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Can A Financial Plan Predict The Future?
In a world filled with uncertainty a financial plan has this amazing ability to predict the future.
It can help predict future income, expenses, assets, and debts. It can help predict if you’ll be financially secure in the future or if you’ll be eating cat food. It can help predict if you need to save more to achieve your goals or if you can spend more now and enjoy today. In can help predict if you’ll run out of money in retirement or if you’ll end up with millions.
A financial plan isn’t a perfect prediction of course. It’s based on certain assumptions. But good assumptions can create a good prediction. There will still be some chance of the future working out differently than planned, but with a path mapped out the future becomes very real and very achievable.
They say that “failing to plan is planning to fail”. A financial plan will help you know where you’re going. It will help you create a clear roadmap to follow. If you can hit the milestones on the roadmap then success is all but guaranteed.
Here are just a few ways that a financial plan can help you predict the future and make it a reality.
What Is The Pension Income Tax Credit? Both The Amount And The Eligibility?
After reaching age 65 there are a couple of tax credits that we become eligible for. These tax credits vary in the amount of tax they save, but in general they help decrease income tax payable for those over the age of 65, and they can be very helpful to lower taxes in retirement.
But with some of these tax credits, they only apply if you have certain types of retirement income, and the pension income tax credit is one of those tax credits.
The pension income tax credit is one of a couple of tax credits that become available to everyone after age 65 (there is also the Age Amount Credit) but some people can access the pension income tax credit earlier than age 65 if they have certain types of retirement income.
All of these tax credits add up to provide a significant amount of tax savings in retirement, so it pays to understand the various credits and how to qualify for them.
The pension income tax credit provides a tax credit of $2,000 federally and between $1,000 to $2,000 depending on the province.
Why We Choose To Spend Our Money On Freedom
What do you prefer to spend your money on? Cars, houses, vacations? Everyone spends their money differently. Some people enjoy nice cars, large houses, the latest clothes or gadgets, luxurious vacations, food, wine, restaurants, the list is endless.
But for some of us, we like to spend our money a different way. Some of us like to slowly buy more and more freedom, flexibility, and time.
Like other ways to spend money, buying freedom is a personal choice, but it’s the right trade-off for us. We don’t value expensive cars, or large houses, or expensive clothes, but what we do value is freedom, flexibility, and time.