So sad, $400k in taxes on $1m of savings(I'm excluding OAS/CPP incomes, which imo should not be taxed in the first place). Appreciate all the videos and information you provide on a weekly basis to help educate us and make better choices. Also, I understand that 65 is the "official" retirement age - but as a 56 year old most of my co-workers & friends plan to retire at 60 at the very latest.. maybe something to keep in mind for future videos.
In this example the GIS amount would be $558 per month for a total CPP +GIS of $1291. If you defer CPP until age 70 the max GIS would be $1065 (40 years living in Canada), plus you get 42% more on your CPP at age 70. Basically taking $733 CPP and losing $507 GIS money.
Excellent example.
Best play - Burn down the RRIF first. Government gets 50% of the account when you die.
62 is the average age for retirement.
Thanks for watching!
So sad, $400k in taxes on $1m of savings(I'm excluding OAS/CPP incomes, which imo should not be taxed in the first place). Appreciate all the videos and information you provide on a weekly basis to help educate us and make better choices. Also, I understand that 65 is the "official" retirement age - but as a 56 year old most of my co-workers & friends plan to retire at 60 at the very latest.. maybe something to keep in mind for future videos.
Thanks!
This is a false comparison. You didn't include the income from CPP and also invest income from the portfolio.
@@jiecut ??? I specifically stated "(I'm excluding OAS/CPP incomes, which imo should not be taxed in the first place)"
@@johnnyv5995 okay, well the $400k is in lifetime taxes. While, the $1m is the amount of savings currently.
In this example the GIS amount would be $558 per month for a total CPP +GIS of $1291.
If you defer CPP until age 70 the max GIS would be $1065 (40 years living in Canada), plus you get 42% more on your CPP at age 70. Basically taking $733 CPP and losing $507 GIS money.
tell the wealthy who do the absolute BEST they can to avoid taxes, offshore, lying, scamming, scheming.