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Mark Walhout
เข้าร่วมเมื่อ 29 พ.ย. 2019
Walhout Financial helps Canadian families plan and live their ideal retirements. Mutual funds, exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc.
My Child is Nearly Done University but I have an Unused RESP Balance - What can I Do?
Many Canadians have children who are nearing the end of their post secondary education, and they may be holding onto RESP account balances and wondering what they should be doing with them? For example, their child’s education costs may have been less than they anticipated, their student may have saved through part time work while they were in school, or they may have received scholarships and bursaries that more than covered their education costs. In this video I’m going to walk through some of the options to effectively use up leftover RESP account balances.
📬📬📬 Send Mark your Retirement Question for a Future Mailbag Video - forms.office.com/r/WVu9HrbdaG
Email Mark : mark@walhoutfinancial.ca
📅 Book an Introductory Call with Mark
outlook.office365.com/book/WalhoutFinancial@NETORG2584757.onmicrosoft.com/s/jaxru_Z6ek68AYTDe_tI_Q2
🗞️😄 RETIREMENT ROUNDUP🗞️😄
To get a weekly video newsletter with retirement news, planning insights, and investment lessons, consider subscribing to "Retirement Roundup" below:
mailchi.mp/walhoutfinancial/retirement-roundup
📓📋 Retirement Spending Planner
mailchi.mp/walhoutfinancial/spending-planner
TIMELINE:
0:00 - Intro
0:42 - Case Study: Johnny and Janey's RESP
1:34 - Option 1 - Combine RESPs
2:40 - Option 2 - Collapse RESP
4:03 - Option 3 & 4 - Make a Withdrawal Now or Wait and See
5:30 - Closing
📬📬📬 Send Mark your Retirement Question for a Future Mailbag Video - forms.office.com/r/WVu9HrbdaG
Email Mark : mark@walhoutfinancial.ca
📅 Book an Introductory Call with Mark
outlook.office365.com/book/WalhoutFinancial@NETORG2584757.onmicrosoft.com/s/jaxru_Z6ek68AYTDe_tI_Q2
🗞️😄 RETIREMENT ROUNDUP🗞️😄
To get a weekly video newsletter with retirement news, planning insights, and investment lessons, consider subscribing to "Retirement Roundup" below:
mailchi.mp/walhoutfinancial/retirement-roundup
📓📋 Retirement Spending Planner
mailchi.mp/walhoutfinancial/spending-planner
TIMELINE:
0:00 - Intro
0:42 - Case Study: Johnny and Janey's RESP
1:34 - Option 1 - Combine RESPs
2:40 - Option 2 - Collapse RESP
4:03 - Option 3 & 4 - Make a Withdrawal Now or Wait and See
5:30 - Closing
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Advanced OAS Strategies with Aaron Hector
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Old Age Security is a critical pillar of the Canadian Retirement Income system and our social safety net. It forms the base of income for millions of Canadian retirees. Despite its importance, in many cases it forms a relatively small part of monthly retirement income when compared to CPP, private pensions, withdrawals from investment accounts, and employment. And since it is an income-tested b...
Annuities in a Retirement Income Plan with Jason Watt
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Annuities are a very important tool in the retirement income toolkit, but they don't get nearly as much attention as, say, mutual funds, exchange traded funds, stocks, or bonds. When I thought about creating some education about annuities for the viewers of my channel, I thought it would be great if I could get some help. And I couldn't think of anyone better than Jason Watt. Jason is a financ...
Avoid Double-Taxation When Giving or Selling Assets to Family Members
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The changes that have been announced to capital gains taxes have some Canadians wondering if they should give or sell properties to their adult children now to avoid higher taxes in the future. They may also be thinking about selling some of those assets to their kids at a discount. They believe this will give them 2 benefits. 1) that they will give their child a deal on a property and 2) they ...
Can a Financial Plan be One Page? & Onboarding with Walhout Financial
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Many people hear about financial plans and wonder - what does a real financial plan look like? Or, they may already have one and wonder how good it actually is. In this video, I am going to walk through the exact process that I step through with clients who are considering hiring me as their financial planner. I will step through the documents that I review, the discussions that we have, and th...
