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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, November 19, 2015 | 36 RRIF rule change presents a tax planning option Dollars & I Sense ndividuals currently withdrawing funds from their Registered Retirement Income Fund (RRIF) have some year-end tax planning ahead. The tax planning idea in this column is oversimpli ed. The goal is to make you aware of changes to your RRIF withdrawal rate so you can plan accordingly. Our recommendation is to seek professional tax advice. The foundation of tax planning in Canada is based on our income tax structure. As your income increases, so does the mar- Peter Watson Guest Contributor ginal tax rate. For example, if you earned $30,000, the next one dollar of income is subject to a combined federal and Ontario tax rate of just more than 20 per cent. If your income is $50,000, the next one dollar of income is taxed at just more than 31 per cent. As your income increases or decreases your marginal tax rate can change. The tax planning tip comes from a change introduced this year on how RRIF withdrawal amounts are calculated. The amount of withdrawal that you are required to make has decreased by approximately 25 per cent. If the value of your RRIF was $100,000 on Dec. 31, 2014, the old minimum withdrawal amount was $7,380. Under the new rules, that withdrawal amount can be reduced by $2,100. You have two options. You can do nothing or you can elect to reduce your RRIF withdrawal amount by $2,100. This is done by making a $2,100 contribution to your RRIF to top it up by the extra that was taken out. The fundamental question is whether it is bene cial to have a lower taxable income. There are many factors that should be considered. see Tax-planning on p.37 THE FASTEST GROWING AUTOMOTIVE BRAND IN CANADA Based on full-line brands, on 12 month, year over year rolling unit sales CONQUER 2016 NISSAN ROGUE MONTHLY LEASE FROM $ WITH $ % APR FOR 60 MONTHS DOWN AT FEATURING ALL CONDITIONS SALES EVENT INTUITIVE ON SELECT CUV MODELS NO-CHARGE OR NO-CHARGE WINTER TIRE ALL-WHEEL DRIVE * PACKAGE (UP TO $820 MSRP VALUE) ** WINTER TIRES, FLOOR MATS AND SAFETY KIT ON SELECT PASSENGER CARS 1 1.99 .99 281 0 THAT'S LIKE $ PAYING ONLY 65 WEEKLY ON ROGUE S FWD OR INTUITIVE NO-CHARGE ON OTHER ROGUE MODELS AWD SL A AWD WD Premium model shown 2015 NISSAN SENTRA - TOP SAFETY AND TOP QUALITY ONLY IN 2015 NISSAN SENTRA $ 1.8 SL model shown 17,229 - 5,031 = 12,198 STARTING FROM $ CASH DISCOUNT + $ TOTAL PLUS WINTER TIRE NO-CHARGE PACKAGE ON SENTRA 1.8 S M6 THE "HIGHEST RANKED COMPACT CAR IN INITIAL QUALITY" IN THE U.S. 2015 NISSAN PATHFINDER GET UP TO $ 5,250 + CASH DISCOUNTS ON SELECT PATHFINDER MODELS INCLUDES INTUITUVE NO-CHARGE AWD CREDIT OR FINANCE AT 0 % APR FOR UP TO 72 MONTHS ON PATHFINDER S Platinum model shown ALREADY DRIVING A NISSAN? OUR LOYALTY PROGRAM HAS GREAT OFFERS. VISIT CHOOSENISSAN.CA OR YOUR LOCAL RETAILER · ENDS NOVEMBER 30TH Offers available from November 3-30 2015. Payments cannot be made on a weekly basis, for advertising purposes only. Representative monthly lease offer based on a new 2016 Rogue S FWD CVT (Y6RG16 AA00). 1.99% lease APR for a 60 month term equals monthly payments of $281 with $0 down payment, and $0 security deposit. First monthly payment, down payment and $0 security deposit are due at lease inception. Payments include freight and fees. Lease based on a maximum of 20,000 km/year with excess charged at $0.10/km. Total lease obligation is $16,848. 