True North wrote:
On Tuesday, 12 August 2014 11:33:16 UTC-3, wrote:
On Tue, 12 Aug 2014 07:59:23 -0500, amdx wrote:





Just a note:
Many accountants think that tax rates will be higher in the future
because of the huge debt we have. Because of this they are suggesting
Roth IRAs instead of the traditional tax deductible IRA.
Mikek


That assumes the government would not change the tax code on a Roth. I

am old enough to remember when they said Social Security would never

be taxed ... because you already paid taxes on that money ... just

like a Roth.

When it comes to the government ****ing you, just plan on it.
Wow!
We pay both federal and provincial income tax on anything over our basic exemption, which is around 11k and another $2K if on pension plus I get another $7K because I turn 65 this month.
After that everything is taxed at the rate of the income category you fall in... and yes that's all pensions, interest received on investments, monies taken out of RRSPs etc.

Y'all have been spoiled down there and the chickens are coming home to roost.

An IRA is not a pension. It's money we paid for our retirement because
we can't count on our government to keep the money we paid into SS in
the "lockbox".