My wife never watch anything on RUclips, but I think this time I MUST talk to her to watch this one video. It is exactly, EXACTLY, what we need to know.
Possibly one of your longest videos, and one of your best! THANK YOU once again for sharing your knowledge and having each of us question & learn all the various options. Much Love from Montreal.
I was thinking about this exact topic recently and couldn’t find much content online. You’re good at finding topics that don’t already have a billion videos about!
Like Frank Sinatra, right or wrong, I did it my way. Having lost 50% of 11 years off my CPP due to a divorce, I made the decision to wait until age 70 to take both CPP and OAS because of the 30% and 36% increases, respectively. In the interim, I made systematic, annual withdrawals from my RRSP in oder to deplete them by age 70. I used my RRSP withdrawals to top up my TFSA each year with the remainder, after-tax income going into my investment portfolio. At the end of the day, I paid no income tax between age 60 -70 and reaped the growth of both my investment portfolio and TFSA. At age 70, I have a small LIF and no RRIF income. My income now consists of a company pension, CPP, and OAS. Even with their combined totals, clawback doesn't enter into the equation. Neither my investment advisor nor my accountant truly understood what I was doing, but in the end, I'm doing just fine. I know it's not right for everyone, but it worked for me.
Such a great video! 41 years old and definitely going to drawdown my RRsP and Lira as soon as I can and will live on my TFSA, Taxable brokerage and pension at 60. Beautiful!
Isn’t it ironic that we are all born with nothing ,spend a lifetime to accumulate something and then ultimately die with nothing….. Meaning that a life well lived is one that leaves behind positive memories and money for others….
Rhys, best video that you've put out thus far explaining a lot of options of what to do with your investments at retirement. I'm still a good 10 + years away for retirement but need to figure out if I'm on the right track. I've enjoyed your videos and found them very knowledgeable to help me plan for my future. Thanks and keep up the good work.
Thank you so much for sharing these scenarios which is a reality for some. You explained it beautifully and I’m glad you didn’t use income splitting as a strategy!
Another excellent video Rhys... never too long when the content is this good. Appreciate this very much and love the presentation style of your video's and graphics. Really makes things easy and crystal clear to understand. Love it.
Your way of telling a story is very clear. Luv your channel ❤. BTW I'm making my move to the Philippines. Thanks to your expertise and helping me plan out my finances.
My wife and I both have Defined Benefit Pension and I keep my health benefits for life. I will probably have about $50-70k in RRSP when I retire at 50. My plan is to withdraw the yearly TFSA limit and move the money from RRIF to TFSA until it’s gone.
Wow....this was an excellent presentation on the topic. Please keep doing what you are doing!! I will be encouraging others to visit your channel. All the best!
Could you please do a segment on retired people who are Canadian citizens but non resident for income tax purposes as it pertains to CPP, OAS and RRIf's and a meager income?
Wow!! That's what I call informative, precise and pertinent content..Thanks as this is exactly my wife's and I situation...Too big RRSP...Hard to meltdown...It keeps growing because the stock market is on fire....But I know this will not be the case for ever...
If you think the stock market will enter a protracted down cycle, then melting down RRSP/RRIF and delaying CPP will reduce your risk to sequence of returns. That's because you are melting down while the market is up and letting CPP increase 7.2% plus inflation per annum which is guaranteed no matter what the market is doing.
Very well explain .. 4 years up to our intended retirement and this topic applied quite well to our situation . I had a plan drawn by a financial planner from my financial institution (based on graphics seems to be a similar software) but not sure he did the right approach. there is not ladder style retirement and while it's using some metdown technic , viewing your explanation , I think my plan need more tweaking. Thank you.
One big hole in your retirement scenarios is the cost of end of life care. If one has any sort of wealth, you won't be in a gov't facility but instead dropping 8-10k per month per person for private care.
