Planning By Lisa

01/03/2023

Very important and useful information as we head into 2023. I will definitely be talking with my clients about these tax planning opportunities. You should talk with your advisor and make the most of this 6.3% increase in tax bracket thresholds and tax credits/benefits!!

Income tax thresholds, credits and benefit amounts are all rising with inflation

10/27/2022

True and true!

07/27/2022

Chartered financial divorce specialist-Advanced Accreditation received! SO fulfilling to be able to help families find better divorce solutions!

Meet our first CFDS-AA’s who successfully satisfied the standards for holding this designation:
Lisa Sukul - Certified Financial Planner & Financial Divorce Specialist CFP, CFDS, RRC, EPC, Bcomm Vancouver, BC

Lisa completed her B.Comm at the The University of British Columbia, earned the designation from FP Canada and has over 12 years experience as a . Her tenure includes time with Sun Life Canada and Investia Financial Services. After being part of the community, Lisa became a graduate in 2017.

Lisa received the CFDS-AA in 2022 via the temporary grandfathering period based on her excellent endorsements from colleagues and proven high quality of case work completed.

Learn more about Lisa’s Chartered Financial Divorce practice here:
https://www.planningbylisa.com/separation-and-divorce


Chartered Financial Divorce Specialist designation - Advanced Accreditation (CFDS-AA)

The following requirements must be met to be grandfathered for this higher designation:

- Graduated CFDS
- E & O insurance coverage up to date
- Three (3) letters of endorsement from other professionals who worked on cases together
- Checklist for endorsement (see application)
- Proof of other designations (if applicable)

For those eligible to be grandfathered, the temporary discount is available until August 31st

The criteria to determine eligibility for grandfathering is available via a preliminary form you can request via email specifying ‘Mentor Designation Grandfathering’ in the subject line.

10/13/2021

Good financial planning changes lives! If you're ready for an unwavering financial strategist in your corner, someone who'll hold your feet to the fire, and partner with you to pull ALL the pieces of YOUR financial puzzle together, let's connect! Let's take That Right Next Step together!

A personalized plan can help to ensure that all of your financial tools are complementing one another and working together to support your future financial goals. Watch this video to learn more.

08/17/2021

Q: I recently retired at age 66 and started collecting my teacher’s defined benefit pension in July. My wife is also retired, but she is just 57. Am I allowed to split up to half of my pension with her? She has a defined contribution pension plan with her employer, but her income will certainly be lower than mine. I’m also wondering about my registered retirement savings plan, which I intend to convert to a registered retirement income fund when I turn 71. Am I correct that I cannot split my RRIF income with my wife until she turns 65?

A: To answer your first question, the regular payments from a registered pension plan (including any bridge benefits for those younger than the age of 65) are eligible for income splitting with a spouse or common-law partner, regardless of the age of the transferor or transferee. (An exception is for Quebec provincial tax purposes, where the transferor must be at least 65. Income can still be split for federal tax purposes in Quebec if the transferor is younger than 65.) By splitting up to 50 per cent of your teacher’s pension with your lower-income spouse, the pension benefits will be taxed at a lower rate.

But that’s not the only advantage of income splitting. The clawback of your Old Age Security benefit and age amount tax credit may also be reduced or eliminated. What’s more, you and your spouse will both be able to claim the pension credit – up to a maximum of $2,000 for federal tax purposes. The pension credit varies for provincial tax purposes. You and your spouse will need to make an annual election on your tax returns to split the income, but the transaction is for tax purposes only, and no money has to actually change hands. The election form – called a Joint Election to Split Pension Income – should be filed by the filing due date for the return.

Regarding your RRIF, withdrawals are eligible for income splitting if the RRIF owner is 65 or older at the end of the tax year, so you’re in luck there, too. The spouse with whom RRIF withdrawals are split can be of any age, but to claim the pension credit of up to $2,000, the spouse must have reached 65 during the year. However, the $2,000 credit cannot be claimed a second time if it was already claimed for the income from the pension plan.

05/05/2021

A honest and practical look at the steps to take if you're in this situation. If you're intentional about taking these steps, 's take the right next step together!

Preparing for retirement is tough regardless of your age, but it can be particularly challenging if you're in your 40s. At this age, you may have a mortgage to worry about, kids to put through school, and you might still be paying off student loans -- not to mention all of the other everyday expense...

03/25/2021

Are you ready to start house hunting? There’s a lot to do to prepare for this major purchase. Get started by following these 10 steps.

1. Determine what kind of house you want
2. Do a mortgage pre-approval to determine how much you can afford
3. Find knowledgeable professionals like a mortgage broker, realtor and a lawyer to help you with the process
4. Decide how you plan to see the houses you’re interested in, in person or virtually
5. Find out how you place an offer on a house
6. Determine if you need a home inspection
7. Know how to protect your biggest investment. That’s where I come in!
8. Review the need for homeowner’s insurance
9. Plan for your move once your offer is accepted
10. Determine your move in day

If you need help saving or understanding your mortgage protection options, I can help. Reach out to me today.

Are you ready to start house hunting? There’s a lot to do before you get the keys to your new place. Find out how you can prepare by understanding the 10 steps to buying a new house. Visit sunlife.ca for more information.

03/25/2021

Are you facing an unexpected retirement? If so, finding health insurance, cutting expenses, evaluating income sources and getting help is crucial. Working with an advisor like myself, can help make this transition as smooth as possible.

Retiring sooner than you expected? Find out how working with an advisor can help you make a smooth transition to retirement – whether you feel ready or not.

03/25/2021

Talks of entering a third wave can seem daunting but remember, we've done it twice before. Vaccinations are being rolled out and we know what to expect. Here are some to help you cope after a whole year of the pandemic.

Hearing a lot about the third wave of COVID-19? Or perhaps your province has already entered the third wave? Here are some tips to help you cope after a whole year of pandemic.