Mailbag Episode - Your Retirement Questions Answered
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In today's episode, I answer your questions, including answers to the following: 1) CPP vs OAS deferral - which one to defer to later? 2) I want to learn more about income investment strategies. Specifically time it would take to build a min. 10% return/year portfolio that supports a $5000/month expense lifestyle, for early retirement. 3) Inflation factor - how is it added to your calculator? 4...
Will I Owe Taxes When I sell my Country Home? Principal Residence Exemption Examined
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A couple that I spoke to last week are considering selling their country home that sits on a large property. They understand that the gain on principal residences is sheltered by the principal residence exemption. But because of the size of their lot, they are concerned that there may be taxes owing when they go to sell the property. In this video, we will dig into a fictionalized situation bas...
The 2024 Federal Budget and How It Will Impact Canadian Retirees
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On April 16 the Minister of Finance delivered the 2024 Federal Budget in the House of Commons. The budget contained a long list of new spending initiatives and also included new tax measures that will have a big impact on individual Canadians and businesses. In this video I am going to focus on 4 items in the budget that I believe will have an impact specifically for retirees and their families...
Do Retirees Need Life Insurance?
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Retirees often wonder - do I need life insurance? Most young families don't have the financial assets to cover off things like monthly bills, mortgage payments, childcare, and the costs of caring for aging parents if one of the incomes in their household suddenly disappears due to a premature death. But what about retirees? Their income in the traditional sense no longer needs to be protected s...
My Take on the Removal of the Trust Reporting Requirements for Bare Trusts
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On March 28th, 2024 the CRA announced that Bare Trusts are exempt from the new trust reporting requirements for the 2023 Tax Year. While on its face this may come as a relief - the announcement has created a significant amount of frustration with taxpayers and their professional advisors. In this video, I will explain the announcement from the CRA last week, the impact on taxpayers who may have...
Why A Power of Attorney for Property is CRUCIAL for Retirees
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A recent study by Ipsos Reid and the OSC found that over 40% of Canadian retirees who were surveyed indicated that they do not presently have a Power of Attorney for property. This is a staggering number. The Power of Attorney for property may be one of the most important documents that you ever sign. It gives a person or persons the authority to handle your property on your behalf when you bec...
Canadian Retirees Surveyed - How Do You Compare?
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The Ontario Securities Commission surveyed 1500 Canadians age 50 and older about retirement. Their findings report was nearly 100 slides long and provides insights into several key topics for both retirees and soon-to-be retirees. I went through the report and pulled out the most eye-opening findings. In today’s video, we are going to cover each of these topics and what the findings mean in the...
Should I Take CPP at Age 60 and Invest the Money?
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You’ve got 5 years until retirement at age 65, but you have the opportunity to begin taking CPP payments now at age 60. You don’t need the money to live on, but you are wondering if you should take the money from CPP and invest it with the hopes that you can do better in the long run. In this video I am going to walk through this decision for our sample retiree couple - Johnny and Janey. We wil...
Big Questions Retirees Ask Me
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I have met with hundreds of retirees and soon to be retirees in my years working as a financial planner. This channel is focused on answering questions and providing strategies that will help you as you navigate through retirement. In this video, I share a list of the top questions that I get from people who are approaching retirement and now I address them. Email Mark : mark@walhoutfinancial.c...
Retirees: Please Avoid These Risks of Adding Adult Kids to Your Accounts
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Whenever retirees hear the word “probate” they immediately feel the urge to avoid it at all costs. This may cause them to take steps that they believe are harmless and will allow them to avoid this process. Commonly, one of these steps is adding their adult children as joint owners on their bank accounts and some investment accounts. The idea being that they can continue to enjoy the assets whi...
