empire since 1809. The Senate was led by Pehr Evind Svinhufvud, who became the republic’s third president in the 1930s.

At 10.30, President Sauli Niinistö laid a wreath at the Tomb of the Unknown Soldier in Helsinki's Hietaniemi Cemetery, followed by Defence Minister Antti Häkkänen (NCP) and the Defence Forces Commander, Gen. Timo Kivinen.

The annual Independence Day parade began in Oulu at noon, organised by the Finnish Army's Kainuu Brigade, which is based in Kajaani.

The parade view from the Raatti Stadium and the march past the Merikoski Bridges at 1pm were broadcast live on Yle channels, while a compilation of the highlights shown later.

Disruption at ecumenical service

Niinistö also took part in a traditional ecumenical service at Helsinki's Lutheran Cathedral at noon. The Lutheran Bishop of Oulu, Jukka Keskitalo, delivered the sermon, and a prayer was read in the indigenous North Sámi language.

Pastor Kari Kanala said in a social media post that the service was briefly disrupted by some attendees seated in an upper loft.

"Palestinian flags, a peace song, etc. I don't know what to think. In any case, we are here praying for peace anyway," he posted on X, adding that the disturbance only lasted for about a minute.

Helsinki Police Chief Commissioner Patrik Karlsson confirmed the incident to Yle. He said that 10 people participated in the protest, dropping two banners expressing support for Palestine from the loft. Police removed two people from the event, telling them they could continue their demonstration outdoors.

Police said they have received notifications of four other demonstrations later in the day, including two that were scheduled to begin at 4pm. A traditional university students' torchlight procession was to begin an hour later.

Sibelius and a TV gala

Beginning at 3pm, the Radio Symphony Orchestra offered an Independence Day concert from the Helsinki Music Centre. Featuring works by Finnish composers Magnus Lindberg, Esa-Pekka Salonen and Jean Sibelius, was broadcast live on Yle Teema and Areena, and at 7pm on Yle Radio 1.

The day culminates in the annual ball at the Presidential Palace, which starts at 7pm.

Niinistö and his spouse, Jenni Haukio, host the reception for the 10th and final time. They have hosted it annually since he took office in 2012 except in 2020-21, when it was cancelled due to the pandemic, replaced by modest virtual events. In 2013, the event was held in Tampere as the Presidential Palace was under renovation.

Voting for Niinistö’s successor begins just over a month from now.

The TV and online broadcast of the gala is typically Finland's most-watched media event of the year, sometimes attracting more than 2.5 million viewers.

[grogart]

Cheering for the home team Happy Findependence Day, everybody!

[ruumiinlaulaja]

Happy Findependence day. 🇫🇮

[kinuskikakku]

it’s Findependence Day binches 

[mermaidylluria]

Shello friends!! Happy Mermaid Monday! . Inspired by the desire to create an inter/national anthem which all mers & mer-friends could celebrate for FINdependence Day (regardless of who, when or where), I made a little something new last week!   Using a tune many of us know & made to look like one of those old-school TV spots that came on at the end of the night as the channel went off, this was Initially recorded on TikTok, but taken outside of the app so everyone could see and share it. . https://www.youtube.com/watch?v=RqaxZ9kzQEI . I wrote the lyrics, created the flag, voiced the announcer, & yup, that's also me singing.   It's my hope that not only will fellow TikToking mers duet it, create their own videos to the audio on TikTok, etc., (where I'm @ylluria too, in case ya wanna join forces- RAH! XD), but also that other mers & water/eco-loving folks on social media will like, create with, & share too! XD   . All I ask is that if people do play with it, that they credit & link to me- wherever they saw it.  That way folks will know not only who originally made it & where to find me, but also so I can see where this travels, & we can create a super rad NETwork of creative, cooperative merfolk! XD

If you wanna find me on other platforms, I’d love to keep in touch! ^_^

Come say hi on: My website: ylluria.weebly.com Facebook:  facebook.com/mermaidylluria YouTube:  youtube.com/ylluriawatersong IG, TikTok, Twitter & Snapchat: @ylluria and of course, Tumblr, @mermaidylluria! ^_^ I deeply hope this resonates with you, & that whether you decide to create something in conjunction with me, or just sit down & listen, that you'll enjoy it, and possibly Share it with others, if you do.   . Happy, safe, peaceful & magickal FINdependence Day, no matter who or where you are or what you celebrate! And a most mer-ry Mer/Maid/Man Monday, all!!  ☼ .

[fin-for-the-win]

Happy Purrthday America, today is your Findependence Day!! 🇺🇸 #july4th #fourthofjuly #independenceday #catsofinstagram #finforthewin photo: @ericalikescats (at Washington, District of Columbia) https://www.instagram.com/p/BzgMYz-nb7Y/?igshid=pxvhcu780zan

[painofbeingafinnishfangirl]

I read "independence" as "findependence" and I think I'll keep using it now.