2016 Rogue S FWD CVT do not qualify for `No Charge AWD credit'. This offer cannot be combined with any other offer. Conditions apply. *$2,180//$2,000//$2,500//$2,000 no-charge all-wheel drive upgrade is available on new 2015 Juke (excluding SV FWD (N5RT55 AA00)/ 2016 Juke (except SV FWD (N5RT56 AA00 and AE00) as well as NISMO RS FWD (N5YT56 AA00) // 2016 Rogue (excluding S FWD (Y6RG16 AA00) and SV special edition FWD (Y6SG16 AA00)) // 2015 Pathfinder (excluding S 4x2 (5XRG15 AA00) // 2015 Murano (except S FWD (1XRG15 NA00) // SV FWD (lXSG15 CC00)) models purchased or financed with NCF at standard rates and delivered between Nov. 3 - 30, 2015. Offer consists of a discount that can only be used at the time of initial purchase/finance and applied towards: (i) the purchase of an all-wheel drive system from an authorized nissan dealer; and/or (ii) the purchase price of the vehicle. **Dealer cost of 350//$400//$500 no-charge winter tire package offer is available on new 2015 Micra // 2015 & 2016 Versa Note // 2015 Sentra models purchased, leased, or financed and delivered between Nov. 3 - 30, 2015. Offer consists of a discount, that is a dealer portion, that can only be used at the time of initial purchase/lease/finance and applied towards: (i) the purchase of a winter tire package (includes: all-season floor mats, emergency road kit, and 4 specified winter tires -- rims, tire installation and balancing not included) from an authorized Nissan dealer; and/or (ii) the purchase price of the vehicle. The discounts will be deducted from the negotiated price before taxes and can be combined with special lease and finance rates offered through Nissan Canada Finance. Any unused portion of a discount will not be refunded and may not be banked for future use. Offers are subject to change or cancellation without notice. Conditions apply. + Cash discount is $5,250 available on 2015 Pathfinder S 4X4 (5XBG15 AA00). $5,250 comprised of `No Charge AWD' credit of $2,450 NCF standard rate cash, $300 dealer participation. Only applicable with finance through Nissan Canada Finance at standard rates. Representative finance offer based on any new 2015 Pathfinder S 4X4 (5XBG15 AA00). Selling price is $32,589 financed at 0% APR equals monthly payments of $453 monthly for a 72 month term. $0 down payment required. Cost of borrowing is $0 for a total obligation of $32,589. This offer cannot be combined with any other offer. Conditions apply. $12,198 selling price includes MSRP and fees for a new 2015 Sentra 1.8 S M6 (C4LG55 AA00). $5,000 NCI non-stackable cash discount, which includes $350 dealer participation included in advertised amount on 2015 Sentra 1.8 S M6 (C4LG55 AA00). Models shown $37,139/$26,129/$48,839 Selling price for a new 2016 Rogue SL AWD Premium (Y6DG16 BK00)/ 2015 Sentra 1.8 SL (C4TG15 AA00)/2015 Pathfinder Platinum (5XEG15 AA00). See your dealer or visit Nissan.ca/Loyalty. *±Freight and PDE charges ($1,760/$1,600/$1,760) air-conditioning levy ($100) where applicable, applicable fees (all which may vary by region), manufacturer's rebate and dealer participation where applicable are included. License, registration, insurance and applicable taxes are extra. Lease offers are available on approved credit through Nissan Canada Finance for a limited time, may change without notice and cannot be combined with any other offers except stackable trading dollars. Vehicles and accessories are for illustration purposes only. For more information see IIHS.org. °Available feature. FEB cannot prevent accidents due to carelessness or dangerous driving techniques. It may not provide warning or braking in certain conditions. Speed limitations apply. Around View Monitor cannot completely eliminate blind spots and may not detect every object. Always check surroundings before moving vehicle. Virtual composite 360 view. ^Ward's Large Cross/Utility Market Segmentation. MY15 Pathfinder and Pathfinder Hybrid vs. 2014 competitors. The Nissan Sentra received the lowest number of problems per 100 vehicles among compact cars in the proprietary J.D. Power 2015 Initial Quality Study SM. Study based on responses from 84,367 new-vehicle owners, measuring 244 models and measures opinions after 90 days of ownership. Proprietary study results are based on experiences and perceptions of owners surveyed in February-May 2015. Your experiences may vary. Visit jdpower.com. See your participating Nissan retailer for complete details. ©2015 Nissan Canada Inc. and Nissan Canada Financial Services Inc. a division of Nissan Canada Inc. OAKVILLE NISSAN 2316 SOUTH SERVICE ROAD WEST, OAKVILLE TEL: (905) 827-1177