Retiree Guide to the New Canada Dental Care Benefit
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Retiree Guide to the New Canada Dental Care Benefit
Retirees Can Use THIS TOOL To Help Them Through Scary Markets
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Retirees Can Use THIS TOOL To Help Them Through Scary Markets
New Trust Tax Rules May Impact Retirees
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New Trust Tax Rules May Impact Retirees
Kicking of 2024 with 3 Planning Strategies for Retirees
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4 Items That Could Impact Retirees in the 2023 Fall Economic Update
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4 Items That Could Impact Retirees in the 2023 Fall Economic Update
How Much Do I Need Saved to Retire with $5,500 of Income Per Month?
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How Much Do I Need Saved to Retire with $5,500 of Income Per Month?
Can I Contribute to an RRSP After I Turn 71?
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Can I Contribute to an RRSP After I Turn 71?
Flawed Rules of Thumb for Estimating Spending in Retirement
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Flawed Rules of Thumb for Estimating Spending in Retirement
Strategic Use of the Principal Residence Exemption
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Strategic Use of the Principal Residence Exemption
Investing for Retirement: Part 8 - Advanced Strategies
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Investing for Retirement: Part 8 - Advanced Strategies
If your spouse passed away now you are classified as single Therefore it’s puts you into a higher tax braced. Widowed person should have a different tax bracket, they didn’t chose to be in that position. Especially after all the hard saving for there retirement years..
The calculation and clumsy and stringy, and benefit is trivial if any. Not worth it.
Woah... the information you presented was a bit difficult to understand. The scenario you presented is more realistic if Jack didn't attend post-secondary at all (he should not have so much CESG if any EAP withdrawal was made). The unused RESP balance should have been reduced in the first place if Jack has been in post-secondary school. If you're going to talk about Education Assistance Payment (EAP), it would be more logical earlier in the video.
A 4% real return when the 30 year tips is 2% is a 2% equity risk premium. This seems extremely low. 7 nominal, 5 real seems more common sensical
What about the annual income, investment breakdown, confidence of financial situation and enjoyment for singles? Are only the couples living well?
Hi Mark, I have a video suggestion for you (and it's something I am very curious about): I know that dividends and capital gains are taxed differently than income or interest, but I wonder if you could go over some examples of different scenarios. Like for example, if a person had mainly RRSP income, or if someone had majority of their money in a non-registered account (maybe due to an inheritance) and smaller RRSP/TFSA. Also maybe you could show how someone making $100k from a job would be taxed compared to someone who is retired and has an annual income of $100k via a mixture of capital gains, dividends, interest. How much less would the retiree pay in taxes versus the working person.
@@neolithic3 thanks! I’ll add to the list for the fall.
When will the tarif's code list be explained ? Code 34115 does not mean anything to me. Are implants covered?
Thanks for the shout out Mark! 😎
The strategy is excellent as always. But here's the implementation of the first year of a high income earner! Client 67 in 2023 retiring Jan 1 2024. Application made indicating the income expected for 2024. OAS doesn't start in Jan, but double payment in Feb 2024. Feb 2024, CRA sends a letter based on "2022" income subject to clawback. Client submits T1213OAS, clawback removed but not fast enough to avoid Clawback for March. Client files 2023 income tax, new letter from CRA based on 2023 tax return will be subject to Clawback as of July 2024. Client calls CRA. T1213OAS submitted was against the 2022 assessment, therefore must submit the T1213OAS AGAIN to eliminate clawback for 2024. However, cheeky CRA just indicates that the withheld serves as pre paid tax! Applied for the 1 year previous unpaid OAS, Service Canada takes 120 - 180 days. So if a client is somewhat relying on the predicted cashflow for this 1st year of retirement, they need to be ready for a lot of hoop dancing.
Pension Income tax Credit ($2,000) Question.... - If I am 65 and drawing from a RIF Account and 2 LIF Accounts’s, do I get the $2000 Pension Income tax Credit from each account ? If not, can you elaborate on how it would work ?
@@rickstanhope7154 you get one $2000 pension tax credit in total each year. You don’t double or triple it up if you are taking from multiple RRIF/LIF accounts.
Wow Mark, totally impressed with this video. I am working full time in my otherwise retirement, defined benefit etc. I’m keeping a watch here; maybe will reach out.
Thanks Chuck!
