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it is unfair!

why does the title say 'retire at 60' when the case you examine is for a couple retiring at 63 ???

Ya! Not everyone is making that when they retire! Let look at for Two, half that hundred grand a year?

So as somebody who makes less than $90,000 this is not my problem. Worked my whole life.

Is it necessary to probate the less than 50 thousand dollars? What are the other options to claim that amount without probate?

Ok, you hate paying tax...... It has happened before: The tax haters and private insurance, and private investment lovers, losing all, and jumping out of windows etc., incapable of facing life any longer.

You should be able to leave uour money in your rrsp and withdraw it as you see fit not as mandated by the govt in a rif.That way you will have a margine of safety when or if you reach 90. A self directed retirement plan should be self directed right to the end.You should be pushing to change the law to allow this not telling us the way it is as if that makes sense.

It's called CORRUPTION.

The big expense is not Probate fees. It is hiring a lawyer. They will make a dispropotionate and unjust fee from you for the amount of work they do. Most charge 2% of the pre-tax extate value which includes property, investments etc. It is not uncommon for a family to pay $20,000.00 ior more n such fees. Good presentation however this was not mentioned.

I struggled more in 2023 financially and got 187.00 cut from my pension this year. I made no extra income ? And…You can bet ALL my money was used up from the inflated prices, days before the month was over I hate living here in Canada now and am looking for another country. This government is literally a bunch of thieves and liars😢 It is with great sadness I say goodbye to a country I was born in. Go ahead take it. Just keep in mind, the five generations of my family, never had someone building them a house. Or buying them food. Why are we going without so these new people coming here in droves with no skills now need us to build them houses too? 😢

I am a co-executor with my brother on my mother will. He redacted a lot of the information in her banking accounts paid half her taxes and half of everything else and then expect me to split with him What is left and then pay my half it’s too hard to explain here but I asked the lawyer about going to probate court and it’s gonna cost me $10,000 just to file. The estate is only worth maybe 100,000.

What is your fees sir

I retired at 65 and I am denied GAINS and OAS and my husband contributed the full amounts

So why can’t everyone gets the Maximum OAS and your 60% of your and because you are getting your husband company pension then there are reduction.. Does not add up

In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee

In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee

GICs are garbage, bank gives you 5% and they make 20%. Taxed as income. Invest in dividend or capital gain/ ROC income sources that are taxed at lower tax rates.

What are the taxes in all those years? It’s also incorrect to use the same income till death. As you age you will spend less.

61K/yr...um I'll be less than half that with CPP and a DB pension(retiring at 63). My partner's DB pension, CPP, OAS and RRIF is quite high, so until I hit 65 we'll use my lower income at tax time for income splitting to save him 💰. When I turn 65 I'll convert my RRSP to a RRIF and delay taking OAS so we can still stay within the same tax bracket.

Just another way to stick it to you .

Yes cutting our oas and also aish. They cut 400 from my son aish check cuz he is living with someone who is on oas and whose oas was also cut. Now they cant pay their rent.

Realistically, living in Alberta, the probate fees are not my worry. What's more likely to be an issue is the massive tax hits from capital gains on everything that you try to sell or unwind. Because you're forced to take all the income at once, it'll push the estate into a very high tax bracket forcing a huge percentage to go to the government instead of the beneficiaries

What a load of BS. My sisters and I were placed on our mother’s bank account and investment account as “and or survivor”. This prevent some weasels in her nursing home from presenting a bogus will which gave her money to them! Remember to protect your family from these crooks!

You should be able to leave your money in your rrsp and withdraw it as you see fit rather than having to withdraw it as mandated by the govt after age 71 whether you need it or not. That would be a real self directed retirement plan.Take a look at the withdrawl tables for a rif and especially for the later years. When or if you reach 90 you will be broke.Write to the finance minister and prime minister expressing your concerns about this policy.

Great ideas, but if the government keeps changing the rules you are back to square one.