Haha that’s perfect! Happy 100th Findependence day to my Finnish folks for tomorrow!

[weeklyhumorist]

#FishAnActionMovie

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It’s getting pretty scaley in here! Oh no it’s Skates On A Plane! It’s #FishAnActionMovie on this week’s joke game! Here are some of the best on @HashtagRoundUp powered by @TheHashtagGame. Play our comedy hashtag twitter games every Wednesday at 11 am EST.

Let’s play #FishAnActionMovie with co-host @delaneyWHmag @HashtagRoundup powered by @TheHashtagGame #WittyWednesday pic.twitter.com/w7U7hnnCmJ

— Weekly Humorist (@WeeklyHumorist) August 14, 2019

Trout Of Africa #FishAnActionMovie

— Writerlike🌎 (@writerlike1) August 14, 2019

#FishAnActionMovie A Clockwork Orange roughy pic.twitter.com/QcszbecL0G

— Kev from Hev (@Kevin29626836) August 14, 2019

The Hunt For Red Octopus #FishAnActionMovie

— Chris O’Brien (@bigdweeb) August 14, 2019

Coy story#FishAnActionMovie

— Dirtbag Murphy (@dirtbagmurphy) August 14, 2019

Of Mice and Minnow #FishAnActionMovie

— The Big Tyrion (@BigTyrion) August 14, 2019

Cast Action Hero #FishAnActionMovie

— David E (@DaSkrambledEgg) August 14, 2019

#FishAnActionMovie Kill Gill pic.twitter.com/ySUXPJemqU

— Rob Noblin (@JRNoblin) August 14, 2019

Wolf of Walleye Street #FishAnActionMovie@WeeklyHumorist

— View from my Office (@viewfrommyoffic) August 14, 2019

Prince of Percha #FishAnActionMovie

— Oliver Langmo (@Olivergoesoff) August 14, 2019

#FishAnActionMovie Fry Hard

— Jan I Am 🎶🍻✌❤ (@JanGilson) August 14, 2019

Last action Nemo#FishAnActionMovie

— JaKe W………………………………….😎🖕 (@Colbywinters) August 14, 2019

Kick-Bass #FishAnActionMovie

— Humerous Henrietta (@stickcandy54) August 14, 2019

The Codfather. #FishAnActionMovie pic.twitter.com/QeT3U81VXu

— Hollywood Exposed (@AndstuffL) August 14, 2019

True Flies#FishAnActionMovie pic.twitter.com/T2yDKCJxUy

— Scott Turner (@scottwturner00) August 14, 2019

My cousin Finny 🐟🐟🐟#FishAnActionMovie

— Richard (@Guitaro616) August 14, 2019

#FishAnActionMovie

Beverly Hills Cod pic.twitter.com/EN733klL4N

— ✌Mark My Words🤘 (@Mytquinn69) August 14, 2019

#FishAnActionMovie Scrod Man Out

— sunsick (@Joe_Marcincuk) August 14, 2019

#FishAnActionMovie Rambass: First Bait

— pabstbluemonday (@pabstbluemonday) August 14, 2019

#FishAnActionMovie Dude…. Where’s my Carp ??