One thing to consider is that if an RRSP contribution is made today, you can choose when to recognize the deduction. For example, if a young professional is just starting out in their career and earning less than future years. It can still make sense to contribute to an RRSP and then recognize the deduction in a future year when income is higher.
I worked in healthcare for the last 18 years in your lower income so this video very little value to me !
What if Jill had 3 children, is it 1/3 for each kid on Capital Gains?
I take calls for Sun Life CDCP and this is a great video 😇
This was SUCH a helpful video to watch before our next call with our investment advisor. All the moving parts or making the annuity decision are coming into focus during your video. Super helpful!
Glad you enjoyed it! Jason is the best!
I will add, I am still taking on a few investment management and planning clients. If you are open to a change in your advisory relationship, I would be glad to speak with you about it.
OAS clawback is a future tax on current success .
Or realistically, the couple would likely need around 7000 bucks a month. As well, the rate of return on a conservative investment is not above 5%. In fact it’s more likely that you’re going to count on 4%. I know financial planning at banks have around 3.51% as their target for growth and investments with inflation running around 2.5%. This means you’re gonna have to need a whole lot more money than what you’re saying in this video. That was said by someone else earlier there’s no way a couple can live on 250 bucks a week on groceries unless they’re just eating all the food that’s in the inside part of the grocery store which is the bad carbs and canned stuff, as opposed to the food that’s on the outside edge of the grocery store, which is, all the healthy food which cost a whole lot more. Anyway, retirement planning is a bit of a crapshoot when it comes to stock market payout inflation numbers. I would recommend if someone has a plan that gives him 7000 bucks a month that they would likely need to aim for 8000 bucks a month just to be safe. There is that factor of the go go slow, go and no go phase of retirement as well. You could probably start the plan out at 8000 bucks a month from 65 to 75 7000 bucks a month from 75 to 85, and if you’re very lucky 6000 bucks a month from 85 till the end; which could be 95 if you’re one of the few people in Canada that lives that long. The recommendation is make sure you have lots of kids that way even if you run out of money you can live in the basement. Thank you an excellent video and I do understand that the Royal Bank also uses the same offer you’re using now, but for you to not take money out of the bank, so their retirement planning is probably a little bit skewed
Thanks JD. Yes the underlying assumptions are always important. I’m sure mine aren’t perfect but I think they are prudent. Regardless, they should always be revisited on a regular basis. And in terms of spending, of course those monthly numbers should be specific to each individual.
@@WalhoutFinancial Thanks Mark, you are the expert
@@JDRichard not sure about expert, but I’ll take the compliment:) thanks JD.
@@WalhoutFinancial but of course, Henry Ford said that the minute someone declares themselves an expert he fires them because they have every reason to say no
Trudeau's team of Liberals and Poilievre's team of Conservatives should be the key speakers at each summit of Chambers of Commerce, Boards of Trade, Professional associations and Small business councils so each team can have their chances to directly answer the questions from the people who are impacted directly from the Capital Gains taxes increases.
Excellent guest and video, thanks!
Legalese overload
you didn't mention moving the cottage to a trust
Good point. I’m going to do a cottage trust video this summer.
Can you please talk about ALDAs? I see that only Desjardins is selling them. Female in my early 50s, husband in early 60s has recently retired. I’m looking at scaling back to part time work. Have longevity on both sides of my parents. Have a moderate nest egg. Wondering if investing 10% of my savings (from LiRA/RRSP) in an ALDA starting at 70(?) along with deferring CPP and OAS to 70 would provide some peace of mind that would allow me to make the leap into semi or early retirement with what I’ve got in savings with less anxiety. Thank you
Thanks for the question. Yes I will do a video on ALDA’s this summer.
$6 to 8K per annum on $100k annuity seems pretty high given todays rates. Are you sure these numbers are accurate?
Absolutely. For a 70 year old male, market price is around $7000/yr. It would be slightly less for a female.
What would happen if Jill passed away and in her Will she leaves the cottage to her son, would there be any taxes payable under this senerio?
