Retirement Unpacked

On episode 50 of Retirement Unpacked, Adam Bornn and Brett Martinson discuss DIY retirement planning software options for Canadians, whether extended health and dental coverage is worth it for retirees, how retiring with two pensions can change withdrawal strategy, and much more.Later in the episode, Gord Manzer joins the show to discuss some of the unique considerations when retiring partway through the year, including income planning, tax planning, capital gains and losses, and preparing for the year ahead.How much cash should you keep in your portfolio?: https://www.moneysense.ca/columns/ask-a-planner/how-much-cash-should-you-keep-in-your-portfolio/Our free decumulation 101 course: https://www.parallelwealth.com/offers/VzwEVF5b/checkoutWork with our team: https://www.parallelwealth.com/planningChapters:0:00 Intro0:24 DIY retirement planning software4:54 Reducing OAS clawback with form T1213OAS10:46 Health and dental coverage in retirement: Is it worth it?17:36 Does reinvesting dividends count as a trade?20:26 Do you need to convert your entire RRSP to a RRIF?26:59 How does two pensions change your retirement plan33:03 Naming younger spouse for your RRIF minimum37:29 Should you put your tax refund into your TFSA42:08 What should you do with your investments before passing away?47:12 How to calculate your CPP dropout years52:08 Considerations when retiring mid year56:18 How much cash should you keep in your portfolio?

On episode 49 of Retirement Unpacked, Paul Grenier and Jon Kutney discuss the Home Buyers' Plan vs. the FHSA and how these tools can be used if you're close to or in retirement, the cashflow wedge (of course), how spousal RRSPs work in retirement, and much more.Later in the episode, Peter Filippakis   joins the show to do a deeper dive into what the cashflow wedge actually is, how much you need to have, and how it actually works in your retirement. Chapters0:00 Intro0:41 Can a money market fund be used as your cashflow wedge?4:18 Home Buyers' Plan vs. FHSA6:51 FHSA rollover into RRSP8:48 Should you apply for OAS if you're going to get clawed back?12:06 Options when repaying Home Buyers' Plan15:34 For a 70/30 portfolio, is the 30% your cashflow wedge?18:18 Should your cashflow wedge be in real or nominal dollars?22:46 Cashflow wedge explained: What it is, how much you need, and how it works31:27 Will the government increase the TFSA limit in the future?34:20 What is it like being a financial planner?41:13 How spousal RRSPs work in retirement45:33 Should we prioritize our RRSP or TFSA?

On episode 48 of Retirement Unpacked, Adam Bornn and Mathieu Huneault discuss how retiring early affects CPP and non-contributory years, what to consider if you have multiple RRSP accounts, why most retirees should consolidate their accounts, when it makes sense to convert your RRSP to a RRIF, and what to do if you took CPP early and realize you made a mistake.Later in the episode, Michael Barichello joins the show to discuss a real case study where the client was set on starting CPP early. He discusses how the goal isn’t to find the “right” CPP decision, but to understand the trade-offs, see how starting at different ages impacts the overall plan, and make an informed decision.Chapters0:00 Intro0:34 Why delay CPP if you already have a pension?3:37 Delaying CPP: Do ages 65 to 70 count as non-contributory years?4:52 How does retiring early affect CPP?7:05 What happens if you have multiple RRSPs?10:42 Should you convert to a RRIF prior to 65?15:36 Retiring with 2 pensions: should I convert my RRSP now?18:36 RRIF withdrawals: Should you put money back into an RRSP?24:54 RRIF vs. non-registered accounts: Understanding the tax differences30:50 Do you need a cashflow wedge if you have a pension?37:22 I made mistake of starting CPP at 60, should I delay OAS?39:57 A real CPP timing case study43:46 Tax implications of converting a property to your principal residence