— I’M SPASTICOUS lV ☘☘☘ (@James1288743250) August 14, 2019

Wonder Wormin’ #FishAnActionMovie

— CK (@charley_ck14) August 14, 2019

#FishAnActionMovie The fish and the Furious

— 🙃ɹǝʇsɐsᴉp🤪 (@BossManInCharge) August 14, 2019

#FishAnActionMovie Raiders of the Lost Carp

— Todd Otto (@toddotto) August 14, 2019

Cops & Bobbers #FishAnActionMovie pic.twitter.com/8sZApbbSmw

— Michael 🎧 (@quickbear) August 14, 2019

#FishAnActionMovie Bubble Impact pic.twitter.com/rpv7BTFDo5

— Jan I Am 🎶🍻✌❤ (@JanGilson) August 14, 2019

Guardians of the Guppy

#FishAnActionMovie

— Shari Bee (@Lavendermee3) August 14, 2019

Mad Max: Fury Roe #FishAnActionMovie

— Ray*mond Li*terally (@madbarrister) August 14, 2019

Charlie the Tuna’s Angels… #FishAnActionMovie pic.twitter.com/maq5vSdoJs

— Walter White (@HeisenbergLab) August 14, 2019

Fly, Robot. 🎣 #FishAnActionMovie pic.twitter.com/XEWqjHYAAz

— peanut (@angrypeanut4) August 14, 2019

Manta On Fire #FishAnActionMovie

— Chris O’Brien (@bigdweeb) August 14, 2019

Fish of Fury #FishAnActionMovie pic.twitter.com/HK79Ffd6nP

— CK (@charley_ck14) August 14, 2019

#FishAnActionMovie Dirty Herring

— J P Haley (@jopehaley) August 14, 2019

The Rock Lobster#fishanactionmovie pic.twitter.com/xOlmVn549Z

— shoelessjoewhackson (@stinky_blinders) August 14, 2019

The Last Boy Trout#FishAnActionMovie

— 🦖🇺🇲Brirannosaurus🦖🇺🇲Wrecks Social Media (@redbuddhadojo) August 14, 2019

#FishAnActionMovie Cod air pic.twitter.com/DLarMgpqwA

— Sammy is here 520 (@520Sammy) August 14, 2019

Dogfish Day Afternoon #FishAnActionMovie pic.twitter.com/TWB1rc6Wjs

— Mountie Carl / #TheDivision2 (@PauseScreenMC) August 14, 2019

#FishAnActionMovie Findependence Day

— Phyll Dogg (@phyll_indablank) August 14, 2019

Lock, stock and two smoked Salmon #FishAnActionMovie

— Gigster (@dr_gigster) August 14, 2019

Tilapia Nights #FishAnActionMovie pic.twitter.com/uTKEXErj8m

— Redbox (@redbox) August 14, 2019

Here for this trending topic ➡�� #FishAnActionMovie. We’ll start… Jurassic Carp! 🐟 Give us your best line.

— IMDb (@IMDb) August 14, 2019

Death Fish #FishAnActionMovie

— ☀️ Lisa ☀️ (@lisapop01) August 14, 2019

#FishAnActionMovie The Da Vinci Cod

— Giles Graham-Brown (@gilesfgb) August 14, 2019

Kick-Bass #FishAnActionMovie pic.twitter.com/fno8sncfBT

— Mychal (@mychal3ts) August 14, 2019

Catfishwoman #FishAnActionMovie pic.twitter.com/zYtvSqd0wx

— Mychal (@mychal3ts) August 14, 2019

#FishAnActionMovie Fry Hard pic.twitter.com/2o9GRMTD7i

— Rob Noblin (@JRNoblin) August 14, 2019

#FishAnActionMovie Walleyes Wide Shut

— RabbitJ (@LisaJRabbit) August 14, 2019

The Bass Of The Mohicans #FishAnActionMovie

— Writerlike🌎 (@writerlike1) August 14, 2019

North by Northern Pike #FishAnActionMovie@WeeklyHumorist

— View from my Office (@viewfrommyoffic) August 14, 2019

#FishAnActionMovie Starfish Wars

— Vox Joestar in the Galaxy of Madness (@LinkVoximilian) August 14, 2019

#FishAnActionMovie Skates On A Plane

— Guise Knightcott, Esq. (@GuiseKnightcott) August 14, 2019

#FishAnActionMovie Escape from Albacore

— littlesatanv2.0 (@beardoutcast197) August 14, 2019

#FishAnActionMovie

Salmon and Louise

— RaRa’s Reality (@RobinLe75315590) August 14, 2019

#FishAnActionMovie Net Shorty.

— Rusty At Large (@GoodTimeRusty) August 14, 2019

Wobbegong in 60 Seconds #FishAnActionMovie

— Jack Beckitt (@JackBeckitt) August 14, 2019

Suicide Squid #FishAnActionMovie

— Peter Ghosh (@psghosh) August 14, 2019

#FishAnActionMovie A View To A Gill

— Phyll Dogg (@phyll_indablank) August 14, 2019

The Thomas Clownfish Affair #FishAnActionMovie

— Chris O’Brien (@bigdweeb) August 14, 2019

#FishAnActionMovie the Shark Knight

— STᕮᑭᕼᕮᑎ ᖴ (@SFallonator) August 14, 2019

Lure of the Rings #FishAnActionMovie

— CK (@charley_ck14) August 14, 2019

#FishAnActionMovie Jurassic Shark.

— !🅑ⓁⒶⒽ (@blahtank) August 14, 2019

The Tunanator #FishAnActionMovie pic.twitter.com/tRJoU7YEor

— SassyClassySuzee (@1SassySuzee) August 14, 2019

Codzilla #FishAnActionMovie

— Homemaker Man (@HomemakerMan) August 14, 2019

Fishin’ Impossible #FishAnActionMovie @paul_lander @KitLively

��� Weekly Humorist (@WeeklyHumorist) August 14, 2019

#FishAnActionMovie: "The name's Pond. James Pond." pic.twitter.com/WcwujVt76C

— Pulp Librarian (@PulpLibrarian) August 14, 2019

#FishAnActionMovie was originally published on Weekly Humorist

[stockmarket-us]