Using all the same assumptions stated in the video, she would report a capital gain on her final tax return and her estate would need to settle the tax bill. The cottage would be subject to probate. If there are enough other assets in the estate to settle the tax bill, and assuming that she bequeathed the cottage to John, then he would inherit the cottage once the final tax returns were filed, taxes were paid, and a clearance certificate was obtained from the CRA.
Why not have your family member give you the capitol gains money and then gift it to them.
Not sure I follow
Please comment on Whole Insurance as a retirement/tax vehicle
Short answer is - I don't love it. I did a video on Life insurance a few weeks ago that touches on this. If someone already has a whole life policy, it may make sense to hold onto it and use it as a backstop asset for income later in retirement. But, I've not recommended new whole life insurance to soon-to-be retirees for retirement income because there are often more efficient, more liquid, and less costly ways to use those funds.
CRA loves to be a beneficiary of any gains that had them not risking anything.
My wife and I are buying our daughter’s house for the remaining balance on the mortgage, which is about $80,000 less than its current worth. We want both our daughter and her ex-husband to have an equity stake in the property, which will equal the fair market value of the property. The title for the home will be in our name, though. I am wondering how capital gains work in this situation. If we need to sell the home at market value in the future, will the capital gain only be on the amount over and above the agreed-upon selling price? Also, how do you suggest we find the current market value of the home? Could we use the current tax assessment?
I’m not sure I understand your situation based on your question. Can you elaborate? You’re buying your daughter’s house from her? And you want her and her EX husband to be on title?
@@WalhoutFinancial Hi, thanks for replyiig. No, my wife and I would own the home and the title would be in our name. We are purchasing the home for the outstanding balance and hope to benefical interest to each of them should the house eventually sell. We will rent the home back to my daughter for less than market rates. The equity each of them have in the property is meant to ensure that the rent is paid/ support payments are made.
You will need to report a capital gain at the fair market value when the legal ownership of the home changes hands, assuming that the property in question is not your and your wife's principal residence and therefore not eligible for the principal residence exemption. If you end up charging your daughter less-than-market value at the time that the legal ownership changes hands, then you risk double taxation - as I outline in the video. It sounds like your goal is that you and your wife will continue to legally own the house for some period of time, but hope that your daughter and her ex can claim the principal residence exemption during that period of time - I don't think that will work. The property has to be legally and beneficially owned by your daughter and her ex if they want to shelter any capital gains using their principal residence exemption. Regarding valuation, the CRA does not provide detailed guidance on what they will accept for fair market value calculations, but you will have to defend the fair market value price you choose to include in the tax calculation if you are eventually audited. If it were me, I would get 2 letters from 2 different realtors providing their estimated price for the home, plus a list of current comparable properties on the market. I would staple that all together and put it in a file with my tax return for the year. I'm not confident I understand the facts of your situation correctly, so please talk to your lawyer and accountant before making any decisions.
@@WalhoutFinancial Thank you for response and sound advice, Mark We'll defintiely be utlizing a lawyer to facilitate the purchase and agreement. We will be using the current tax assessment of the property which is in line with the market but getting a couple of other assessments is a good idea. Regarding any capital gain, our intention is to purchase the home at market value. When the house is sold, we would get our intial investment back, my daughter and her ex. would receive the equity each of them had when we purchased the home. We would have to have an agreement to clarify who would pay tax on the capital gain if any.
What if John doesn’t own any property and the gifting of the cottage would become his primary residence? And what if he’s been living in the cottage and been paying all the bills and maintenance on it for 10 years now? I know the land transfer tax would be reduced by $4000 in Ontario ($365,000 of the $400k fmv)
Good points. At the beginning of the video I disclaimed that john recently bought a home and was a bit cash strapped hence why he can't pay his mom FMV. If John buys the cottage from his mom, ordinarily inhabits it, then 10 years down the road John sells the cottage for a gain, then yes he could elect to use the principal residence exemption on the cottage. Yes, transferring at less than FMV would also reduce land transfer taxes, but it would also open up risk of audit, interest and penalties.