@@AlexHaan-j2j only a vary small number of old people actually end up in a LTC facility and then on average it's not for years but for months so overall costs aren't as great as one might expect. Although it could definitely happen and it would definitely suck when or if it does happen.
It's also worth mentioning that eligible and non eligible dividends in a non reg account inflates taxable income which may possibly present the tipping point to trigger OAS clawback. That's because of the gross up rule. So, moving investments away from dividends and towards capital gains can help salvage OAS for investors with fat RRSP/RRIF accounts.
Good video. I think you could do one scenario for taking RRSP before retirement and investing it in TFSA and cash account comparison. For the scenario you gave, did they top up their TFSA every year till 90?
Great video!!! Very clearly spelled out. Something could mention is with RSP get the tax break going in... Sure the big marketing topic makes us participate... BUT my opinion make certain you are at least getting 30 percent tax break. Pretty sure I contributed lots getting a smaller break on contribution which further made RSP even more of a trap.
I'm 65 years old, we have been retired 7 years, we have 900K in RSP. I'd brag net worth is same since retiring, I essentially stopped our DRIPS and took all that ( taxable ) dividend $ out to supplement income. Now I realize I need a more aggressive melt-down strategy, can't continue just keeping the same 900K principle. We turned the RSP's into RIF's for next year. Great good start bus as Rhy explains the RIF drops withdrawal fee and is slick withdrawal method... but I have to do even more Withdrawal's on top of the RIF minimum because portfolio has been making increase about the same as the dividend amounts I have been taking out. Gotta be careful with RSP's, on advantage we have is my wife has very low income so get a bit of overall tax advantage getting RSP money out. I will delay her OAS and CPP to get more RSP out at slightly better tax hit. Thank You again for a GREAT video!
Thank you for this! A lot to chew on. Any thoughts on, when first retired (like now), continuing to contribute to your TFSA? Could you take more from your RRSP to cover that?
If a married couple make similar income, and only one has a defined benefit pension, should both still save in an RRSP? Right now, our strategy is to put 2/3 of our investing dollars in TFSA and 1/3 in RRSP. Thank you.
You can split your rrsp with different institutions bypassing one big rrsp/rrif amounts. This way the amount withdrawn is smaller as income from non registered accounts gets added to lower rrif wirhdrawals
excellent content as usual. thank you for making these videos. i know i dont want to be dropped kicked in the face when i retire. Also why does our country make us pay taxes when we retire, you know we have worked are entire lives paying them can they not give us a break when we hit 65..... just a thought.
So who is going to fund all the benefits and health coats for retirees? All the tax payers, not government. Tax for RRIF is delayed tax we haven’t pay for the funds in our RRSP account.
Don’t want to pay too much tax on your RRSP/RRIP withdraw, properly retirement income planning. It Magoo both have large DB pensions, why do they contribute so much to their RRSP? Better question, why do you wait till 65 to retire?
If the monthly ability the same for all strategies at 7.15k each month, who cares about the tax paid as long as the legacy amount is the largest? If I am getting 7.15k each month and leave with $1m, whether the tax paid is $1m or $1 is not relevant to me, right? I should be focus on what I am getting instead of what I am NOT getting
All true, but dead is still dead, no need to worry about how much tax you paid. Still plenty left to leave to your family, even if it gets slammed at 50%
Just curious in all the scenarios explored, does OAS recovery tax gets triggered in any one of them? Nice to see an example of balancing OAS claw back and reduced / eliminated terminal RRIF tax.
When I cover total tax in each scenario if you look to the immediate left you can see the OAS impact. You’ll notice that in this couple’s case it really isn’t ever an issue. That is simply due to income splitting. There are a few cases where there is a small amount of clawback but that is due to the final year of income being particularly large.
