Financial and Retirement Planning - Lump Sums and Tax Planning

TEAM MEMO
To:    TEAM-IFPTE Local 161 Members
From:    TEAM Office
Date:    June 19, 2020
Re:      Financial and Retirement Planning - Lump Sums and Tax Planning

Following on from the Financial and Retirement Planning seminars that we ran in 2019 and over the past few weeks, TEAM is sponsoring a deeper dive into financial topics that members told us they wanted to know more about. The first two topics that we’ll be covering are Monthly Pension or Lump Sum?, and Tax Planning and RRSP/TFSA Decisions. These are online sessions, and will be presented by Darryl Robinson.

As a member of TEAM, you, and anyone else you can share a screen with, are welcome to attend. If you wish to attend either (or both) of the below sessions, click the respective links to express your interest. Please note that if the sessions reach capacity, we will schedule additional sessions in July and advise you accordingly.

Monthly Pension or Lump Sum? Wednesday, June 24^th, 6:30 pm to 8:00 pm
When your employment ends, you’ll need to make a decision about your defined benefit pension plan entitlement: should you take the pension or the lump sum option? What are the key considerations, and how does this decision fit into your overall retirement plan? In this session, we will review the options on termination and retirement, the risk factors and opportunities of each choice, and also the ongoing decisions you will need to make following each decision path.
Tax Planning and Your RRSP/TFSA Decisions Monday, June 29^th, 6:30 pm to 8:30 pm
If you haven’t done proper tax planning, chances are high that you’ll be paying more tax in retirement than needed. This session will provide you with an overview of how the Canadian tax system treats different forms of income, and how policymakers have provided incentives to help you save for your retirement.
We’ll also review concepts such as:

RRSP and TFSA fundamentals.
Tax brackets and your RRSP decisions.
RRSP maturity options
Income splitting and how to make it work for you.
Considerations in timing your various sources of income, and how this might impact taxes.

To participate, you will need a network attached device with a web browser and speakers or headphones*. If you wish to ask questions during the sessions, you can send typed messages using the chat feature, or you can ask verbally via a microphone or a regular phone/cell. A webcam is not required.

*Several members reported that the best audio quality was achieved by dialing in. The call-in number will be provided.

Important Note: TEAM is sponsoring the financial planning seminars to assist members in gaining a better understanding of the financial choices they face when planning for their retirement. The information is being shared for education purposes only, and must not be considered as investment advice. TEAM strongly recommends that members seek independent professional assistant, such as from a fee-for-service Certified Financial Planner, prior to making any significant financial moves, and in particular, where they are contemplating “cashing-out” their defined benefit pension.

TEAM-IFPTE Local 161
204-984-9470 or 1-877-984-9470
www.teamunion.mb.ca
twitter.com/teamunion161
facebook.com/teamunion161

Financial and Retirement Planning - Lump Sums and Tax Planning June 19th 2020