Working in Canada 10 years, live canada,come bucke to Europe... with 65 i don't have enithing from Canada ...no reson...!( exept what i pay for cpc) but i was working hard work and pay tax ...so ned give me somthing from Canada... Not fer...!😢

THEY CUTTING MY PENSION EVERY TWO MONTHS. ALSI AISH. THEY ARE CUTTING AISH RECIPIENTS BY 400 500 600 P.M. WHY ARE THEY ATTACKING THE POOREST OF THE POOREST. THIS SHIT HAS TO STOP. WHY DONT THEY ATTACK THE BILLIONAIRES WHO PAY NO TAXES.

You really should, if possible, moderate your comment section. There is clearly an alleged attempt to cheat your viewers out of their money by several people making comments. If you can't delete the comment(s) because of RUclips rules, at least warn your viewers. You both give Canadians excellent, truthful, and trusted advice, and it's a shame some people might try and take advantage of your good work to hurt the same audience you are trying to help.

Really smart video. Two questions. First, other than near zero, is there a number where, if possible, an individual should try and melt down their RRSP down to by age 65? Second question, I am aware of the GlobalX Corporate Class ETFs. Are there any other Corporate Class structures or ETFs that you recommend we consider looking into?

Success is not built on success. It's built on failure, It's built on frustration. it's built on fear that you have to overcome. I pray that anyone who reads this will be successful in Life

I love your videos but Check your math 100,000-90,977 equals 9,023

Maximizing TFSA income is key as it’s not taxable.

With all the talk of the government tightening the rules on withdrawals, I’m wondering if now’s the time to start taking money out before they get their hands on it.

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

Gentlemen, good details much appreciated but you need a new mic & audio to cut tinny echo. Cheers!

I really like you guys! But respectfully. You guys talk over one another and it’s hard to follow/ listen to

I'm 39 years old and have just been fired. What options do I have for a consistent source of income now that I have 425K saved for an early retirement at age 50, 10K in an HSA, and a property that could provide an additional 200K?

You should be able to leave your money in your RRSP as long as you like and not have to convert it into a rif and be forced to take money out whether you need it or not in any particular year.That would be a true self directed retirement plan and the govt taxes what is left anyway. That seems reasonable to me. If you agree you should contact the finance minister and tell her this.

IF I AM 65 AND MY WIFE IS 60 CAN I SPLIT ALL TYPES OF MY MY INCOME WITH HER .

In canada physical work is a killer, perhaps Canada has the first place in the cruelty of physical work in the world.

If you a man, never retire

I just discovered your channel. It’s excellent thank you for all your info and tips. Do you cover in another video, what you want to include in your will when you have children etc?

Are you in average counting Jim Paterson and people like him(business owners, politicians milioners and bilioners and people making over 1/4 milion per year) if you are you are wrong in your math. Average is used to hide real numbers since averaging numbers giving us wrong picture (100 bilioners and 1000000 ordinary people are all milioners using average)

Average means if sombody eating steak and other eateng salad in average both of them eating steak with salad. So Jim Paterson and me worked in trade using average have 1 million pension each. If statistic Canada told us that average working pension is between $700 and $800 and most Canadians are geting partial OAS (not born in Canada) how you get that numbers. My friend that works with statistics sed one time" if you want to hide real numbers use statistics and average "

How many starting pension thanks

It says 55 or 65 which are we talking about

criminal is what it is. someone who is poor can't afford 300 dollars let alone 6000 dollars. so how can a person with little money afford this horse shit process?

thank you so so much I moved from Ontario to Manitoba 😊

Thought we were doing good but according to this we are not. I am not sure I believe this at all

So for Oas in 2021 the monthly max was $626.49 i.e. 7,517.88 per year. But according to your breakdown the average Canadian received 18.39% of 61,200 =11,254.68 per year. How could they receive more than the maximum? Something is wrong with the math. Does the $61,200 refer to couples? What about single retirees?