Entering the CF and YOUR Money....

[Michael OLeary]

Yes, with each promotion you return to the Basic level for your new rank and receive IPC increases after each year of service in that rank.

Here are the Pay Levels explained (from the same linked document):

                                  PAY LEVEL
A - ROTP (former CBI 204.2111 & 204.2151)
B - OCTP-NFS (former CBI 204.2113 & 204.2153)
C - DEO (former CBI 204.2114 & 204.2154)
D - UTP-NCM / OCTP-FS (former CBI 204.2112, 204.21135, 204.2152 & 204.21535)
E - CFR (former CBI 204.212)

 

[HItorMiss]

Marshall,

The proper abreviaion is 2LT, and it not pronouced that way (calling it 2LT is American) It's would be spoked 2nd Lef tenant

 

[Marshall]

Thanks for the info on the pay, that clears it up. I thought for awhile the higher numbers were for the sneaky special ops..  :blotto: joking.


+ thanks Bullet. I have a slightly hard time (although much better since I have been interested in CF) with some of the ranks and how you spell them and say them different, living around a small town with no Military involvement does not help. But I am trying. heh.

 

[HItorMiss]

No worries Marshall I was jumping on you just wanted to lend a hand in getting right, it's the little things and the mastering of the basics which makes the differeince between just a soldier and an Excellent soldier. And my 9er calls it 2LT (the Aerican way) just to drive me!

 

[Eye In The Sky]

At the MCpl rank, you will not start at Basic but at whatever IPC you were at as a Cpl.  E.g.  A Cpl IPC 2 promoted to MCpl will receive MCpl IPC 2 pay.  Really sucks when you get promoted at IPC 4.  :-\

Yes and no.  MCpl is an appoinment vice a rank, hence why you keep your IPC.     (But yes, you do keep your IPC upon appointment to MCpl)

On the pay guide, MCpl is listed as Corporal 5B.

(Oddly enough, when you are taught the CF Rank structure though, MCpl is taught as a rank in the CF not an appointment :blotto

 

[Marshall]

No worries Marshall I was jumping on you just wanted to lend a hand in getting right, it's the little things and the mastering of the basics which makes the differeince between just a soldier and an Excellent soldier. And my 9er calls it 2LT (the Aerican way) just to drive me!

Any help is good help. I am always open to information if it betters my career chances

 

[PMedMoe]

Yes and no.  MCpl is an appoinment vice a rank, hence why you keep your IPC.   

D'oh!

 

[mp_ada]

Just a small peice of advice....  sometimes investment brokers have house products (mutual funds that are in the same family as the firm) that you can invest in for free.  Free is never a bad thing.   

 

[Redeye]

Wrong.  Nothing is free.  Mutual funds all have management fees and expenses.  I can't think of any examples that fit what you're describing, but if you want to tell me who told you this I'd be interested to know - it's borderline unethical.  Proprietary products may also tie you to the firm which means if you wind up unhappy with your advisor it's a lot harder (and potentially more expensive!) to leave.

Just a small peice of advice....  sometimes investment brokers have house products (mutual funds that are in the same family as the firm) that you can invest in for free.  Free is never a bad thing.   

 

[mp_ada]

Sorry, sorry!! i should watch my wording, imeant that the account fee is waived, for ex rsp yearly fee, if you are investing in their 'house' funds.  I think i'll stick to lurking

 

[Redeye]

Anyone who would charge account fees when you're buying mutual funds of any description is basically screwing you in the first place.

Sorry, sorry!! i should watch my wording, imeant that the account fee is waived, for ex rsp yearly fee, if you are investing in their 'house' funds.  I think i'll stick to lurking

 

[mp_ada]

as far as I'm aware, you get charged a yearly admin fee for an RSP whether its a bank or a brokerage....;

 

[Redeye]

Banks do not charge for RRSP accounts, though unless you have a good sized balance they'll only sell you their own funds if you go the mutual fund route.  That's not necessarily a bad thing, some of the best fund companies in Canada are bank-run - RBC and TD's fund offerings in particular are excellent.  Discount brokerages charge for RRSPs, but the fee is usually waived if you maintain a minimum balance or make a certain number of commissionable trades a year in them - but that's because there's the option to hold a lot of different assets which don't necessarily pay anything to the broker, and they have to make money somehow off of all the little accounts they have to service.

as far as I'm aware, you get charged a yearly admin fee for an RSP whether its a bank or a brokerage....;

 

[Greymatters]

...but the fee is usually waived if you maintain a minimum balance or make a certain number of commissionable trades a year in them...