Well done, thanks for making this video. Having a huge RRSP is a nice “problem” to have and probably wouldn’t be the case for many Canadians. I have a question regarding life insurance for the purpose of leaving a tax free wealth to our children. Have you done a video on this subject? If not, would you consider doing one? Thanks
Folk in this situation should just retire earlier and start pulling from their rrsp to avoid these choices. If you’re greedy and want to keep building that fund and love working yourself to death then accept the consequences laid out here…
RRSP lump sum withdrawals are not periodic payments and therefore not eligible for pension income splitting with a spouse. RRIF periodic payments ordinarily are eligible for pension income splitting with a spouse. For many people, pension income splitting is vital not only for tax savings but also the preservation of Old Age Security.
Is there a rule of thumb as to the max size of your RRSP given standard assumptions; e.g. once you hit $1MM in combined RRSPs, stop contributing and build non registered, etc otherwise meltdowns become difficult. Thx.
Lots of people do use that 1M rule but it’s definitely not a real rule. Sometimes it still makes sense to build it higher. Totally depends on the context and the variables.
I haven't watched yet but my RRSP is too big and needs to be melted. I'm starting soon at age 62. A lot of my plans seem to cause OAS clawback in the first few years after 65. How to reduce?
Your marginal tax rate will probably be at 43%. If you collect OAS with clawback, you add the equivalent of another 15%, making it around 58%. You could consider melting a bit more RRSP/RRIF and delay your CPP and OAS by a few years. As long as you look at your marginal tax rate, get as much as you can out before collecting OAS. Then, use TFSAs, they will not impact the clawback.
I suppose the estate tax concerns are all about giving as much money to your kids as possible. Personally, I don't have children, so no concerns about extra tax after I'm gone. I'm pretty sure it won't bother me when I'm dead. 😁 And while still kicking, in the grand scheme of things I don't see having too much money as a problem. Or maybe more like a nice problem to have.
If one of the couple has much higher income and subsequent CPP than the other, should they aim for equal RRSP values at retirement or should the RRSP of the spouse with lower income/CPP be higher?
@@wellbuiltwealth Fair point. This would be for retirement before 65 - say at 60. Lower CPP spouse is a couple of years younger. Thanks for all these videos, they really help!
@@kevinryan024you’re welcome! And yes, you wanna make sure there’s RRSPs in the lower income spouses hands so that you can manually income split. This is where a Spousal RRSP can come in handy.
Paying tax is not a “penalty”. Have you been to a hospital or Doctor ever? Did you go to school or have kids in school? Driven on a road or highway or bridge? Have you noticed the police and the court system that is protecting you every day (including prisons)? Fire department? Garbage collection? Maternity leave? Food safety? Have you used an airport?
@@murraytown4 Justin, is that you? Do the math, RRSP tax credits are peanuts to being in the highest tax bracket in retirement. Apparently you are OK with excess taxation, the government must love you.
The RRSP is not your friend at retirement time. Banks and insurance companies don't want you to withdraw your RRSPs so they can continue to collect the usual 2% commission. You forgot to mention how the RRSP can eliminate your OAS government supplement for those lower-income Canadians. Thanks for the video.
@@ryanpoulter6286 Thanks, that's what I'm doing at the present moment, but my intentions are to meltdown my RRSPs before applying to QAS at 66 in order to get a big part of the supplement while delaying CPP until 70. Have a nice day.
how do we not pay any taxes the way trudeau did when he got his trust fund ???? How do we do that? That is what we need? How did a parasite who has been on the taxpayer tit since birth not pay any tax on his inheritance? Do a video on how we do that!!!
It blows my mind how you can take a topic that’s so murky and vague at the start, and by the end it’s crystal clear and easy to understand. Thank you!
Wow. Thank you 🤓
My wife never watch anything on RUclips, but I think this time I MUST talk to her to watch this one video. It is exactly, EXACTLY, what we need to know.
Possibly one of your longest videos, and one of your best! THANK YOU once again for sharing your knowledge and having each of us question & learn all the various options. Much Love from Montreal.
And thank you! 🤓
But yeah, definitely my longest… 😬
I was thinking about this exact topic recently and couldn’t find much content online. You’re good at finding topics that don’t already have a billion videos about!
