Don't Make These 3 CPP Mistakes in Your First Year of Retirement

In this episode of the AskTMFG Podcast, Carlo Cansino breaks down the three most common (and expensive) CPP mistakes new retirees make in their first year, using Frank as a case study. He retired at 62 with a $650,000 combined RSP/TFSA portfolio and $25,000 a year in consulting income. He unpacks why retiring and starting CPP are two completely separate decisions (taking CPP at 60 instead of waiting to 70 locks in a permanent swing of over $1,000 a month for life), why CPP payments aren't taxed at the source the way a paycheque is, meaning retirees can get hit with a surprise tax bill if they don't request withholding, and why the online CPP estimate in MyServiceCanada can be misleading if your contribution history has changed since you last checked it. He wraps up with a simple three-part fix: don't default to starting CPP the moment you retire, either request voluntary withholding or manually set aside your marginal tax rate, and pull your actual contribution record rather than relying on the projected estimate. 👉 Watch the full episode here: https://youtu.be/guAhtH3_vic  Question for our listeners: Have you actually pulled your CPP contribution record lately, or are you still going off an old estimate? 👉 Complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/  Follow us: LinkedIn: The McClelland Financial Group  Facebook: https://www.facebook.com/tmfg.ca  Instagram: https://www.instagram.com/themcclellandfinancialgroup_/