Getting fees waived may be harder to accomplish in the future, based on the current situation...

 

[Redeye]

On discount brokerage accounts not likely - it's usually built right into the account agreements.  As for banking fees, everywhere is being a little tighter but in the last couple of years I think pretty much all the majors have improved on ways to get around most of their fees by having a lot of business with them, and that probably won't change.  The business is as competitive as ever, even more so potentially.

Getting fees waived may be harder to accomplish in the future, based on the current situation...

 

[Jadzia]

Some things you may want to look into... 

The following is only my opinion, so takes what you want of it.  However, I am working in the pension plan field (actuary), so I have some knowledge about investment, pensions, and other savings.

CF and the new tax-free saving account (TFSA).

As you may be aware, it is now possible to invest up to 5000$ a year in a TFSA.  Any investment return on that fund is tax free.

Whether it's more interesting than a RRSP or not depends on many factors, but consider this:

In the military, you're eligible to your pension after 20 years of service, unreduced after 25 (I'm talking about the Regular Forces, since I don't know the rules for the Reserve)

So if you plan to go career, but retiring early, it might be better for you to invest in TFSA now, and save your RRSP room for later.

Here's my thinking :

In the early years, your salary (hence taxes) is lower.  Impact of RRSP isn't as big as if you had a huge salary.

You might retire very young like around 50.  If you retire, it is better for you to take the pension immediately EVEN if you plan to work elsewhere.

Depending of your trade, you would probably have the same salary (or better) in the private.  Of course, any other benefits than salary is usually way better in the Forces than elsewhere (pension plan included).  My point is that if you work elsewhere, you won't need the pension you get.

However, salary (from other source) + pension = higher taxes

So at this moment, investing in RRSP would be VERY interesting to save taxes in those year.  If you've invested in RRSP all your career, you won't have much room (I won't put numbers here, but still).  If you've always invested in CELI, you'll have a lot of room in your RRSP (it is cumulative). 

It COULD be a way to maximize your earnings / minimize taxes over your overall career.  It is worth to think about it !!!

 

[4Feathers]

I am so bad with numbers unless it's just a week to week thing, I would just spend a few bucks and hire a professional to manage for you, or in a lot of our cases, just give it all to the "ex" wife.

 

[firm_believer]

Exactly - I'd personally hire a "money manager" and save a ton in the long-run. I'm half-tempted to not even look that far down the road, but as someone with no kids who is divorced with NOTHING owing to anyone, I think I can have the cake and eat it too, so to speak.

Different strokes...

 

[tobin84]

I'm applying soon to join the military, as a reg ncm and I'm concerned with the pay. I'm aware of the monthly salary given, I was just wondering what recruits come out with after the deductions for living costs (housing, meals) have been taken from your pay.

The pay seems good, just concerned about what money I'll have left over so I can organize what money I will have for bills and student loan debts, and money for my family.

Any approx amount would be great to know, I want to make sure that I wont be missing any payments.

Thanks!

 

[Cooldevil789]

I'm applying soon to join the military, as a reg ncm and I'm concerned with the pay. I'm aware of the monthly salary given, I was just wondering what recruits come out with after the deductions for living costs (housing, meals) have been taken from your pay.

The pay seems good, just concerned about what money I'll have left over so I can organize what money I will have for bills and student loan debts, and money for my family.

Any approx amount would be great to know, I want to make sure that I wont be missing any payments.

Thanks!

I am in the exactly same position. I am still a young gaffer(21) and I am enlisting as we speak. I have seen the salaries, and also wonder what I am looking to earn for investments, bills and thrills. Please any advice or information a regular NCM can give us would be great.