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How about old age pension or cpp? Can i take out 2k from a rif and not pay tax on it?

I paid my taxes over 4 decades Plus I am common wealth nation Recently I am thinking about return to my mother land

when a lawyer helps you file a probate package, they charge for their time, they are pricy. Why do the banks get to decide that probate is required? If the challenge shows up after they dutifully discharge the instructions of the executor, is that on them or the now 'false' executor?

Too confusing between individuals and household. I lost tract of what you are talking about. Stats are stats but if we don't know for sure what they mean then its not very useful.

The median not the average. There is a difference

We were told we'd get an increase but i got a deduction. Without help from my kids i would be in dire straights.

So are you saying the per person average gross retirement income is about $36,000 each? This is for a two person retired family with a net household income of 61,200. According to chatGPT the average per person income in Ontario Canada is $41.200. So retires are making 87% of what working people are. Not bad I guess. Your net worth numbers seem to be low considering the value of houses these days.

Great content. Thanks! I've just found your channel and am really enjoying it. Quick question - melting down your RRSP first has the impact of front-loading your tax liability. The amount quoted of "tax saved" is a nominal amount I think. Is there a model that will analyze different scenarios based on a PV of taxes paid? Are there scenarios where it would be beneficial to delay paying taxes rather than up-fronting those payments?

Quite easily the best video I’ve ever watched in regards to DB pension commuted value considerations- thank you!

Freedom 55, freedom 65. The only kind of retirement i can look forward to is freedom suey side

People with hart disease should retirement age 55 by government needs to include because heart disease people have short lives

You both are confusing more than making the person to understand it. Just speak one by one and if any thing is .missed then the other person can fill it up .

What is the maximum OAS ???

63 should be the age,, most people can't enjoy retirement alot off people dieing off around that age

does it have to stop when you pass? I want to live good in my after life. If I went to apply for a loan and something came up on the form that said pensionable income. Any idea what it means if I never inquired about it or how it got there? I'm new

My opinion only. In order to get senior housing. You need to be 50 or more. So stop this now. Or lower the age. It shouldn't go any higher then 62 or 63.

Canadians should vote 55 is best to retire change law now

Canada or US?

Are u saying trudeau is going to take our a oas

Very helpful. Thank you!

Whot is TFSA ? THANK YOU

I calculated again and again even I retire at 55 and invest using 7.5%-(3.87% inflation) the break even for take 60 and 70 still 78 years old.

8:03 you should also give retire 55 take CPCP 60 what is the number so we can compare!

I found out a few days ago that, if I die, my cpp dies with me, corruption, corruption

Thank you. Great advice.

Annoying the guest talking above the host grrrr so hard to listen to 😮

it is unfair!

what if I am not married and don't have any family, I have a house in another country and a friend of mine will heritage my house. I only have credit card debt in the country I was living when I died (I was citizen) and I was renting, without car?

What happens where there is credit card debt owing (unsecured), and the deceased has no assets. Is the Executor personally responsible to pay?

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

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.

Can I convert my RRSP at 63 or 64 when I retire?

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

You should be able to leave your money in your rrsp and remove money as you see fit depending on your circumstances not as mandated by the govt. That would be a real self directed retirement plan If the market takes a dive and you must take out a minimum based on a higher amount you will draw down your rrif very fast not to mention the high withdrawl rates as you get older. You should be pushing for this as im sure many canadians would agree.