Webull AnnouncesCompetition Aimed At Giving Back to Traders and Community

FIndependent Broker Dealer's Webull WeTrader Event, Which Helps College Grads Pay Off Their Loans& Benefits Shriners Hospitals for Children?, Kicks Off On October 7th Webull Financial LLC, an independent, self-directed broker dealer focused on zero commission stock trading and in-depth market data, has announced its inaugural Webull WeTrader Competition. Theevent,whichprovides amateur and veteran traders the chance to winprizes throughout the five week paper trading competition, officially runs from Monday, October 7th to Friday, November 8th. Registration opens today. The Webull WeTrader Competition will be split into two parts – the Professional Trading Competition and the Grand Prize Round. The offering will allow green traders the ability to perfect their skills, and experienced traders a chance to enhance their strategies, all while working towards a larger goal. “The WeTrader Competition gives traders the perfect opportunity to prove their proficiency with the full range of Webull trading tools at their disposal," said Anthony Denier, CEO of Webull. “We wanted to incentivize our users to improve their skills by presenting them with the opportunity to excel personally, while giving back to the community." Each round of the Professional Trading Competition will consist of a one week trading period, with Amazon gift cards totaling at $10,800distributed amongstthe individuals with the top 10 most profitable portfolios weekly. The winners at the end of the initialfour-round competition will be invited to join the Grand Prize Round, where they will compete to win aTesla Model 3 Standard, or $40,000 to pay off their student loans, which continue to be a burden for many college graduates. Participants can also gain entry into the Grand Prize Round by accumulating"likes" from other Webull users. The top 30 accounts to receive the most points on their trading profile will automatically be invited to the Grand Prize round. As an added bonus, the total positive returns of all competition participants will be multiplied by 0.1%, and Webull will donate up to $50,000 of these returns to the Shriners Hospitals for Children?. With the ultimate goal of transforming children's lives by providing exceptional healthcare through innovative research, Shriners Hospitals for Children?offers innovative pediatric specialty care, world-class research and outstanding medical education around the world. Webull aims to offer an excellent experience to its users through an all-in-one, self-directed investment platform, as well as offering advanced and intelligent investment tools and services. Its multi-platform accessibility is designed for beginner, intermediate and advanced traders, providing users with zero commission day trading, free real-time quotes (provided by NASDAQ Last Sale data feed), extended trading hours, 24/7 online help, and much more. Current Webull users, and those looking to participate, can register for the competition by visiting www.webull.com, where they can also view official competition rules and regulations. All participants must have a Webull account and have downloaded the Webull app, available in the Apple and Android stores. Participants who do not register by the October 6th registration deadline are able to join the competition week-by-week. For more information, please visit www.webull.com/wetradercompetition. About Webull Financial LLC Webull Financial LLC is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The headquarters of Webull Financial LLC is located at 44 Wall Street, New York, NY, USA. Risk Disclosure: System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. Trading of stocks and all other investment products involves substantial risk of loss and it is not suitable for every investor. The value of stocks may fluctuate and as a result, clients may lose more than their original investment. Free stock trading refers to zero commission for Webull Financial LLC self-directed individual cash or margin brokerage accounts that trade U.S. listed securities via mobile devices or Web. Relevant SEC & FINRA fees may apply. Download the Webull stock trading app in the Apple App store or Google Android Store for free. About Shriners Hospitals for Children? Shriners Hospitals for Children is changing lives every day through innovative pediatric specialty care, world-class research and outstanding medical education. Our locations in the United States, Canada and Mexico provide advanced care for children with orthopaedic conditions, burns, spinal cord injuries, and cleft lip and palate. Shriners Hospitals for Children is a 501(c)(3) nonprofit organization and relies on the generosity of donors. All donations are tax deductible to the fullest extent permitted by law. For more information, please visit shrinershospitalsforchildren.org.

[mikemortgage]

Why women shouldn’t let a solo retirement catch them by surprise

When I write about financial independence or “Findependence” the perspective tends to be through the lens of married or common-law couples. But not everyone is part of a couple, and the quest for Findependence can be much tougher if you’re a single person of either sex.

Even if you are part of a couple, there are no guarantees that will continue indefinitely. Divorce, even “grey divorce,” is not uncommon; and the part of the marital vow that reads “’til death do us part” is a reminder that even the happiest of couples are eventually parted.

Still, for as long as it lasts, financially coupledom is easier than being single. At retirement, couples benefit from two sets of CPP and OAS payments, two RRSPs or RRIFs, and two sets of TFSAs. Plus, if one member belonged to a defined benefit pension, pension income splitting confers a tax advantage on senior couples that singles do not enjoy. The same goes for spousal RRSPs.