In episode 47 of Retirement Unpacked, Brett Martinson and Matthew Dennis discuss whether you should make your spouse a joint owner of your non-registered account, the key considerations before downsizing your home and renting, LIRA unlocking rules and how they vary by province, tax loopholes versus legitimate tax planning, and much more. Later in the episode, Gord Manzer joins the show to discuss what to expect from a retirement plan when you're still 10+ years away from retiring, why plans change over time, and how to use that information to make better financial decisions today.Chapters:0:00 Intro1:22 Non-registered accounts: should you make them joint?10:28 Selling house: should I downsize or rent?18:19 Can you transfer investments in-kind from RRIF to TFSA?23:44 Should I name my estate the beneficiary on my RRSP?32:25 LIRA unlocking rules: every province is different40:36 RRSP meltdown strategies for high-income earners46:32 Tax loopholes: what's legal vs. what's risky1:01:03 Can the FHSA be used as a tool for retirement1:05:36 Planning for retirement 10+ years away1:19:07 CPP survivor benefits explained: does delaying CPP hurt you?

In episode 46 of Retirement Unpacked, Adam Bornn and Kyle Martins discuss how CPP adjusts for inflation, the risk of delaying to 70, how to manage and replenish your cashflow wedge as you walk through retirement, the trade-offs of selling your home to rent, where to save after maxing out your RRSP and TFSA, and much more.Later in the episode, Paul Grenier joins the show to discuss a unique client situation where a 65 year old used the Home Buyers’ Plan to withdraw from her RRSP and purchase a home. He explains why she was eligible, how the strategy fit into her retirement plan, and why you shouldn’t assume you don’t qualify for certain government programs.Chapters0:00 Intro0:24 CPP inflation adjustments explained3:11 How the CPP survivor benefit works5:52 The risk of delaying CPP to 708:27 Should my holding company be out of the market?11:47 How to manage your cashflow wedge during strong markets14:41 How to replenish your cashflow wedge17:03 Can bonds be used as your cashflow wedge?20:59 Spousal RRSP strategy before retiring24:15 The trade-offs of selling your home to rent29:01 Where to save after maxing out your RRSP and TFSA32:10 Using the Home Buyers' Plan at age 65 (case study)38:50 The tax benefits of donating investments in-kind

In episode 45 of Retirement Unpacked, Kyle and Michael discuss the pros and cons of DIY retirement planning and DIY retirement planning software, whether it makes sense to carry a mortgage into retirement when you have a defined benefit pension, when spousal loans can be a useful tax strategy, how to coordinate retirement withdrawals between pensions and RRSPs, and much more.Later in the episode, Mathieu joins the show to go over a client case study and discuss the benefits of updating your retirement plan, including how changes to QPP and locked-in account rules allowed the client to make adjustments that improved their plan.0:00 Intro0:30 Pros and cons of DIY retirement plans4:13 Which year’s income determines your OAS clawback?7:28 Should you pay off your mortgage before retirement?12:05 How is the RRIF minimum calculated?15:13 Spousal loans explained21:01 Advantages of converting your RRSP at 5524:57 Considerations when your pension is not indexed to inflation29:19 Potential changes to Ontario LIRA unlocking rules31:54 Coordinating a pension and RRSP in retirement34:15 How changing legislation impacts retirement plans38:16 RRSP strategies for one time high income years

In episode 44 of Retirement Unpacked, Matthew and Gord discuss when you should actually use your cashflow wedge and how to structure it, whether you need RRSP contribution room to unlock a LIRA, if it makes sense to structure your income in a way to qualify for GIS, when non-registered accounts can become a tax problem, and much more.Later in the episode, Adam and Martin join the episode to discuss the importance for high net worth retirees to shift from wealth building to wealth distribution. They talk about the tax problems that can come from holding too much in taxable accounts, why delaying decisions can lead to larger tax bills later, and how strategies like gifting, charitable giving, and intentional estate planning can help make a bigger impact with your wealth.Chapters0:00 Intro0:30 When should you use your cashflow wedge?5:55 Can you unlock your LIRA if you have no RRSP contribution room?8:08 Do spousal RRSP contributions use my contribution room?10:12 Should you structure your income to qualify for GIS?15:22 Can you unlock a LIRA more than once?19:22 What happens to locked-in accounts when a spouse dies?21:52 How should a cashflow wedge be structured?25:48 Selling a rental property and OAS clawback implications29:56 Should couples retirement plan together?33:57 When non-registered accounts become a tax problem40:41 Shifting from wealth building to wealth distribution (case study)46:26 The smith manoeuvre in retirement: Keep it or unwind it?