Very well done. Comprehensive, but easy to understand. Thank you!
Thank you! I was nervous that it was too long. Didn’t mean for that…
Great video! Reinforces the need to be strategic about scenarios and melting down.
Like Frank Sinatra, right or wrong, I did it my way. Having lost 50% of 11 years off my CPP due to a divorce, I made the decision to wait until age 70 to take both CPP and OAS because of the 30% and 36% increases, respectively. In the interim, I made systematic, annual withdrawals from my RRSP in oder to deplete them by age 70. I used my RRSP withdrawals to top up my TFSA each year with the remainder, after-tax income going into my investment portfolio. At the end of the day, I paid no income tax between age 60 -70 and reaped the growth of both my investment portfolio and TFSA. At age 70, I have a small LIF and no RRIF income. My income now consists of a company pension, CPP, and OAS. Even with their combined totals, clawback doesn't enter into the equation. Neither my investment advisor nor my accountant truly understood what I was doing, but in the end, I'm doing just fine. I know it's not right for everyone, but it worked for me.
Sounds like you did a good ole RRSP/RRIF meltdown. Good on ya.
I'm in the same boat and my financial advisor seemed clueless.
Such a great video! 41 years old and definitely going to drawdown my RRsP and Lira as soon as I can and will live on my TFSA, Taxable brokerage and pension at 60. Beautiful!
Thanks :)
This video is so well done! Rhys’ sense of humour makes an essentially dry topic quite enjoyable.
🤓😊
Great video. One of the best I’ve seen in a while. Does a great job of the big picture.
Thank you very much!
Isn’t it ironic that we are all born with nothing ,spend a lifetime to accumulate something and then ultimately die with nothing…..
Meaning that a life well lived is one that leaves behind positive memories and money for others….
Excellent video, as always. I always check your channel first for new videos 🙂
Thank you!!
Another incredibly informative and easy to comprehend video. Thanks for sharing your knowledge Rhys!
Thank you!
Rhys, best video that you've put out thus far explaining a lot of options of what to do with your investments at retirement. I'm still a good 10 + years away for retirement but need to figure out if I'm on the right track. I've enjoyed your videos and found them very knowledgeable to help me plan for my future. Thanks and keep up the good work.
Thank you 🤓
Agree excellent video and well spoken
Thank you so much for sharing these scenarios which is a reality for some. You explained it beautifully and I’m glad you didn’t use income splitting as a strategy!
Glad it was helpful!
Another excellent video Rhys... never too long when the content is this good. Appreciate this very much and love the presentation style of your video's and graphics. Really makes things easy and crystal clear to understand. Love it.
Thank you 🤓
Fantastic, thanks for explaining and simplifying a huge win for anyone wiling to listen.
Thank you! And I know… 28 mins is brutal 😬
Your way of telling a story is very clear. Luv your channel ❤. BTW I'm making my move to the Philippines. Thanks to your expertise and helping me plan out my finances.
Awesome!!
My wife and I both have Defined Benefit Pension and I keep my health benefits for life. I will probably have about $50-70k in RRSP when I retire at 50. My plan is to withdraw the yearly TFSA limit and move the money from RRIF to TFSA until it’s gone.
@@BrandonCharlebois I think you meant to say
"My plan is to withdraw the yearly 'RRIF' limit and move the money from RRIF to TFSA until it's gone."
Excellent detailed analysis 👍
Thank you kindly!
My biggest takeaway from this.. Max out your TFSA
Awesome video Rhys, just fantastic and on point.
Thank you! Took me way too long to make so I’m glad you’re getting something out of it 🤓
Wow....this was an excellent presentation on the topic. Please keep doing what you are doing!! I will be encouraging others to visit your channel.
All the best!
Thank you! Will do!
Could you please do a segment on retired people who are Canadian citizens but non resident for income tax purposes as it pertains to CPP, OAS and RRIf's and a meager income?