‘I’ve seen people cleaned out’: Divorce later in life comes with its own special set of problems

Solo retirement is on the rise — here’s how you can mitigate the risks

Nearing retirement and still insecure about your finances? Sadly, you’re not alone

All of which makes the upcoming publication of the book Bank on Yourself (Milner & Associates, 2019) by Ardelle Harrison and Leslie McCormick, particularly timely.

Harrison is a lifelong single woman while McCormick is a senior wealth advisor with Scotia Wealth Management, and the subtitle makes their particular emphasis clear: “Why every woman should plan financially to be single. Even if she’s not.”

Certainly, the numbers are grim. The authors note that 90 per cent of women will end up managing their own finances at some point, whether because of divorce, widowhood or because they never married in the first place. And because women tend to live longer, you can expect five female centenarians for every male who reaches 100 years (according to the 2016 Canadian census).

The authors also note that 28.3 per cent of unattached women live in poverty and single older women are 13 times more likely to be poor than seniors living in families.

They cite Pew Research’s eye-opening finding that when today’s young adults reach their mid 40s and mid 50s, 25 per cent of them are likely to never have been married, and that by then “the chances of marrying for the first time after that age are very small.” (Whether by choice or circumstance.)

But even those who do “couple” earlier in life may not always remain in that state. A 2013 Vanier Institute of the Family report says 41 per cent of Canadian marriages end before their 30th wedding anniversary. Sixty-eight per cent of divorced couples cited fighting over money as the top reason for the split. 2011 Canadian census data shows the average age at which women are widowed is 56.

Another issue is the prevalence of “grey labour”: those who have earned low incomes in marginal jobs throughout their working lives tend to be doomed to having to keep working in such jobs even into their 70s. Another recently published book in the United States — Downhill from Here by Katherine Newman — focuses on the retirement hardship of both sexes in light of broken corporate promises about defined benefit pensions. Especially vulnerable are low-wage workers who can’t rely on the support of a spouse: “This is often the lot of women who have spent much of their lives at home or in minimum wage jobs and now find themselves divorced or widowed, single and in financial distress.” The book’s subtitle is “Retirement Insecurity in the Age of Inequality.”

There’s no magic bullet to prevent this, Harrison and McCormick explain. “Achieving financial independence is hard work,” they write. They found many single women procrastinate in their financial planning because “they thought they might get married one day.” It was only when they realized that may never happen that they got serious about taking personal responsibility for their future financial independence.

Leslie describes herself as a wife and mother of two daughters. Ardelle, on the other hand, is a retired woman who has been single her whole life but still “managed to reach all her financial goals by herself.” While she “never really planned on being single all her life … she was prepared to be.” At one point, Ardelle worked four part-time jobs on top of a full-time job. Even so, she retired early with four major income streams: teacher’s pension, a healthy investment portfolio and rental income from two investment properties (at one point three), a journey that began with an early paid-for condo. But that’s because she realized early on that “this really is all on me.” Ardelle also runs a part-time health and fitness business.

To achieve financial success, it’s no surprise that the authors are big on the value of making a plan. Their ‘7 steps to success’ are to make a financial inventory of income and expenses, identify one’s vision for the future and plan to make it a reality through budgeting and monitoring progress, then reviewing and repeating as needed.

A key concept is having multiple streams of income, at least three in retirement.

Employment income is the springboard to other income streams, including employer pensions. A second is government benefits unlike CPP and OAS. Other streams are business, investment and real estate income and annuities. Home owners have a potential backup in their home equity, although the authors rightly say, “Debt is not something you want in retirement.”

I asked McCormick if these principles apply equally to single men. General financial planning principles apply across genders, she replied, but women have longer life expectancies, so when you add the gender wage cap, it’s harder for women to build wealth. Female baby boomers can expect to outlive their spouses by 10 to 15 years, “yet so few women plan for it.” While 31 per cent of women view themselves as being financially knowledgeable, 80 per cent of men do. Her hope is the book will help bridge that gap.

Jonathan Chevreau is founder of the Financial Independence Hub, author of Findependence Day and co-author of Victory Lap Retirement. He can be reached at jonathan@findependencehub.com

from Financial Post https://ift.tt/2JVpa36 via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[jamesgeiiger]

Everything you need to know about the enhanced CPP — from how much you’ll pay to how much you’ll get

While it comes too late for retiring Baby Boomers, the generations that follow will benefit nicely from the newly “enhanced” Canada Pension Plan (CPP).

Higher premiums to fund it began this month. Once fully phased in almost half a century from now, CPP will replace 33.33 per cent of the average worker’s lifetime earnings to a higher pensionable earnings limit of $65,400 (rounded down, 2019 dollars.)

That compares to a replacement of pre-retirement earnings up to 25 per cent of the current Year’s Maximum Pensionable Earnings limit (YMPE) of $57,400 in effect in 2019. The boost means the maximum pension will eventually be 50 per cent higher than before, according to CPP expert Doug Runchey, of Vancouver Island-based DR Pensions Consulting.