In episode 43 of Retirement Unpacked, Adam and Brett discuss the laddered income strategy and whether it makes sense to use inflation as your “ladder,” what your options are if your TFSA is maxed and you still have excess funds, whether RRSPs make sense if you have a pension, if you only need a cashflow wedge in the accounts you’re actually withdrawing from, and much more.Later in the episode, Paul Grenier joins to discuss a case study involving a couple who recently refinanced their mortgage, invested the proceeds in the markets, and are now looking at retiring early. The case looks at how shifting assumptions and expectations can impact the planning process, and why it’s important for both partners to be aligned and prepared before starting to plan for retirement.Chapters 0:00 Intro0:18 Can you let inflation 'ladder' your retirement spending?5:57 RRIF to non-registered strategy9:05 Maxed TFSA in retirement, where should excess funds go?14:20 Attribution rules when you have 2 spousal RRSPs18:06 Do RRSPs make sense if you have a pension?26:02 Does TFSA go to spouse if you list them as beneficiary?30:16 Can you partially convert your RRSP?35:37 Do you only need cashflow wedge in the accounts you're withdrawing from?41:19 Tax implications when passing on assets to next generation47:26 What does our retirement planning process look like?50:20 Expectations vs reality in retirement planning (case study)55:05 Will it ever make sense to defer OAS but not CPP?

In episode 42 of Retirement Unpacked, Brett and Paul break down the importance of using conservative assumptions in your retirement plan, the CPP child-rearing provision, retiring with an age gap, if it makes sense to start CPP early and invest into your RRSP, how non-registered accounts are taxed, and much more.Later in the episode, Mathieu Huneault     joins to discuss two client planning scenarios: one involving a client who received a severance payment and needed to consider if RRSP contributions could lead to overcontribution issues due to how the income is classified, and another where a client regretted starting CPP and learned they were still within the window to cancel it by repaying the benefits received.Chapters0:00 Intro0:47 The importance of assumptions in retirement planning7:39 The CPP child-rearing provision, explained15:01 Should you pay into CPP if you have a corporation?21:35 Planning around unique retirement situations27:12 Start CPP early and invest into your RRSP33:06 Can you use your cash wedge to buy the dip?38:54 Retiring with an age gap44:56 Tax implications of loaning money to your kids50:15 How are non-registered accounts taxed?56:36 Should I work one more year?1:01:03 Contributing severance payment to an RRSP (case study)1:08:24 Canceling your CPP (case study)1:13:25 Cashflow is more important than growth in retirement

In episode 41 of Retirement Unpacked, Jon and Martin break down what happens to your TFSA upon death, whether or not the CRA allows you to take a loan to invest in your TFSA, how income splitting rules differ between defined benefit pensions and RRIFs, the differences between QPP and CPP, if it makes sense to start planning for retirement 20 years out, and much more.Later in the episode, Peter Filippakis     joins to go over a corporate meltdown case study involving a couple in their mid-50s who recently sold their business and are now left with a large corporation to draw down. He goes through how to coordinate dividends, the RRSP meltdown, and government benefits, and how to sequence everything in a tax-efficient way. Chapters0:00 Intro0:13 What happens to your TFSA upon death0:55 Does the CRA allow you to take a loan to fund your TFSA?3:55 Do you need a cashflow wedge if you have a pension?5:08 Income splitting: RRSP vs. Pension6:56 How do spousal RRSPs work10:01 Is the OAS clawback threshold after-tax?12:22 Differences between QPP and CPP16:26 CPP timing when receiving the survivor's pension20:41 Can it ever be too early to start planning for retirement?26:39 Corporate meltdown case study37:35 The importance of term insurance