Excellent video, I need to watch more!
The info is better than what my advisor provided and I don’t have to pay 4% of the portfolio (his fees!)
OMG! Please tell me this is a typo. 4% is robbery.
Eye opening!!! Things to think about.
Wow!! That's what I call informative, precise and pertinent content..Thanks as this is exactly my wife's and I situation...Too big RRSP...Hard to meltdown...It keeps growing because the stock market is on fire....But I know this will not be the case for ever...
Glad it was helpful!
If you think the stock market will enter a protracted down cycle, then melting down RRSP/RRIF and delaying CPP will reduce your risk to sequence of returns. That's because you are melting down while the market is up and letting CPP increase 7.2% plus inflation per annum which is guaranteed no matter what the market is doing.
@@signal8375 Agree!
Awesome video….one of your best yet!!!!👍❤️🙏
Wow, thank you 🤓
Very well explain .. 4 years up to our intended retirement and this topic applied quite well to our situation . I had a plan drawn by a financial planner from my financial institution (based on graphics seems to be a similar software) but not sure he did the right approach. there is not ladder style retirement and while it's using some metdown technic , viewing your explanation , I think my plan need more tweaking. Thank you.
I am a victim of my own success but I shall not complain! 😂
One big hole in your retirement scenarios is the cost of end of life care. If one has any sort of wealth, you won't be in a gov't facility but instead dropping 8-10k per month per person for private care.
@@AlexHaan-j2j only a vary small number of old people actually end up in a LTC facility and then on average it's not for years but for months so overall costs aren't as great as one might expect. Although it could definitely happen and it would definitely suck when or if it does happen.
That is a fantastic and clear explanation! Thank you!
You're very welcome!
It's also worth mentioning that eligible and non eligible dividends in a non reg account inflates taxable income which may possibly present the tipping point to trigger OAS clawback. That's because of the gross up rule. So, moving investments away from dividends and towards capital gains can help salvage OAS for investors with fat RRSP/RRIF accounts.
Hired.
Good video. I think you could do one scenario for taking RRSP before retirement and investing it in TFSA and cash account comparison. For the scenario you gave, did they top up their TFSA every year till 90?
That’s the problem I’ve always wanted 😂
Thanks for this!
Great video!!! Very clearly spelled out. Something could mention is with RSP get the tax break going in... Sure the big marketing topic makes us participate... BUT my opinion make certain you are at least getting 30 percent tax break. Pretty sure I contributed lots getting a smaller break on contribution which further made RSP even more of a trap.
I'm 65 years old, we have been retired 7 years, we have 900K in RSP. I'd brag net worth is same since retiring, I essentially stopped our DRIPS and took all that ( taxable ) dividend $ out to supplement income. Now I realize I need a more aggressive melt-down strategy, can't continue just keeping the same 900K principle. We turned the RSP's into RIF's for next year. Great good start bus as Rhy explains the RIF drops withdrawal fee and is slick withdrawal method... but I have to do even more Withdrawal's on top of the RIF minimum because portfolio has been making increase about the same as the dividend amounts I have been taking out. Gotta be careful with RSP's, on advantage we have is my wife has very low income so get a bit of overall tax advantage getting RSP money out. I will delay her OAS and CPP to get more RSP out at slightly better tax hit. Thank You again for a GREAT video!
Great point. I cover that in the RRSP video that I referenced in this vid.
Thank you for this! A lot to chew on. Any thoughts on, when first retired (like now), continuing to contribute to your TFSA? Could you take more from your RRSP to cover that?
You’re welcome! And the answer all depends on your tax brackets. But if the tax hit isn’t too nasty to do it, then fill your boots :)
If a married couple make similar income, and only one has a defined benefit pension, should both still save in an RRSP? Right now, our strategy is to put 2/3 of our investing dollars in TFSA and 1/3 in RRSP. Thank you.