What retirees need to know if they plan to defer Old Age Security benefits until 70

Keep working: Your defined-benefit pension plan is worth less after the end-of-year stock plunge

For baby boomer couples, synchronize or stagger is the new retirement dilemma

Aaron Hector, a vice president with Calgary-based Doherty & Bryant Financial Strategists, notes there are no contributions on earnings in excess of YMPE, so big earners would be replacing less than 25 per cent (or ultimately 33 per cent) of their pre-retirement income.

The full enhancement won’t occur until 2065, so the impact is most dramatic for young people starting their careers. But CPP is still less generous than Social Security in the United States, which replaces roughly 40 per cent of income for the average American, with contributions on earned income up to US$132,900. Employee contribution rates of 6.2 per cent are also higher than Canada’s previous 4.95 per cent rate. The enhanced CPP only starts to bridge this gap, Hector says.

The need for a heftier CPP is also evident given the decline of employer-sponsored Defined Benefit pension plans. Outside the public sector, it’s increasingly rare to receive such inflation-indexed guaranteed-for-life pensions. An enhanced CPP that insulates members from stock market volatility should be a boon.

All this comes at the price of higher payroll taxes. Employers and employees already feel the pinch with higher premiums that kicked in this month (January). In 2018, employees contributed 4.95 per cent of earnings up to the YMPE, and employers matched that for a total 9.9 per cent. Contribution rates gradually rise to 5.95 per cent by 2023, or 11.9 per cent combined. These rates apply to all pensionable earnings above the year’s basic exemption of $3,500. The self-employed still have to pay the combined rate.

While the full payout is 45 years away, benefits start edging up this year. Until now, the maximum CPP benefit at the traditional retirement age of 65 was $1,154.58, Runchey says, assuming earnings at or beyond the YMPE. The maximum benefit will be $1,207.83 in 2026, and eventually reach $1,753.78 by 2065. That’s a whopping $21,045 a year.

Still, Runchey says, “if you’re thinking of applying for your CPP earlier than 2025, the enhanced CPP will be of little value for you.” That said, for each year of pensionable earnings after 2024, maximum CPP payouts will be roughly 1.3 per cent more than under the previous rules.

Ottawa announced several tweaks late in 2017 affecting drop-out years for child rearing, and CPP disability. Those with low or no earnings because of child rearing (to age 7) can use earnings based on averages for five years prior to the child’s birth. And those eligible for CPP disability can use earnings based on 70 per cent of average earnings for the six years prior to the onset of a disability.

Retired actuary Malcolm Hamilton say the enhanced CPP will be better funded than basic CPP, which means lower contributions per $1 of pension, but entails higher investment risk. “Those who enter the expanded CPP on day 1 get a better deal than those who enter in the future, as is often the case with DB pension plans,” Hamilton says, “They will contribute less than they should and bear less risk than future generations of participants. However, they won’t get the absurd windfalls offered to those who entered the original CPP in 1966.”

Hamilton agrees the expanded CPP will especially benefit those lacking DB pensions: “They won’t need to worry about high fees and difficult investment decisions. They will receive larger pensions for life, which will diminish their exposure to longevity risk.”

But the expansion is a mixed blessing for employers, he cautions: “Private-sector employers will probably pay lower wages, but given the small contribution rate and lengthy phase-in period, this won’t be noticeable. Public-sector employers will probably not reduce wages, choosing instead to punt the added cost to taxpayers, as is their practice.”

The phase-in occurs in two steps. The first, between 2019 and 2023, sees a rise in contribution rates. The second, in 2024 and 2025, addresses higher earnings ceilings. The second ceiling will be created in 2024 and will be 7 per cent in excess of the regular YMPE, Hector says. Then in 2025, the second ceiling will rise another 7 per cent to a total 14 per cent: with contributions split evenly between employees and employers.

CPP enhancement may magnify the impact of perennial decisions like taking CPP early at 60 or delaying till 70 for higher payouts. Higher CPP income may impact Old Age Security (OAS) clawback zones and pension income splitting. Matthew Ardrey, wealth advisor with Toronto-based TriDelta Financial, says low-income persons obliged to contribute to the enhanced CPP will have less take-home pay, while in retirement, larger CPP benefits could reduce what they receive from the Guaranteed Income Supplement (GIS). GIS is tax-free while CPP is taxable so Ardrey observes low-income people could be worse off both at the contribution and the receiving end of the enhanced CPP.

Even so, the combination of an enhanced CPP and the decade-old Tax-free Savings Accounts (TFSAs) is something most Boomers wish they had when they were young.

