Canadian Mail Forwarding

[Canuck_Travelle]

I am curious as to how other Canadian Snowbirds are receiving their mail while away in the United States.
We stay in Florida for six months. As it exists now I get my neighbor to forward my mail in self addressed pre-paid envelopes about every couple of months. This is coming to an end as his health is diminishing.
How do others do it? Do some use Canada Post Forwarding and what method and costs?.
I have thought about holding my mail until return as an option as our return allows time for Income Tax Preparation.
Just curious how other Canadian Snowbirds do it and at what costs.
I also have an Account with Canada Revenue Agency in case their are issues so I can check periodically.
Any comments are very welcome, thanks!

[Canuck_Travelle]

moisheh wrote:
OP: Have you considered a private mail box in Canada? There are some independents and UPS is everywhere. Canada Post is a hopeless organization. For almost 3 weeks my business was not receiving much mail. Normally there are at least 15 items plus magazines, Then magically the truck started coming with 20 or 30 pieces. Apparently Canada Post was doing a survey on the amount of mail for this area. If the volumes were high we would continue with a mailman. Low volumes would get us those stupid mailboxes. So Canada Post just held the mail as the count was for delivered mail. My American friends get great service. The mailman even picks up your mail for delivery!

Moisheh

Thanks, that's a good suggestion, will look into it as soon as we get back to Canada in three weeks or so.

[moisheh]

OP: Have you considered a private mail box in Canada? There are some independents and UPS is everywhere. Canada Post is a hopeless organization. For almost 3 weeks my business was not receiving much mail. Normally there are at least 15 items plus magazines, Then magically the truck started coming with 20 or 30 pieces. Apparently Canada Post was doing a survey on the amount of mail for this area. If the volumes were high we would continue with a mailman. Low volumes would get us those stupid mailboxes. So Canada Post just held the mail as the count was for delivered mail. My American friends get great service. The mailman even picks up your mail for delivery!

Moisheh

[Canuck_Travelle]

Gruffy wrote:

Canuck Travellers wrote:

Gruffy wrote:
Ahhh OAS is now in the order of $9600 .... (deferred amount) that is a lot to give up if you can manage to avoid it. And yes TFSA's are by far the best option.

Depends what is your situation," if you can manage to avoid it" that's the key....Old Age Security (OAS) pension
Regardless of your marital status:
$563.74 $114,815 (individual income)
This situation gives you $6764.88 per year, your mileage may vary.....
Here is where you should look for the correct amount:
http://preview.tinyurl.com/qy9dgcv

AS
Last year we were allowed to defer OAS up to 5 years. A lot of people missed that because it wasn't well publicized. Financial advisers were pretty much useless.

Memory being what it is I think that $9600 was the new OAS total if you defer to age 70.

"$9600 was the new OAS total if you defer to age 70." OK, that would make sense.

[Gruffy]

Canuck Travellers wrote:

Gruffy wrote:
Ahhh OAS is now in the order of $9600 .... (deferred amount) that is a lot to give up if you can manage to avoid it. And yes TFSA's are by far the best option.

Depends what is your situation," if you can manage to avoid it" that's the key....Old Age Security (OAS) pension
Regardless of your marital status:
$563.74 $114,815 (individual income)
This situation gives you $6764.88 per year, your mileage may vary.....
Here is where you should look for the correct amount:
http://preview.tinyurl.com/qy9dgcv

AS
Last year we were allowed to defer OAS up to 5 years. A lot of people missed that because it wasn't well publicized. Financial advisers were pretty much useless.

Memory being what it is I think that $9600 was the new OAS total if you defer to age 70.

[Canuck_Travelle]

Gruffy wrote:
Ahhh OAS is now in the order of $9600 .... (deferred amount) that is a lot to give up if you can manage to avoid it. And yes TFSA's are by far the best option.

Back to this, Gruffy, what was the Criteria you used to get to $9600?
Married/Single, etc.....Just curious on your figures.
Not everyone is married or has a spouse.

[Canuck_Travelle]

Gruffy wrote:
Ahhh OAS is now in the order of $9600 .... (deferred amount) that is a lot to give up if you can manage to avoid it. And yes TFSA's are by far the best option.

Depends what is your situation," if you can manage to avoid it" that's the key....Old Age Security (OAS) pension
Regardless of your marital status:
$563.74 $114,815 (individual income)
This situation gives you $6764.88 per year, your mileage may vary.....
Here is where you should look for the correct amount:
http://preview.tinyurl.com/qy9dgcv

[Gruffy]

Ahhh OAS is now in the order of $9600 .... (deferred amount) that is a lot to give up if you can manage to avoid it. And yes TFSA's are by far the best option.