@@WalhoutFinancial understood, but I was asking about the parent gifting the cottage/her second property to her son that was living at the cottage as his residence and he was paying all the bills/property taxes and maintenance on it but didn’t own it. It will become his primary residence when she gifts him the cottage and she will still have to pay capital gains on the fmv at the gifting time. Any future capital gains would be not taxable since it is his primary residence so if she says the fmv was $200k instead of $400k, there wouldn’t be double taxation and the government is money grabbing if they go back and tax on a $400k market value. Just not fair in my books.
@@halohms ah, I see what you mean. Yeah, you have to own the property legally to claim the PRE. So, the son is out of luck in that scenario, unfortunately. If I encountered this scenario with a client in real life, I would suggest that they consider one of the alternatives that I mentioned in the back half of the video. Gift at FMV or sale at FMV using a promissory note and the capital gains reserve.
If this cottage is jills primary residence i there no taxes on capitol gains ??meaning that if it is her primary residence she could pass on to the son and son wouldnt pay any capitol gains unless it increases from fair market value after inherited ? Even if kid already owned a house ???
@@loudmacleodsadventure3782 you are correct. If Jill doesn’t own another property, she could claim the PRE on the cabin. I didn’t make it clear in my intro but I assumed in the example that she owns another home and will use the PRE on that property.
Then first question you take OAS a few months before your 70th birthday and make sure you see that first payment then you split the country for good and get full OAS grossed up by almost 36 percent. Check the list of countries that have treaties with Canada and go to one on the list to avoid a full OAS clawback if you retired in Canada. Mexico has double digit interest rates and a very strong currency. So if you have a spare couple of millions to throw into interest bearing certificates retire in Mexico. Portugal is on the list if you're poor but will still lose all your OAS in Canada in a clawback. This is how to avoid all your OAS getting clawed back and in Mexico your yearly income doubles in interest bearing certificates while watching the Peso crush the Canadian dollar.
All insurance is for suckers. Unless insurance is mandatory never take out insurance. In the long-run the house always wins and you lose. I drove all my sports cars with no insurance until it became mandatory. Pay cash for home to avoid mortgage insurance and if you can cover millions of dollars worth of losses never take out home insurance.
Since Canada is one of the very few countries in the world with no gift tax the idea is to give most of your money to your heirs before you die. That's what my father did and his father did and my great grandfather did. Capital gains were tax free when my grandfather and great grandfather died.
I never had to work so I never worked. Even my grandfather retired with more than a million dollars in the 1930's. Things don't look good for future retirees. At some point in time the U.S. stock market will implode reminiscent of the '29 crash back down to fair market value. Ponzi's with zero fundamentals don't last forever. Gold and long term bonds as of today June 7th 2024 after the jobs reports both in Canada and in America look like the best thing to hold and stocks the worse thing to hold.
I did that survey. I do not think it was particularly well written. I also think that the 3 years or so of total disruption due to the pandemic made a hash of the results. One obvious one was about travel. If you are concerned about leaving your home international travel falls off the list, another is caring for relatives, a huge change in the probability of that happening over the short or long term. Another is in the investing areas. There is a very high usage of mutual funds. I would expect that a large percentage of those people also checked off 6 or so other boxes for investment types and they understand diversification. The mutual funds only group is likely a third or less of that segment. The dissatisfied in retirement group is almost the same percentage as the "I couldn't do the job any more" and the "I was packaged out" groups together. I don't think that is a coincidence.There doesn't seem to be a "I am retired because where I worked cratered and no one will hire me for enough to cover the costs of working" category. Ipsos needs to do this again after some improvements in the interview and add a section on the real impacts of inflation and interest rates returning to close to normal. BTW I think it needs to be said that if inflation is running 2% as targeted then 4% rate of return is the minimum required to make any after tax return on an investment and you have to escalate that for risk.
Thanks for the thoughtful comments, Mark. I agree that it's hard to know what conclusions we can really draw from surveys like this.
This happened to me for the 2023 tax year, one time gain. I’m filling out a T1213OAS form right now. What year do I put on top of the form?