Jonathan Chevreau is founder of the Financial Independence Hub, author of Findependence Day and co-author of Victory Lap Retirement. He can be reached at jonathan@findependencehub.com

Everything you need to know about the enhanced CPP — from how much you’ll pay to how much you’ll get published first on https://worldwideinvestforum.tumblr.com/

[grogart]

It's a bit cliché, but what the heck.

Happy Findependence Day, everybody.

[grandmalleisure]

[mikemortgage]

Your biggest tax asset in retirement may be sleeping right beside you

As I am discovering while I prepare annual tax returns for myself and my wife (who at 64 is one year my junior), moving from wealth accumulation to “decumulation” is more complicated than holding down a full-time job and investing for growth.

Strange new tax slips start to appear in your mailbox reporting OAS and CPP income and RRSP and RRIF withdrawals, plus there are new tax credits to digest.

You also learn that, because Canadians can split certain kinds of income, your biggest tax asset may just be your spouse.

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“The best retirement plan for a couple sets up for each to have (as much as possible) the same levels of income in retirement,” says retired financial planner Warren Baldwin, who for decades has been preaching the benefits of planning jointly for retirement.

The goal, of course, is to avoid having one spouse pay taxes at a higher rate, when the other has room to spare.

Pension strategies

The biggest tax benefit available to Canadian couples after they turn 65 is the ability to split employer pensions.

Pension splitting was introduced eleven years ago to compensate for the elimination of the favourable tax status of income trusts, and allows a higher-income spouse to “transfer” up to 50 per cent of eligible employer pensions to a lower-income partner’s hands (this happens when you file your joint election by filling out form T1032).

For example, if one spouse has a $50,000 corporate pension and the other does not, rather than one being taxed on $50,000 of income (much of it in a higher bracket), each receives $25,000. Right off the bat, the first $11,809 for each is tax free as part of the “Basic Personal Amount” (federal, 2018.)

Versions of this gambit can be achieved with RRSPs, RRIFs and other vehicles, as we explore below, but there’s limited scope for splitting the basic government pensions.

Old Age Security cannot be split at all. Spouses can apply to share CPP income if both spouses are at least 60 but even a full split of CPP is modest, moving at best about $6,000 between spouses.

RRSP Strategies

While the benefits of pension splitting can be huge, given political vagaries, Baldwin suggests couples try to equalize income as much as possible through spousal/personal RRSP contributions. That means starting your planning well before you hit retirement age.

Ideally, a couple with disparate levels of earned income would set up a spousal RRSP when both are working.

The higher-income spouse contributes to the spousal RRSP and enjoys the resulting tax refund; then in retirement, the lower-income spouse draws income from the spousal RRSP, paying tax at what’s likely a lower rate.

Individual RRSPs can also be used to split income in retirement, but only after they have been converted into Registered Retirement Income Funds (RRIFs).

Once converted they qualify for pension splitting, again to a limit of 50 per cent.

The spouse whose RRIF (or Life Income Fund) is being drawn upon must be at least 65, but the recipient of the income splitting can be younger than 65, notes Aaron Hector, vice president of Calgary-based Doherty Bryant Financial Strategists.

The Benefits

While a simple reduction in taxes is the main benefit, Adrian Mastracci, a portfolio manager with Lycos Asset Management in Vancouver, says equalizing asset levels can also reduce the clawback of the OAS pension and age credit.

The clawback threshold starts at net income of $77,580 (in 2019), which means senior couples with equalized net incomes can bring in about $155,000 between them before OAS clawbacks even begin to kick in.

He too believes in starting early — setting the stage for income equalization should ideally begin 10 or 15 years before retirement — and suggests that higher-income spouses pay all family expenses while the lower-income spouses save and invest their money.

Spousal loans are also an option. A higher-income spouse can make a loan to the lower-income partner at the prescribed lending rate, currently two per cent. If business owners, they should review the mix of dividends and salary. Finances can also be arranged so capital gains are reported by both spouses.

Doug Dahmer, founder of Burlington-based Retirement Navigator, says couples also need to look at splitting incomes between tax years.

“Too many people get caught up in minimizing their taxes in the current tax year, instead of pursuing the goal of minimizing their taxes over the balance of their lives,” Dahmer says. “Sometimes, it’s better to pay a little more tax early than it is to pay a lot more later.”

This is relevant in the years leading up to mandatory RRIF withdrawals (age 72) and before the years of potential OAS clawbacks. Don’t waste the chance of drawing down on RRSPs when marginal tax rates are low (typically in one’s post-employment 60s).

“The key is to consciously draw enough from these taxable accounts to fill up their lower tax brackets,” Dahmer says. This is a use-it-or-lose it proposition: “Once the current tax year is in the rear-view mirror, you will have lost the opportunity to use these lower tax brackets forever.”

