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Archives for February 9, 2019

Designating a beneficiary on a RRSP or RRIF

February 9, 2019, 11:17 am

Designating a direct beneficiary on your RRSP or RRIF may make sense in some situations, however, there are cases when designating your estate is a better option.

People often designate a beneficiary on their RRSP or RRIF accounts, believing it is sound financial planning, since doing so can avoid probate and thus probate fees.  However, this option may result in some negative consequences such as inequitable treatment of heirs, unintended elimination of heirs and unexpected tax consequences to the estate.

Taxation at death

If you designate a direct beneficiary to your RRSP or RRIF, then upon your death the entire value of your account will be paid directly to the named beneficiary, with no withholding for tax.  However, the full value of the registered investment will be included in your tax return for the year of your death.  Depending on who you designate, your estate could be responsible for paying the tax liability.  Should your estate have insufficient funds to cover the taxes owing, the Canada Revenue Agency (CRA) can collect taxes owing from your direct beneficiary.  Should your beneficiary be unaware of this potential tax liability, they could be in for an unpleasant surprise, especially if they have spent the money before being notified.

If your RRSP or RRIF is paid to a “Qualified Beneficiary”, a spouse, common law partner or financially dependent child or grandchild then the tax can be deferred, if your qualified beneficiary transfers it to their RRSP or RRIF.  Different circumstances for children, but designating minor children is not typically advised.

Inequitable treatment of heirs due to tax

Let’s assume you have $50,000 in a RRIF and $50,000 in a TFSA.  You name Child 1 beneficiary of your RRIF and Child 2 beneficiary of your TFSA.  Upon your death, each child receives $50,000 – each account paid to each named beneficiary.  Your estate has insufficient funds to pay the tax liability.  CRA will collect taxes owing on your RRIF from Child 1, which will result in them receiving a smaller inheritance than their sibling.

Planning for a blended family

 

Do you have a blended family?  You would like to provide an income for your surviving spouse for the remainder of their lifetime, but would like any remaining capital to go to your children.  If you name your spouse as beneficiary, taking advantage of tax deferment, you lose the ability to impose any strings on that inheritance.  Suppose your spouse remarries and designates their new spouse as beneficiary – it’s possible your children will never see any of their inheritance.


Avoid complications

Use extreme caution when naming minor children as beneficiaries as well as naming too many beneficiaries.  These too can have hidden consequences.

Designating a beneficiary should not be considered lightly.  It’s quite common for individuals on their first marriage or common law relationship to designate their spouse.  However, in other life situations things are not quite so simple.  Speak to your Certified Financial Planner to ensure that your beneficiary designations are structured in a manner that best suits your needs.


This column is written by Michelle Weisheit CFP, IG Wealth Management and presents general information only and is not a solicitation to buy or sell any investments.  Please contact your own advisor for specific advice about your situation.

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Next court appearance February 27th

February 9, 2019, 7:53 am

Heavy police presence involving the Emergency Response Team in Oliver Thursday night was part of an operation to arrest a man that Oliver RCMP deemed could be a danger to the public and to officers should they attempt to detain him.

Tuesdayi – RCMP got a report that 56-year-old Bradley Cairns had gone to a residence and allegedly committed and assault and uttered threats against the occupant.

Two days later, after investigation, officers deployed the Emergency Response Team to Cairns’ home with an arrest warrant.

He was arrested without issue. In his home, officers found three long rifles, two of which had spent casings in their chambers.

Cairns has now been charged with one count of assault and one count of uttering threats.

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Top post filled at Museum and Archives

February 9, 2019, 7:28 am

Without a lot of fanfare the Oliver and District Heritage Society has appointed a new Executive Director.

Julianna Weisgarber, Executive Director appointed recently replacing Manda Maggs of Penticton.

 

Julianna has been Collections Manager for a number of years. She is pictured here when she arrived in September of 2014.

Phone: 250-498-4027
E-Mail: info@oliverheritage.ca

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BC Family Day Celebration Planned

February 9, 2019, 7:22 am

It’s time to celebrate family at the Oliver Museum.

On Friday, February 15th from 2 – 6 pm, the Museum will be hosting a free, all-ages Family Day Celebration. This is a one-day event featuring a free half-hour workshop on recording family oral histories, a child-friendly family tree craft and colouring, activities and snacks! Come use our Selfie Station to take some old-fashioned family photos, mark your family’s origins on our world map, and celebrate your family!

Recording the stories of older family members is an important way to preserve memories and experiences for the next generation. Want to learn how it’s done? Come join our family oral history workshop, offered in two separate sessions at 3:30 and 5:00 pm. Workshop participants will learn how to collect and preserve their family histories using equipment like voice recorders and cameras and will learn how to sign out equipment from our new oral history lending library after the event. Participants in this hands-on session will learn how to set up and run the equipment, how to brainstorm lists of questions and topics, and how to encourage candid and flowing conversation.

Workshops are led by Collections Intern and experienced oral history practitioner Cassandra Colman. Both sessions are child-friendly and include time to practice. Plus these make great family projects and are an excellent way to get quality time with your loved ones. So come out to the Museum on Feb. 15th and have some fun!

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On the Sunnyside

February 9, 2019, 7:17 am

What is Love?

Valentine’s Day is associated with expressions of love. I suspect that many people have an incomplete picture of what love is. There are at least 3 major categories or levels of love. Apparently the Greek language of the New Testament used 3 different words to identify these 3 kinds which the English language lumps together under one word – love.

“Agape” love is a decision, an act of the will. It does not ask for merit in the person being loved. It simply is based on a decision to do what is best for the other person whether they deserve it or not. This is the kind of love God has for people.

“Philos” love is sometimes a duty, an action based on obligation, but more often based on kinship. It is most easily noticed in a family setting where you stick up for your brother, sister, cousin, child, or parent because you are related. It is kindness extended to someone who belongs to your group even if they sometimes irritate you. It is also known as brotherly love or the love for a friend.

“Eros” love is motivated by desire and is chiefly centered on sexual attraction. It easily degenerates into a self-centered action. In its most ugly form we see abuse and rape. In its most positive form it expresses a beautiful picture of sincere love and ensures the propagation of the species.

There is a place for all three, an important place. Unfortunately, the last definition is the most prevalent one and the first is seldom achieved by us. We have reversed the order of importance.

May your Valentine’s Day, and mine, at least show some true love.

Henry Wiebe

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Down the aisle

February 9, 2019, 7:08 am

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February 1st Snow Pack ratings

February 9, 2019, 6:59 am

What’s coming?

By early February, nearly two-thirds of the annual BC snowpack has typically accumulated. At this stage in the season, snow accumulation is currently typical for February 1st across
the province, with a few regions slightly above or below normal.

Seasonal snowpacks can still change significantly with two or more months of possible snow accumulation left. At this stage in the season there is no significant elevated flood risk present in the current snowpack regionally across the province.

While snow is one significant aspect to seasonal flooding in BC, weather during the freshet season also plays a key role, and flooding is possible in years with normal snowpack. For example, peak flows at the Fraser River at Hope during normal snowpack years ranges between 7,000 and 12,000 m3/s.

Seasonal volume runoff forecasts (see below) are near-normal (85-105%) for the Upper Fraser, Thompson, Skeena/Bulkley, Nicola River, and Okanagan Lake basins, and above normal (~120%) for the Quesnel River.

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