2012 Federal Budget

Here are the highlights of the federal budget introduced on March 29, 2012 by the Minister of Finance Jim Flaherty.

PERSONAL INCOME TAX MEASURES
Old Age Security (OAS)
Age of Eligibility
The age of eligibility for OAS and GIS will be gradually increased from 65 to 67, starting in April 2023, with full implementation by January 2029. An 11-year notification period, followed by a 6-year phase-in period, is being provided to ensure that individuals have significant advance notification to plan their retirement and make adjustments.

This proposed legislative change to the age of OAS/GIS eligibility will not affect anyone who is 54 years of age or older as of March 31, 2012. The individuals who are really affected by these new measures are those born on February 1, 1962 or later. Those who were born between April 1, 1958 and January 31, 1962 will have an age of eligibility between 65 and 67.

Option to Defer the OAS Pension
To improve flexibility and choice in the OAS program, starting on July 1, 2013, the Government will allow for the voluntary deferral of the OAS pension, for up to five years. It will be possible to receive an enhanced OAS benefit if benefits are deferred after age 65.

For example, an individual who applies for OAS at age 65 in 2012 would receive $6,481 per year. With the proposed measures, this individual could defer the pension to age 70 and receive $8,814 per year. The proposed increase represents 7.2% per year. From a purely mathematical point of view, the crossover point is reached around age 83... read more

Previous News & Announcements
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  • Richardson GMP first in Canada to be certified for Fiduciary Excellence

    Dec 12, 2012

    Richardson GMP today announced that it has become the first Canadian investment advisory firm to be certified for fiduciary excellence. After a rigorous assessment process to audit its practices, the Centre for Fiduciary Excellence (CEFEX) has determined...
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  • Gareth Watson discusses earning results of big retailers with BNN

    Nov 16, 2012

    Sears, Target, Wal-Mart and Gap reported earnings results on Nov. 15. BNN talks to Gareth Watson, Vice President, Investment Management and Research, about how this news translates over to the U.S…
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  • Richardson GMP is proud title sponsor of TIFF's celebration of Bond

    Oct 25, 2012

    TIFF rolls out the red carpet for a glamorous evening of adventure and intrigue for Designing 007: 50 Years of Bond Style...
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  • David Andrews Outlook for Q4 (video)

    Oct 18, 2012

    David Andrews, Director, Investments & Advice, Richardson GMP appeared on BNN’s Business Day with Frances Horodelski to discuss his outlook for the final quarter of 2012. Learn why David is neutral on Canadian equities and overweigh on U.S. equities...
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  • Adam Salahudeen brings his expertise to Richardson GMP’s Tax & Estate Planning Group

    Oct 17, 2012

    Richardson GMP announced today that Adam Salahudeen has joined its team of Tax & Estate Planning professionals as Vice President of Tax & Estate Planning...
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  • Joey Mack, Director, Fixed Income, GMP Securities LP discusses the provincial bond market

    Oct 16, 2012

    Joey Mack, Director, Fixed Income, GMP Securities LP discusses the provincial bond market with BNN. The discussion also addresses where the best place to find value is today...
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  • Watch Gareth Watson discuss market strategies on BNN

    Aug 24, 2012

    Gareth Watson, Vice President, Investment Management & Research at Richardson GMP discusses current business issues on BNN.
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  • How is the Quebec election shaping provincial bonds?

    Aug 21, 2012

    BNN asks Joey Mack, Director of Fixed Income at GMP Securities.
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  • Watch Gareth Watson co-host the Lang & O'Leary Exchange

    Aug 14, 2012

    Danielle Bochove and Gareth Watson, Vice President, Investment Management & Research at Richardson GMP delve into the business issues of the day and provide an update.
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  • Gareth Watson co-hosts the Lang & O'Leary Exchange

    Jul 23, 2012

    Amanda Lang and Gareth Watson, Vice President, Investment Management & Research at Richardson GMP provide an update on the business world.
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  • Richardson GMP appoints John Stubbs as Branch Manager Vancouver Office

    Jun 14, 2012

    Richardson GMP proudly appoints John Stubbs to the role of Branch Manager for its Vancouver office. Bringing a solid network of relationships and over 20 years of financial services expertise to the firm, John will take a leadership position with our existing high net worth advisory practices...
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  • Richardson GMP Limited appoints advisors to its Board of Directors

    May 16, 2012

    Richardson GMP Limited today announced the appointment of advisors Mark Begg and Murray Bockhold to its Board of Directors, joining returning Board members: Winthrop H. Smith, Jr., Chairman and CEO of Summit Ventures NE, LLC and President of Sugarbush Resort; Kevin Sullivan, Deputy Chairman, GMP Capital Inc...
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  • Richardson GMP earns top industry ranking in products and support for high net worth clients

    Apr 26, 2012

    For the third consecutive year, Richardson GMP Limited (Richardson GMP) received top rating (9.3) by advisors in the 2012 Investment Executive (IE) Brokerage Report Card. The highly regarded annual IE Brokerage Report Card asks advisors to evaluate their firms, whether bank-owned, independent or boutique, in categories such as advisor autonomy...
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  • Joey Mack on BNN’s Market Call

    Apr 24, 2012

    Joey Mack – Director, Fixed Income, GMP Securities shares his top fixed income ideas on BNN’s Market Call – April 24, 2012...
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  • Richardson GMP to accelerate its growth momentum

    Apr 18, 2012

    Richardson GMP announces plans to capitalize on a significant growth momentum in the Toronto market place today as it officially opens its new expanded office at 145 King Street West consolidating its two Toronto locations. Mike Reynolds, who joined the firm in late 2011 as Director, Wealth Management and Branch Manager, will focus on growth for the GTA targeted for...
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  • Richardson GMP unveils a new look for its website

    Apr 07, 2012

    Leading-edge wealth management firm Richardson GMP, known for its innovative and exclusive investment solutions for high net worth clients, is proudly launching its newly rebranded website...
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  • 2012 Federal Budget

    Mar 30, 2012

    The Minister of Finance, Jim Flaherty, tabled the Federal Government’s 2012 Budget on March 29, 2012. Highlights include changing the age of eligibility for Old Age Security to 67, and the opportunity to defer OAS benefits to age 70 for a higher pension amount. In a key corporate tax measure, the designation of late and partial eligible dividends will now be allowed…
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