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Tax-planning important aspect of managing finances continued from p.36 You will pay less tax because of a lower RIFF payment. There might be some additional advantages of reducing your income because of the Old Age Security clawback. There are many other issues to consider and that is why we recommended getting professional tax advice. There is a second reason to be aware that RRIF payments have decreased. Lower RRIF payments will mean you have lower cash flow next year. Assume you currently receive $1,000 per month from your RRIF . Next year the reduction in RRIF payments will mean you will receive approximately $750. Better to realize this now and plan accordingly versus waiting until next year and wondering why there are not enough funds coming into your bank account to make ends meet. The deadline for making a contribution to your RRIF is Feb. 29, 2016, the same as making a contribution to a Registered Retirement Savings Plan (RRSP). Most investors think that RRIF decisions are all based on the established rules. That is incorrect. There are many sound tax strategies that can be used for those owning a RRIF or those who decide to convert all or part of their RRSP to a RRIF before the age deadline of 71. Tax planning is an important aspect of managing your financial affairs. We recommend understanding what is best for you and to seek professional advice. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner 37 | Thursday, November 19, 2015 | OAKVILLE BEAVER | www.insideHALTON.com For more news,visit insidehalton.com/oakville-on. `Like' the Oakville Beaver on Facebook. The joy of giving Imagine being able to give a gift greater than you ever thoug ught possible. As a Canadian senior you can now support a Canadian charity of your choice by donating a life insurance policy that you no longer need or want and make a charitable contribution larger than you ever imagined. Your Life Insurance, Their Joy Your policy can provide a wonderful gift of joy and substantial tax credit and the elimination of premiums. It makes sense. Canadians are not only able to make a very large donation, they also receive a substantial tax credit. Each year Canadians allow billions of dollars in policies to lapse even though they've paid tens-of-thousands of dollars in premiums. But now, it doesn't have to be this way. This is a wonderful, new opportunity. charity designated as a Public Foundation. Our purpose ­ our mission ­ is to help registered Canadian charities thrive by allowing seniors to turn their unneeded life insurance policies into gifts for a higher purpose. LifePoint Foundation is partnered with other registered Canadian charities and we have millions of dollars available for funding premiums and working together for a better tomorrow. Through LifePoint, your idle policy ­ a true resource ­ is transformed into an ongoing legacy of support for Canadian charities who, in turn, support hospitals, schools, orphanages, churches ... many great causes that make our world a better and more caring place. If you are 70 or older and have a life insurance pol policy with Canada program. And nd we can process your donation before the year-end tax x deadline. We eliminated a $24,000 annual term-to-100 life insurance premium and will use the $198,000 tax credit made in years. How Big Might Your our Gift Be? Call LifePoint and we will answer your our questions ons and give you an indication of the size and investm ment impa pact ct of your gift. Or email your questions to us. For more ore information be sure and visit our website. Tax Credit Once you donate your policy, LifePoint pays 100% of the ongoing premiums and rewards you with a tax credit that, in some cases, allows you to recover a large portion of the premiums you've paid. And after your death, and after the cost of premiums and operational expenses, charities you designate. Imagine ... turning life into legacy Helping Charities Thrive LifePoint Foundation Canada is a registered Canadian Toll free: 877.647.4708 | info@lifepointfoundation.org | www.lifepointfoundation.org