I would much rather have my TFSA (Canada) maxed and then focus on my RRSP’s….. or do both if you can afford it.
Another way the government punishes hard work for sure.
You can split your rrsp with different institutions bypassing one big rrsp/rrif amounts. This way the amount withdrawn is smaller as income from non registered accounts gets added to lower rrif wirhdrawals
After 71, they will all come in as a torrent.
@@wellbuiltwealth might be wise to retire from ft work to pt and start a rrsp meltdown. Hate paying that $100/150 fee
excellent content as usual. thank you for making these videos. i know i dont want to be dropped kicked in the face when i retire. Also why does our country make us pay taxes when we retire, you know we have worked are entire lives paying them can they not give us a break when we hit 65..... just a thought.
Thank you! And you’re welcome :)
So who is going to fund all the benefits and health coats for retirees? All the tax payers, not government. Tax for RRIF is delayed tax we haven’t pay for the funds in our RRSP account.
Honestly, they really can't. We like to complain about our taxes, but the overall Canadian tax base/take is merely the OECD average.
You do get a break. Age credits, pension income splitting, etc. In this case they will average around 10% tax over the course of their retirement.
Great video. There's the Bible again. Is this like the plumbers' ads in the newspaper with the little fish icon?
This is for Canadians only
Great informative video. Does it apply to LIRA as well? Also, how exactly does withdrawal work if all my RRSP/LIRA are in stocks? Thanks.
If your income is over $95K, you don’t need OAS!
That's how they planned it.
Nice video! Does the accounting assume the taxable brackets change at 3% over time?
Don’t want to pay too much tax on your RRSP/RRIP withdraw, properly retirement income planning. It Magoo both have large DB pensions, why do they contribute so much to their RRSP? Better question, why do you wait till 65 to retire?
Neither of them have DB pensions.
If the monthly ability the same for all strategies at 7.15k each month, who cares about the tax paid as long as the legacy amount is the largest? If I am getting 7.15k each month and leave with $1m, whether the tax paid is $1m or $1 is not relevant to me, right? I should be focus on what I am getting instead of what I am NOT getting
OAS clawback is calculated on net income. Therefore is it correct to say annual donations to charity wont offset any OAS clawbacks?
Super engaging and clear presentation 👍🏽
All true, but dead is still dead, no need to worry about how much tax you paid. Still plenty left to leave to your family, even if it gets slammed at 50%
For sure not a bad thought for someone who doesn’t have loved family members.
@APICSKH Then, instead of hoarding money, use the money to help your family members learn to take care of themselves.
Just curious in all the scenarios explored, does OAS recovery tax gets triggered in any one of them? Nice to see an example of balancing OAS claw back and reduced / eliminated terminal RRIF tax.
When I cover total tax in each scenario if you look to the immediate left you can see the OAS impact. You’ll notice that in this couple’s case it really isn’t ever an issue. That is simply due to income splitting. There are a few cases where there is a small amount of clawback but that is due to the final year of income being particularly large.
@@wellbuiltwealth Thanks!
So, I think I should use my future RRIF account between age 55-65.
I have $445,000.00 in a RRSP/Pension RRSP.
Well done, thanks for making this video. Having a huge RRSP is a nice “problem” to have and probably wouldn’t be the case for many Canadians.
I have a question regarding life insurance for the purpose of leaving a tax free wealth to our children. Have you done a video on this subject? If not, would you consider doing one? Thanks
Thank you! And no I haven’t made a video on this topic. But I’ll add it to the queue :)
Folk in this situation should just retire earlier and start pulling from their rrsp to avoid these choices. If you’re greedy and want to keep building that fund and love working yourself to death then accept the consequences laid out here…
10/10 Rhys!
🤓
RRSP lump sum withdrawals are not periodic payments and therefore not eligible for pension income splitting with a spouse. RRIF periodic payments ordinarily are eligible for pension income splitting with a spouse. For many people, pension income splitting is vital not only for tax savings but also the preservation of Old Age Security.
