Here are a couple of questions for you to think about: 1) If 5,000 plus each year was being deposited into an account for your benefit, how often do you think the balance should be checked? Yearly? Every couple of years? 2) Would it surprise you to hear that many Canadians do indeed have a deposit of $5,000 plus into their Canada Pension Account each and every year and do not check the balance until just before they go to use it? (50% of contribution from employer) Individuals are often to busy to take the time to plan. One of the RISKS of business ownership is that so much time is spent working IN the business that you do not take the time for yourself and work ON the business. Consequently some things can slip through the cracks more important than your checking your CPP statement. To order your Canada Pension Plan Statement: You can download, complete and print attached and mail. You can also order your statement online at http://www.servicecanada.gc.ca/eng/home.shtml
If you would like assistance or a second opinion on planning your retirement income using the various options do not hesitate to contact us.
Paul is a Certified Financial Planner (CFP) licensed by the Financial Planners Standards Council; Financial and Estate Plans are provided under that license.
The information contained in this website is intended to provide general guidelines only. The application and impact of the law can vary widely from case to case based on the specific or unique facts involved. Accordingly, the information in this article is not intended to serve as legal, accounting or tax advice. Users are encouraged to consult with their professional advisers for advice concerning specific matters before making a decision.
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J. Paul Wilson,CFP®, ChFC®
Certified Financial Planner
27 Blue Thistle Road Halifax, Nova Scotia, B3S 1M3