Inflation | Page 10 | GTAMotorcycle.com

Inflation

sadly the war chest is often a massive bonus scheme , when we get here , you get this. And they never get here.
Good friend going through it now, worked two yrs for a med tech startup, the 'big guys' had previously built and sold two companies , same plan on this one, get off the ground , sell it we all retire. He was CFO, when it wasn't working in the first yr and a half they took the company public to raise more cash to burn through, still smouldering ... he left .
 
I keep hoping to pay less , some day maybe soon . I need to start another business so I have something to deflect with.
I’m in that awkward spot , can’t get GST rebate cheques , not eligible for senior discounts , no student discount, just stuck in the middle paying full pop on everything.


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crankcall said:
I need to start another business
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You're into boats right? What is the market for inline strainers for the water intakes for engines?
I get a load of calls and orders for these..
 
crankcall said:
I keep hoping to pay less , some day maybe soon . I need to start another business so I have something to deflect with.
I’m in that awkward spot , can’t get GST rebate cheques , not eligible for senior discounts , no student discount, just stuck in the middle paying full pop on everything.


Sent from my iPhone using GTAMotorcycle.com
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I mean these are good problems to have. Just means you’re doing well and winning in life.
 
mimico_polak said:
I mean these are good problems to have. Just means you’re doing well and winning in life.
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When his wife retires, there are some options that open up. For instance, she owns a company that provides lumber management services. Cc works for her. His current employer pays her company his normal comp. She can take some income as a management fee or leave it in the business to pull in the future. Cc draws lower income than previous with the new structure.
 
crankcall said:
I keep hoping to pay less , some day maybe soon . I need to start another business so I have something to deflect with.
I’m in that awkward spot , can’t get GST rebate cheques , not eligible for senior discounts , no student discount, just stuck in the middle paying full pop on everything.


Sent from my iPhone using GTAMotorcycle.com
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While I take them, senior's discounts bother me. A lot of seniors ar better off than the young ones. IE Five years of trade wages paying for a decent detached house. No free trade, job security, lax discrimination enforcement.
 
If you have an incorporated company can you treat un-needed profits as retained earnings and only draw out when you retire?
 
nobbie48 said:
If you have an incorporated company can you treat un-needed profits as retained earnings and only draw out when you retire?
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Yes. Paid out as dividends. I believe you can pay out up to $50000 a year almost tax free as long as you have zero other income. My plan is to hold off taking CPP till we are 70. Live off funds in holdco. and rrsp's till then. Tax planing incentive to retire earlier than later. Thats how I understand it anyway. I need to talk to accountant to confirm my plan.
 
AllistonGT said:
My plan is to hold off taking CPP till we are 70.
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You've done the math I assume? For me taking it at 60 meant I was ahead of the game until about age 75-76. Only then would I be ahead dollar wise if I took it at 70. (which make sense - the gov is planning on you dying first)
A lot can happen in those 16 years and I've been to enough funerals recently that I know it's time to start eating the dessert first.
 
timtune said:
You've done the math I assume? For me taking it at 60 meant I was ahead of the game until about age 75-76. Only then would I be ahead dollar wise if I took it at 70. (which make sense - the gov is planning on you dying first)
A lot can happen in those 16 years and I've been to enough funerals recently that I know it's time to start eating the dessert first.
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Average life expectancy is about 83 I think. Family history may play a part in decision. Thats 8 years in your case (past 75) you're missing out on 35% more every month if taken before 65. If I dye before, I won't care because, I'm dead. Holding off also gives me time to deplete rrsp's avoiding a larger amount in a riff which has min withdraw amounts that increase every year. You're losing out a lot taking cpp that early in my opinion unless you need it then thats different. 7.2% less for every year. 8.4% more for every year after 65. Maximum 42%. All our circumstances are different. What works for you may not work for someone else.
I like eating desert after the meal.😉
With my coffee.
 
GreyGhost said:
When his wife retires, there are some options that open up. For instance, she owns a company that provides lumber management services. Cc works for her. His current employer pays her company his normal comp. She can take some income as a management fee or leave it in the business to pull in the future. Cc draws lower income than previous with the new structure.
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You'll have to meet my wife sometime , I wouldnt work for her even in an artificial invented sense. Love her to bits, but even pretend management is out.

@Jampy00 , every boat engine has an inline strainer, but I have never seen one fail. I guess if you have the cheaper acrylic and plastic versions you could strip the threads on a lid , but you would need to be pretty hamfisted. All the better units are made by Perko and bronze shelled with a glass insert, cork gaskets top and bottom , stainless strainer. They last 100yrs and all parts are available, in Canada. I've had boats with plastic, still working when I sold them off, if I ever needed a replacement it woud be Perko.
 
crankcall said:
You'll have to meet my wife sometime , I wouldnt work for her even in an artificial invented sense. Love her to bits, but even pretend management is out.

@Jampy00 , every boat engine has an inline strainer, but I have never seen one fail. I guess if you have the cheaper acrylic and plastic versions you could strip the threads on a lid , but you would need to be pretty hamfisted. All the better units are made by Perko and bronze shelled with a glass insert, cork gaskets top and bottom , stainless strainer. They last 100yrs and all parts are available, in Canada. I've had boats with plastic, still working when I sold them off, if I ever needed a replacement it woud be Perko.
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Lol I tried something like that once I didn't see a cent of the money.

Sent from the future
 
timtune said:
You've done the math I assume? For me taking it at 60 meant I was ahead of the game until about age 75-76. Only then would I be ahead dollar wise if I took it at 70. (which make sense - the gov is planning on you dying first)
A lot can happen in those 16 years and I've been to enough funerals recently that I know it's time to start eating the dessert first.
Click to expand...
My old accountant said he and a bunch of cronies calculated around 63 was the best time to go for it. Going earlier you get less for longer and later, more for a shorter period.
 
AllistonGT said:
Average life expectancy is about 83 I think. Family history may play a part in decision. Thats 8 years in your case (past 75) you're missing out on 35% more every month if taken before 65. If I dye before, I won't care because, I'm dead. Holding off also gives me time to deplete rrsp's avoiding a larger amount in a riff which has min withdraw amounts that increase every year. You're losing out a lot taking cpp that early in my opinion unless you need it then thats different. 7.2% less for every year. 8.4% more for every year after 65. Maximum 42%. All our circumstances are different. What works for you may not work for someone else.
I like eating desert after the meal.😉
With my coffee.
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Fair enough. I don't need to get it now and realize I may leave something on the table if I live long enough, but again dessert first. And of course it comes coffee and hopefully a shot of bailys.
 
Jampy00 said:
You're into boats right? What is the market for inline strainers for the water intakes for engines?
I get a load of calls and orders for these..
Click to expand...
Every inboard engine needs one per engine. In the old days they were brass, outlasted the boat.
1673130925001.png

A 2" brass Perko brand costs about $360.

Now they are plastic, good for a few years ( all Chinesium $45


1673131390910.png
 
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