In episode 40 of Retirement Unpacked, Michael and Mathieu   break down why you should consider converting your RRSP to a RRIF prior to age 71, the differences between a RRIF and LIF, if it makes sense to meltdown a large RRSP, considerations before purchasing a life insurance policy, tax implications of passing on wealth, and much more.Later in the episode, Gord Manzer   joins to discuss a real life case study and explain why retirement decisions can’t be made in isolation. Many Canadians look at CPP, OAS, pensions, RRSPs, and TFSAs as separate pieces, but in reality, every decision affects taxes, income, and your overall retirement plan.Chapters0:00 Intro0:28 Why convert RRSP before 712:52 Differences between a RRIF and LIF4:41 Can you buy and sell stocks in a TFSA the same year?5:48 Can investment firms limit how much tax is withheld?8:49 Consolidating non-reg accounts into a life insurance policy15:00 Does it make sense to meltdown large RRSP?20:14 Single and 65: Is there a benefit to start drawing down RRSP?23:22 If I move money from RRIF to TFSA, is it taxable?24:12 How do RRIF withdrawals affect OAS clawback?26:07 How to use a whole life policy for retirement income28:59 Tax implications of passing on wealth32:11 Why retirement decisions shouldn't happen in isolation36:33 Beneficiary vs. successor holder for TFSAs

In episode 39 of Retirement Unpacked, Matthew and Peter break down how to gift money early from your non-registered account in a tax-efficient way, where you should invest after maxing out your RRSP and TFSA, how your RRSP meltdown strategy should change when markets overperform or underperform your plan, HOOPP pensions, and much more.Later in the episode, Martin Goudreault  joins to walk through a real-life case study involving a family cottage, joint ownership, and the tax and estate planning implications that come with transferring property between generations.Chapters0:00 Intro0:20 How to gift money early tax-efficiently4:56 Trigger capital gains pre-retirement when in a low tax bracket?8:47 Where should you invest after RRSP & TFSA?12:25 Should you adjust RRSP meltdown if the market is down?15:44 Adjusting your drawdown strategy when markets outperform plan21:24 Does an RRSP meltdown make sense if you have large non-registered account?25:15 Do you need a cashflow wedge if you have a pension?30:53 Pension +  RRSP meltdown strategy33:10 Understanding HOOPP pensions42:02 Considerations when commuting your pension45:32 How joint ownership affects cottage taxes (case study)54:08 Should you withdraw monthly in retirement?

In episode 38 of Retirement Unpacked, Brett and Gord break down options if you are paying high fees and not getting any advice, the attribution rules around joint non-registered accounts, what age you can split your RRIF income with your spouse, whether it makes sense to ladder your income if you're concerned about long-term care, if it makes sense to start CPP early so you can collect the PRB and invest your payments, and much more.Later in the episode, Mathieu Huneault   joins to discuss a recent client situation where a couple sold their home and moved into their cabin full-time, and the planning considerations that came with it. We break down how the principal residence exemption combined with RRSP contributions were used together to help create a more tax-efficient plan.Chapters0:00 Intro0:46 Paying high fees and getting no advice7:10 Joint non-registered attribution rules12:48 DIY planning software18:17 CPP disability calculation21:33 What age can you split RRIF income24:44 How to dispose of an RESP32:37 How to calculate probate35:38 How to plan for long-term care40:05 Can you move money from LIF to spousal RRSP tax-free?43:11 Taking CPP early, collecting the PRB and investing it52:17 Principal Residence Exemption planning1:01:25 Budgeting for trips