Hi Mary, the current year (2024)
GIS Clawback Question. Hi Mark, I live in Ontario, my wife is 58, and in May 2024 I will turn 65 and our combined income in 2022 was below the 51,800 GIS threshold. In Jan 2024 I applied for my OAS & GIS and have been approved for OAS and a very small amount of GIS and CRA has confirmed I will receive my first OAS/GIS payment in June 2024. I have since completed my 2023 Tax return where our combined income was 55,000 (i.e. over the 51,800 GIS threshold) such that I do not believe I would continue to qualify for GIS. When CRA does their quarterly review and discover I no longer qualify for GIA, will they start a clawback process or will they simple stop the GIS supplement payment ? Any feedback is appreciated.
Hi Rick, your questions are very good and also very specific. 😂 You should consider a call with a planner. My information is in the description of all of my videos.
Mark you do an excellent job explaining important retirement topics. I really appreciate your content. You are one of the very best personal investment TH-cam channels. 👍
Thanks Max that’s very kind of you
I'm presently 61 when is the next age group covered for the government dental benefits. Will it be next year in 2025?
Yes, Canadians under age 65 can apply starting in 2025.
Would the dental include dentures?
yes, but check with your dentist to make sure they are participating and if there is any difference between their rate card and the government rate card.
ii am under the 90,000 amount the 4 dentists here i phoned 2 of them so far i would still have to pay to get dentures. is what the nurse said..not the whole amount.. but i will have to pay a certain amount.. so it's not free for everyone under 90.000 or 70,000
Thanks for watching. Yes, the dentists do not need to have their prices match the amount covered by the government exactly. There will be cases where the dentists will charge more than the covered amount.
Really great video! Thanks for sharing this process.
Thanks Cory!
Hello Mark: Great video, I have laid out my retirement financila plan in excel spreadsheet, current investment, future value, Future income - future expenses, One of these days I wil make an appt and go over to see if in fact I need financial planner or what I have is done is good enough
Thanks!
Fifteen years ago I would have really benefited from engaging a financial advisor (not a bank mutual fund sales person). It wouldn’t surprise me if I’ve spent 10,000 hours learning everything I know today and building complex and comprehensive spreadsheets. If you’re just starting out, I recommend you talk to someone whose job is financial planning.
It's definitely a lot of work. Glad to hear you've built up your knowledge though!
This is excellent video! A family member and I are working through getting our POA and will updated/ created for myself. We are also looking at working with corporate trustee but first call with them was ovewhelming. this helped break down our options. Thank you!
Thanks for watching!
I like your content. Subscribed.
Welcome aboard!
(paid off house + car, credit cards = 0) + (5500 - SS$)*20.
Thank you. This was 👍.
Glad it was helpful!
Our FP works at IA and he ASKED us if we thonk it is a good idea to take CPP at 60 for my spouse. He never asked these questions and put it on us to figure out. His mgmt fees are .85% and we have over 1.5. We are now reconsidering changing to another FB possibly at RBC.
Or you can drop me a line :). My fees will be slightly lower than what you outlined based on your total savings amount and I can assure you our planning meetings will be more thorough than asking YOU to come up with all the ideas. :)
@WalhoutFinancial Thank you, Mark.for your response. We live in south western Ontario. Would that work for you?
@@everymomentisagift absolutely. I do most of my work remotely, but I do travel out to SWO from time to time for in person visit if that interests you.
Yes that does very much interest me and my spouse Could we speak with you the week of Tuesday May 28th to Friday or the 1st week of June? Anytime during the day works well for us. Thank you.
@@everymomentisagift Thanks, can you send me an email and we can coordinate there? mark@walhoutfinancial.ca
I'm sorry, you're not going to evoke sympathy from me for those wealthy enough to have investments that garner capital gains of over $250,000.
That’s a fair statement.
Hey. Some people have worked their ass off / and crimped and saved to make that money. It's not the governments job to rob you of your well earned wealth.
@@charmainekirk1512 Hey. Capital gains have, for years, been a tax break for the wealthy. Many who work their asses off are not in a position to invest in anything that garners capital gains, yet their entire income is taxed. I think it's only fair to tax capital gains, including those less than $250,000.