What Happens Financially When Your Spouse Dies?

In this episode of the AskTMFG Podcast, Financial Advisor Carlo Cansino discusses one of the most overlooked retirement planning risks for Canadian couples: what happens financially when a spouse passes away. The conversation explores how retirement income can change after the loss of a spouse, including the impact on CPP survivor benefits, pensions, RRIF withdrawals, income splitting opportunities, and overall tax efficiency. Carlo and John explain why many surviving spouses are unprepared for the financial, administrative, and tax-related responsibilities that often arise during an already difficult period. They also discuss common mistakes families make in the first year after a loss, the importance of proper beneficiary designations, tax-efficient asset transfers, estate coordination, and how a survivor plan can help reduce stress and avoid costly financial mistakes. Whether you're approaching retirement, already retired, or helping aging parents navigate their financial future, this episode offers practical insights into retirement, estate, and tax planning, as well as wealth transfer strategies for Canadian families. 👉 Watch the full episode here: https://youtu.be/hPKv2mWq2mo   Question for our listeners: Have you and your spouse discussed what would happen financially if one of you passed away unexpectedly? 👉 If you'd like help building a retirement plan that protects both spouses and prepares for life's major transitions, we're offering a complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/