In episode 37 of Retirement Unpacked, Adam and Brett break down if it makes sense to withdraw more from your RRIF than you actually need, why your cashflow wedge should not be outside of your registered accounts, how to plan around an inheritance, RRSP and RRIF strategies if you are single, and much more.Later in the episode, Maria Dawes from Capstone Asset Management joins to discuss values-based investing, what it is, how to align your investing with your values and worldview, and the key questions to ask your advisor if this is something that is important to you.Chapters0:00 Intro0:16 Withdraw more from your RRIF than you need?3:39 Does income splitting have to be 50/50?7:10 Use spousal RRSP vs. collecting GIS11:05 Why can't your cashflow wedge be outside your registered accounts?15:45 Borrow from home equity to max out TFSA?19:28 How to plan for inheritances25:10 What is the benefit to lowering the OAS clawback threshold?30:34 Should you delay OAS to avoid the clawback?38:40 RRSP/RRIF strategies for singles42:45 DB survivor benefit & spousal drawdown timing48:39 What is values investing with Maria Dawes56:13 What are you really paying in fees?

In episode 36 of Retirement Unpacked, Kyle and Peter break down why having zero tax years in retirement can be detrimental to your plan, how retirees can protect themselves against inflation, how to plan around large capital gains in retirement, the best timeframe to judge your investment returns, and much more.Later in the episode, Matthew Dennis joins to discuss the smith manoeuvre, the dangers of it, and when it makes sense for Canadians.Chapters0:00 Intro0:18 Why are zero tax years bad?3:39 How to protect against inflation in retirement12:37 Spousal attribution rules around non-registered accounts19:57 Should I cash out my entire RRSP?22:45 How to offset a large capital gain in your 70s28:35 The best timeframe to judge your investment returns33:14 Managing inflation in retirement37:54 Offsetting rental property sale with RRSP42:21 When should you consider life insurance?50:52 When does the smith manoeuvre make sense?57:37 How to free up funds in a LIRA

In episode 35 of Retirement Unpacked, Brett and Jon break down RRIF successor annuitant vs. beneficiary designations, if it makes sense to do an RRSP meltdown if you have a large RRIF,TFSA, and non-registered account, whether or not you can contribute to CPP after you retire, how to determine the jurisdiction of your pension and much more. Later in the episode, Gord Manzer joins to discuss the importance of organizing your financial world before you pass away, so your loved ones aren't left searching for documents, passwords, accounts, and other important financial details during an already difficult time. Chapters0:00 Intro0:12 RRIF successor annuitant vs. beneficiary​4:41 Why meltdown a large RRSP?​11:10 Income splitting tax implications​16:13 RRSP matching while withdrawing from RRIF​20:18 Can you pay into CPP after retiring?​23:04 How does principal residence exemption work?​28:42 What is crystallization?​34:12 How to determine jurisdiction of a pension​39:33 Organizing your financial world before death​46:24 Importance of saving outside of your RRSP 

In episode 34 of Retirement Unpacked, Michael and Paul discuss when it doesn’t make sense to delay your CPP and OAS, strategies to reduce taxes both during your lifetime and at death, estate planning considerations for blended families, and much more.Later in the episode, Martin Goudreault joins to discuss why the shift from saving to spending can be challenging, and shares practical steps to help make that transition easier.Subscribe to our clips YouTube channel: https://www.youtube.com/channel/UCwY3ZvNc_qCU-WuIKh-aulA Chapters0:00 Intro0:33 When should you start CPP & OAS early?3:40 How to pay less tax while alive6:26 When is the my CRA TFSA number accurate?8:57 How to avoid large tax on estate12:50 Should you use whole life insurance to cover estate taxes?16:05 Does an RRSP meltdown make sense at the highest tax bracket?18:44 Why do I still owe taxes?21:43 How to minimize estate taxes with RRIF drawdown24:09 Should you draw more out of RRIF to income split?26:30 Estate planning with a blended family31:07 How to transition from a saver to a spender40:43 Helping the next generation save in an FHSA