Your FAQs about Retirement
From CPABC ’ s Professional Advisory Services Team
Among its myriad responsibilities , CPABC ’ s professional advisory services team handles numerous calls and email enquiries each year , both from the public and from the membership . The team consults with members on a daily basis , fielding questions about resources , practice management , ethical issues , standards implementation , and more . Here , they answer some of the most frequently asked questions related to retirement — an increasingly popular topic of discussion .
• US citizens in Canada
• Cross-border business
• Investing in the US
• US tax return preparation
US AND CROSS-BORDER TAX IS OUR BUSINESS .
LET US HELP YOU WITH YOURS .
Sidhartha Rao JD , LLM Warren Dueck FCPA , FCA , CPA ( WA ) Lori Lui CPA , CGA Steven Flynn CPA , CA , CPA ( WA ) Candace Doig CPA , CA , CPA ( IL )
1 . I ’ ve just retired from my job . How do I change my membership status so I can stop paying annual dues ? Retiring from the workforce does not automatically mean that a member would stop paying membership dues . To qualify for a dues reduction , you must meet the criteria for a “ Long-Term Member ” or “ Retired Member .” A Long-Term Member is one who has 40 years of membership and / or who is at least 70 years old as of April 1 . There ’ s no income threshold for this category of dues waiver — annual provincial and national dues are both waived . A Retired Member is one who is at least 55 years old on April 1 and who has an active income less than the indexed threshold for 2016 and all subsequent years . For 2016 , the indexed threshold is $ 29,700 ( the income threshold is adjusted annually and is based on individual income , not family / household income ). For members who qualify for this waiver , dues are reduced to 10 % of provincial dues ( no national dues are charged ). Note that you must reapply for the Retired Member dues reduction annually , and if your income ends up exceeding the threshold after you ’ ve claimed the reduction , you ’ re required to notify the CPABC Membership department at members @ bccpa . ca and pay the additional dues owing . Active income includes gross income from all employment and directorship fees , and / or net income from self-employment . Active income does not include employment insurance benefits , pension income , investment income , support payments , or disability income ; however , all other sources of income are considered “ active .” CPABC reserves the right to request proof of income .
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24 CPABC in Focus • May / June 2016