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Turn your RRSP into a RRIF if you are withdrawing funds. No fees, withholding tax.

My question is, how much will he be able to enjoy his money at 85?? If he lives that long...

I presume Rita had no spouse-if you have a spouse or common law named as a beneficiary of your rrsp cant it be transferred to that spouse with no tax to the estate??

I am in a similar situation except the RRSP amount is much less but in my case I have a spouse to split income so how does that work in terms of tax brackets for both of us?

At thr end of the day ..one should be careful taking advice from a person selling something. Eapecially when that advice is specifically related to what they are selling. Hey Marc, do one on the pitfalls of paying high fees on mutual funds.

Total garbage.

If you have shares in a company,you can't meltdon your riff and put it into TFSA. It has to go either into the bank or your none registered account

There is very little risk with CPP, hence less return. Would trust a corporation with your pension or less risk with government? Finally how many people actually save themselves? CPP is a good investment.

So many are planning to retire depending on wealth rather than managing income. I am retired luckily the market did not crash imediately afterwards. More problematic for me will be a fall in income rather than a fall in asset prices. Is everyone planning to sell down assets in retirement? If so this is a very dangerous strategy as we simply do not know what price the market will give us when we need to sell.

"Sequence of return risk " it's real and it can really mess up retirement. Google it.

Great video Marc, thanks! In addition to a stress test, can you calculate the safe withdrawal rate and perpetual withdrawal rate on any portfolio? How about drawdowns and recovery time? Did Eric say if he wants to die with ZERO or leave some assets for his heirs?

Just make sure your burn rate is <4% of your investment portfolio.

Great overview and consider taking $7k (cash or in kind) from your RRIF to your TFSA account to maximize your annual TFSA contribution. Does not help from initial taxation but shelters any growth going forward

Love your videos!! Nothing is guaranteed, but with the history of a handful of Canadian companies not missing or not decreasing dividends over 25+ years I consider this fairly safe. The biggest take away from this is people should be seeking the proper advice early. Having to deal with $2,000,000 is a good problem to have but there is also a potential to give way to much the the CRA.

I would rather be taxed at source and not worry about the tax bill.

Great tip on making sure if you hold a large value (gains) in tfsa that you make your spouse/common law successor in the event of your death so that you avoid your spouse paying tax on any healthy gains as it be transferred tax free. 🙏

I like the idea of an asset map 👍

Thank you for making this video! I have been saying the same thing - but few believe me. If your income is higher, melting down your larger RRSP can easily push you into high 40's tax rate, and then you are better off just letting the RRSP continue to grow tax free. Yes, you will pay 50% at the end, but the compounding tax free inside the RRSP more than makes up for it. In fact, you can end up ahead, rather than melting down.

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

Market valuation of a stock is based on expected future value. This is not the same as the current book value of the company. Yes, distributions in cash are reflected in the market price; this is more a mechanic of the markets than reflecting the underlying value. The biggest reason dividends correlate to slow growth is simple: when a quality company pays a dividend, it is recognition that they can’t invest that cash to improve the business and improve results. They are saying, in effect, their growth opportunities are limited and more cash won’t help - so paying shareholders is the best way to return value to those shareholders. This is why many ‘boring’ stocks pay dividends - they operate in controlled or restricted markets, and can only grow profits through improved efficiencies. Note that this is different than companies who artificially create a dividend to attract unsophisticated investors and drive up stock prices, e.g. those with high payout ratios, or worse, those who borrow to pay the dividend. In these cases, the company fundamentals don’t support the long-term success of the business, and therefore the dividend is at risk. Companies who operate in high-growth markets re-invest to create growth, and can use all their capital to produce returns - exactly what growth investors want. Paying a dividend is counter to that need, and is usually only done to make their stock more attractive to institutional investors who want to see a consistent return even if there is short-term price volatility.

Two additional things - leverage the TFSA #1 leave TFSA to last after non-registered funds #2 move maximum into TFSA every year, either from non-registered or money left over in account after the year

Great info. Do you assist people with early retirement planning?

If you own a home and have few or no debts you can certainly live well for less than you might think. We’ve been retired now for a few years (my Wife for 3 1/2, myself for 1 1/2) and we have less than a million dollars. We both collect CPP and OAS and we’ve been drawing on our retirement savings since my Wife retired. Our portfolio is actually worth more now than it was before retirement and we have more spending money than when we were working. Finding a good financial adviser who can tell you your situation is a very good idea and can save you several years of unnecessary work.

The "link above" does not work for me... Maybe you should have included it in the description as well. Have a nice day! 😊

I got don’t put your money in RRSP to begin with

Looks like people who were 'wise enough' to believe GOC that it cares about their retirement savings will get what they deserve - anyway...

How is anyway supposed to survive. Or even get buried if you pass. You wont have anything for your family to bury you.

Isn't the OAS clawback effectively an additional 15% tax. Why not take out more, pay the clawback and reduce the final amount which could be taxed at 50%.

Too bad he is already taking CPP and OAS. Normally if you do an RRSP meltdown you would delay these until 70. Also does he have any other assets like a house? Looks like he could have retired younger too.

If you are in the high tax bracket during your retirement, would this still be important?

A +25% performance this year could be followed by a -30% the next year. How can you be so sure you need to adjust the meltdown so early?

Hi - one comment that I would like to make. In the end the 5.62% rate of return was the average over the next 23 years. Just because 2024 was a good year market wise should you really adjust your plan after one year of good returns? Next year or the year after you could very easily experience a market correction causing a swing the other way. I would suggest if Neil has the money he needs his plan goes into a watch state over the next 2-4 years to see the trend ... If no correction happens and he continues outpacing the 5.62% average rate of return assumption then changes should be made. Neil should be given some options to think about and decide on. For instance he could opt to withdraw more from his RRIF (raising his income target) on an annual basis or maybe take some risk off the table since he clearly has more than enough lifetime assets to meet all his needs.

Dividend stocks have been some of worst performing. I got so much wealth faster from growth stocks.