Yup!!
Is there a rule of thumb as to the max size of your RRSP given standard assumptions; e.g. once you hit $1MM in combined RRSPs, stop contributing and build non registered, etc otherwise meltdowns become difficult. Thx.
Lots of people do use that 1M rule but it’s definitely not a real rule. Sometimes it still makes sense to build it higher. Totally depends on the context and the variables.
I haven't watched yet but my RRSP is too big and needs to be melted. I'm starting soon at age 62. A lot of my plans seem to cause OAS clawback in the first few years after 65. How to reduce?
Your marginal tax rate will probably be at 43%. If you collect OAS with clawback, you add the equivalent of another 15%, making it around 58%. You could consider melting a bit more RRSP/RRIF and delay your CPP and OAS by a few years. As long as you look at your marginal tax rate, get as much as you can out before collecting OAS. Then, use TFSAs, they will not impact the clawback.
I was playing a bit more this morning and got my clawback to under 50 a month from 65 to 70 years old. Still a bit more tweaking to do.
I suppose the estate tax concerns are all about giving as much money to your kids as possible. Personally, I don't have children, so no concerns about extra tax after I'm gone. I'm pretty sure it won't bother me when I'm dead. 😁 And while still kicking, in the grand scheme of things I don't see having too much money as a problem. Or maybe more like a nice problem to have.
If one of the couple has much higher income and subsequent CPP than the other, should they aim for equal RRSP values at retirement or should the RRSP of the spouse with lower income/CPP be higher?
Well, that depends a lot on when you retire due to income splitting rules that kick in at age 65 for RRIFs. But that’s another video for another time…
@@wellbuiltwealth Fair point. This would be for retirement before 65 - say at 60. Lower CPP spouse is a couple of years younger. Thanks for all these videos, they really help!
@@kevinryan024you’re welcome! And yes, you wanna make sure there’s RRSPs in the lower income spouses hands so that you can manually income split. This is where a Spousal RRSP can come in handy.
How does income splitting work with large age gaps between partners … don’t both have to be over 65 ?
Dad died with huge RRSP, lost 54% to estate taxes. What a waste.
Love how Canada penalizes you for being successful and a smart investor. Unreal ☹️
Spoken like someone who opposes paying their fair share of taxes. Did you whine when your RRSP contributions gave you a break in your taxes as well?
Ok Mr. First World Problems.
Paying tax is not a “penalty”. Have you been to a hospital or Doctor ever? Did you go to school or have kids in school? Driven on a road or highway or bridge? Have you noticed the police and the court system that is protecting you every day (including prisons)? Fire department? Garbage collection? Maternity leave? Food safety? Have you used an airport?
@@murraytown4 Justin, is that you? Do the math, RRSP tax credits are peanuts to being in the highest tax bracket in retirement. Apparently you are OK with excess taxation, the government must love you.
@@joejames8110 Then move. And don’t let the door slap your behind on the way out.
BTW. You are paying my government pension…loser.
The RRSP is not your friend at retirement time. Banks and insurance companies don't want you to withdraw your RRSPs so they can continue to collect the usual 2% commission. You forgot to mention how the RRSP can eliminate your OAS government supplement for those lower-income Canadians. Thanks for the video.
2% commission? Switch to questrade or something with a similarly low MER ASAP. My highest cost funds in my RRSP are 0.5%.
@@ryanpoulter6286 Thanks, that's what I'm doing at the present moment, but my intentions are to meltdown my RRSPs before applying to QAS at 66 in order to get a big part of the supplement while delaying CPP until 70. Have a nice day.
We pay 0.90% at private equity group CCL, largest portfolio manager in Canada.
how do we not pay any taxes the way trudeau did when he got his trust fund ???? How do we do that? That is what we need? How did a parasite who has been on the taxpayer tit since birth not pay any tax on his inheritance? Do a video on how we do that!!!
What an idiotic comment not based on fact.