[Canuck_Travelle]

"Do they not withhold tax as you withdraw?"
Who is they?
If it is my TD Self Management people, no, "THEY" are not concerned about that. In a RIF the holder be it TD, CIBC, Royal or whoever is tasked to be responsible for holding the RIF is duty bound to have you as the owner of the RIF to have a % taken out every year it is shown in your T4RIF, no taxes are withheld at that time.
All my investments are self managed, I do not want 2 or 3% taken for their fees which in most cases are redundant, keep these as they in the long term add up to a significant amount of money....in my pocket....not theirs. That is the reason for self management.
You could make a case about withdrawing all your RIF before age 71 but if you have retirement income from Pensions, Dividends, Trust Income, CPP & OAS and might be still working into your late 60's I think it might be a wash, of course in certain instances it might be beneficial or it might not every case is different. Their (CRA) plan is to have all your assets in the RIF Drained by age 90.
Actually for younger people starting out it is (I think) in some if not all instances better to use the TFSA to shelter income for longer term use rather than an RRSP. Actually I take out the amount from the RIF that by law I have to, pay the taxes & put what is left into my TFSA in good long term stocks....that's my plan yours might be different who knows?
If you after 40 or more years of using an RRSP (remember it started in 1957 under John Diefenbaker) you might have a significant amount in it, still working in to your 60's getting the OAS & the CPP, do you think you could draw down the RIF in time to avoid the "dreaded" claw back? Anyway the claw back if total is no big thing and everyone worries about it needlessly. What is six grand....peanuts in the big scheme of things!
Anyway we are going down the dreaded "Rat hole" and missing the subject of "Forwarding" one's mail when Snow birding. I may be guilty of that myself....sorry, lets get back on track.

[Canuck_Travelle]

Gruffy wrote:
"We have to pay now that the RIF has to be drained so not waiting for a cheque anytime soon."

Do they not withhold tax as you withdraw? Why not just ask them to increase withholding a little bit. If you are due a refund there is no penalty for filing a bit late.

My plan was to drain the RRSP/RIF before it becomes statutory and I am forced to pay back OAS benefits. Did you not have a plan to manage taxable income after age 70? I know most financial planners don't spend enough time worrying about how you will withdraw your money.

[Gruffy]

"We have to pay now that the RIF has to be drained so not waiting for a cheque anytime soon."

Do they not withhold tax as you withdraw? Why not just ask them to increase withholding a little bit. If you are due a refund there is no penalty for filing a bit late.

My plan was to drain the RRSP/RIF before it becomes statutory and I am forced to pay back OAS benefits. Did you not have a plan to manage taxable income after age 70? I know most financial planners don't spend enough time worrying about how you will withdraw your money.

[Canuck_Travelle]

joebedford wrote:

Canuck Travellers wrote:
I do not really trust the e-filing of Income Tax to CRA, I do my own via Turbo Tax & forward it via snail mail with EVERYTHING that they might ask for....leave nothing out.

Just curious - why don't you trust it? Have you had problems?

There was something on CBC just last week - e-file and get your refund in 2 weeks (average) or snail mail and it's 6 weeks. They also hinted that manual filings are slightly more prone to getting audited.

I guess it is more of an issue of doing Income Tax on line and their need of only scantily Information than later coming back (after we are gone south) requiring more information. I guess they (CRA) like it quick & dirty for to keep their manpower down but having the option of asking for more info at their call. So I send EVERYTHING, (Medical Receipts, documentation, etc.) this way if they need more info their "AIN"T" no more. And I keep an Account open with CRA so there is no requests via snail mail that I might not receive and check it on-line frequently.
I guess it's not the trust thing but rather the "Convenience" thing (for them) And importantly take with us the Income Tax info for past years. We have to pay now that the RIF has to be drained so not waiting for a cheque anytime soon.

[joebedford]

Canuck Travellers wrote:
I do not really trust the e-filing of Income Tax to CRA, I do my own via Turbo Tax & forward it via snail mail with EVERYTHING that they might ask for....leave nothing out.

Just curious - why don't you trust it? Have you had problems?

There was something on CBC just last week - e-file and get your refund in 2 weeks (average) or snail mail and it's 6 weeks. They also hinted that manual filings are slightly more prone to getting audited.

[Mootpoint]

We fulltime.
Anything and everything we can is done on line.
For anything that may come in the mail we use my sisters address.
Most institutions that use the mail still provide a spot for you to list a mailing address if different from the resident address. We only receive 1/2 dozen pieces mail in a year now. We use a PO Box at the post office near our home site and they will withhold all junk mail so not much gathers there.

[Canuck_Travelle]

joebedford wrote:

almcc wrote:
our daughter back home who will open and scan the docs and send them to us electronically

Seriously, I think there is a business opportunity here: your mail gets forwarded to 'someone' who will open all first class mail, scan and email to you. Hardcopies available on return. Pay by the sheet - cost of one stamp maybe?

I do not really trust the e-filing of Income Tax to CRA, I do my own via Turbo Tax & forward it via snail mail with EVERYTHING that they might ask for....leave nothing out. I also have an "ACCOUNT" with CRA & regularly check especially during the months when an reassessment might occur like November & December. This way in case I forgot or mislaid a "T" slip I can act quickly as you only get about a month to respond. Anyone out of Canada longer than a month or two should get an Account with CRA, it's easy & than you have your chance to act quickly if any problem shows up.....just my suggestion on that issue..oh & if you are e-banking have CRA as a Canadian Payee on your list, that way you can forward money if needed quickly & securely.

Of course I don't like them but "Death & Taxes" thing.....