Jonathan Chevreau is founder of the Financial Independence Hub, author of Findependence Day and co-author of Victory Lap Retirement. He can be reached at jonathan@findependencehub.com.

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Three reasons why RRSPs still matter — and one of them you probably didn’t know

Until 10 years ago, the Registered Retirement Savings Plan (RRSP) was the only game in town when it came to tax-assisted retirement savings. The combination of an upfront tax deduction on contributions plus ongoing tax-sheltered growth of the underlying investments made it almost a no-brainer to maximize yearly contributions.

With a looming March 1 deadline for RRSP contributions to defray income taxes for calendar 2018, not to mention the tax-filing crunch looming on April 30, some pundits question whether the RRSP’s time in the sun has passed.

At least for young people in lower tax brackets, they say the RRSP argument has become less compelling since Tax-free Savings Accounts (TFSAs) were launched in 2009.

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Even so, there are at least three good reasons for continuing to use RRSPs, especially if you’re a higher-income earner in or near the top tax brackets. If so, you should maximize your annual RRSPs contributions every year you’re earning the big bucks. And if you’re making that kind of money, you can afford to contribute to TFSAs as well.

The enthusiasm for TFSAs tends to be accompanied by the critique that RRSP tax savings will eventually have to be paid back to Ottawa once the plan morphs into a Registered Retirement Income Fund (RRIF), or is cashed out or annuitized. This must happen at the end of the year you turn 71. At that point, RRIFs are subject to forced annual withdrawals that are taxed, and the withdrawal rate rises with age.

Like RRSPs, TFSAs provide ongoing tax-sheltering of investment income. But unlike TFSAs, RRSPs still provide that tax deduction, one often accompanied by a juicy tax refund in the spring. TFSAs don’t, although they will shine in retirement because their withdrawals won’t be taxed, which means they won’t trigger OAS (or even GIS) clawbacks.

Matthew Ardrey, vice president of Toronto-based TriDelta Financial, remains convinced that for higher-income Canadians, the RRSP “is better than the TFSA for retirement savings.” Odds are you’ll be in a higher tax bracket when employed than in retirement or semi-retirement. “There is a clear advantage of receiving the deduction at a higher marginal tax rate and paying tax in retirement at a lower marginal tax rate,” Ardrey says.

Over the long run, “the power of tax-deferred compounding really delivers,” says Adrian Mastracci, portfolio manager with Vancouver-based Lycos Asset Management. It’s not that unusual for older families to have $1.5 to $2 million in RRSPs, says Mastracci.

Financial planner Aaron Hector, vice president of Calgary-based Doherty Bryant Financial Strategists, agrees TFSAs are better for young people in low tax brackets but notes the decision must be based on effective tax rates, not just marginal tax rates. The “effective” tax rate should factor in not just federal and provincial taxes but also clawbacks of government freebies like the Canada Child Benefit (CCB.) By lowering your taxable income, an RRSP contribution can minimize CCB clawbacks. Hector tells young couples planning on having children to first invest in TFSAs with the plan of eventually transferring that money into RRSPs and RESPs: once the kids arrive they can receive the CCB and Canada Education Savings Grants.

But there are at least two other advantages RRSPs have: despite its name they’re not just for retirement: they can also help you go on to higher education or save up a down payment for a first home: you can withdraw up to $20,000 for the Lifelong Learning Plan, and up to $25,000 for the Home Buyer’s Plan ($50,000 for couples). You do however have to repay at some point.

And there’s a third advantage RRSPs have over TFSAs, one that’s relatively unknown according to Ardrey: RRSPs are much more tax-efficient when holding U.S. or foreign dividends or interest. That’s because TFSAs aren’t recognized as tax-sheltered accounts by foreign nations, so you will be charged 15 per cent withholding tax on, for example, U.S. dividends if those securities are held in TFSAs but not if they’re in RRSPs.

In the end, it’s not an “either/or” question of RRSP or TFSA. If you’re a high-income earner, you should probably do both.

Hector says it’s important to have “balance” in retirement accounts. If all your savings are only in an RRSP, large one-time cash withdrawal requirements can get expensive. But someone with a combination of TFSA, RRSP and non-registered accounts can instead pull lumpy payments (for a new car or home renovation, for example) from non-taxable accounts.

Finally, remember there’s a lot more contribution room for RRSPs. The new maximum annual contribution for TFSAs is $6,000, compared to $26,230 for RRSPs in calendar 2018, assuming you earn $145,700 and have no Pension Adjustment from corporate pensions. That’s up from $26,010 in 2017, and the limit rises to $26,500 in 2019 and to $27,230 in the 2020 tax year, says Mastracci.

Jonathan Chevreau is founder of the Financial Independence Hub, author of Findependence Day and co-author of Victory Lap Retirement. He can be reached at jonathan@findependencehub.com.

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