Very interested in retirement planning for those who want to retire in a warmer country. Resident vs non resident difference... pls expand on this theme... good work.
Most chinese immigrants always selected western cities Vancouver, Edmonton Calgary or Toronto GTA areas, they often neglected London Ontario. It's a quiet, modern, peaceful and very convenient city with very low prices high quality houses. Prices are half of GTA prices.. Crimes rates are very low . Great for young educated well-off families. . It was rated the best city to raise children in North America. The city has all 3 levels of government offices, no need to go to other cities to get any government documents. We also have 3 large Chinese supermarkets, including T & T Supermarket. Every thing you need are within 15 minutes driving. Living quality is better than Vancouver GVA and GTA cities at half the costs.
RRSP works like this--if your are taxed at 30percent, you buy RRSP. You may drop it to 20percent. But if for some reason, you need to take a large sum out or you need to collapse the plan, you may end up paying 50percent. Therefore, RRSP is only for high income individuals. If you belong to low income group, don't buy RRSP
Good information, thanks. By the way may I ask that my son already left Canada and went to Hong Kong few months ago for work and intend to stay there about 4 years to gain experience (as you know, it is hard to work to find a job in Vancouver), however, he is one of the owners (my wife, my son and myself) of our principle resident. Some people told us that he need to transfer his ownership to us but some others said it is not necessary if it is your principle resident. Please advise whether he needs to transfer his 1/3 ownership to us ? Thanks a lot.
Honestly speaking... the rate right now is not that high compared to the historical rate. It is just super low these recent years. I don't agree on the rate cut at this point. Market has it cycle. It can't be bull market all the time. It is just time for recession to reset things up. Mr. Trudeau is just trying to hang in there, not letting it market crash before the election happens.
