วีดีโอ

You both are confusing more than making the person to understand it. Just speak one by one and if any thing is .missed then the other person can fill it up .

What is the maximum OAS ???

63 should be the age,, most people can't enjoy retirement alot off people dieing off around that age

does it have to stop when you pass? I want to live good in my after life. If I went to apply for a loan and something came up on the form that said pensionable income. Any idea what it means if I never inquired about it or how it got there? I'm new

My opinion only. In order to get senior housing. You need to be 50 or more. So stop this now. Or lower the age. It shouldn't go any higher then 62 or 63.

Canadians should vote 55 is best to retire change law now

Canada or US?

Are u saying trudeau is going to take our a oas

Very helpful. Thank you!

Whot is TFSA ? THANK YOU

I calculated again and again even I retire at 55 and invest using 7.5%-(3.87% inflation) the break even for take 60 and 70 still 78 years old.

8:03 you should also give retire 55 take CPCP 60 what is the number so we can compare!

I found out a few days ago that, if I die, my cpp dies with me, corruption, corruption

Thank you. Great advice.

Annoying the guest talking above the host grrrr so hard to listen to 😮

it is unfair!

what if I am not married and don't have any family, I have a house in another country and a friend of mine will heritage my house. I only have credit card debt in the country I was living when I died (I was citizen) and I was renting, without car?

What happens where there is credit card debt owing (unsecured), and the deceased has no assets. Is the Executor personally responsible to pay?

why does the title say 'retire at 60' when the case you examine is for a couple retiring at 63 ???

Ya! Not everyone is making that when they retire! Let look at for Two, half that hundred grand a year?

So as somebody who makes less than $90,000 this is not my problem. Worked my whole life.

Is it necessary to probate the less than 50 thousand dollars? What are the other options to claim that amount without probate?

Ok, you hate paying tax...... It has happened before: The tax haters and private insurance, and private investment lovers, losing all, and jumping out of windows etc., incapable of facing life any longer.

You should be able to leave uour money in your rrsp and withdraw it as you see fit not as mandated by the govt in a rif.That way you will have a margine of safety when or if you reach 90. A self directed retirement plan should be self directed right to the end.You should be pushing to change the law to allow this not telling us the way it is as if that makes sense.

It's called CORRUPTION.

The big expense is not Probate fees. It is hiring a lawyer. They will make a dispropotionate and unjust fee from you for the amount of work they do. Most charge 2% of the pre-tax extate value which includes property, investments etc. It is not uncommon for a family to pay $20,000.00 ior more n such fees. Good presentation however this was not mentioned.

I struggled more in 2023 financially and got 187.00 cut from my pension this year. I made no extra income ? And…You can bet ALL my money was used up from the inflated prices, days before the month was over I hate living here in Canada now and am looking for another country. This government is literally a bunch of thieves and liars😢 It is with great sadness I say goodbye to a country I was born in. Go ahead take it. Just keep in mind, the five generations of my family, never had someone building them a house. Or buying them food. Why are we going without so these new people coming here in droves with no skills now need us to build them houses too? 😢

I am a co-executor with my brother on my mother will. He redacted a lot of the information in her banking accounts paid half her taxes and half of everything else and then expect me to split with him What is left and then pay my half it’s too hard to explain here but I asked the lawyer about going to probate court and it’s gonna cost me $10,000 just to file. The estate is only worth maybe 100,000.

What is your fees sir

In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee

In Alberta probate is relatively cheap but the legal fees to get the grant may be terrible. Some lawyers charge several percent on the value of the assets rather than a fixed fee

GICs are garbage, bank gives you 5% and they make 20%. Taxed as income. Invest in dividend or capital gain/ ROC income sources that are taxed at lower tax rates.

What are the taxes in all those years? It’s also incorrect to use the same income till death. As you age you will spend less.

61K/yr...um I'll be less than half that with CPP and a DB pension(retiring at 63). My partner's DB pension, CPP, OAS and RRIF is quite high, so until I hit 65 we'll use my lower income at tax time for income splitting to save him 💰. When I turn 65 I'll convert my RRSP to a RRIF and delay taking OAS so we can still stay within the same tax bracket.

Can I convert my RRSP at 63 or 64 when I retire?

Just another way to stick it to you .

Yes cutting our oas and also aish. They cut 400 from my son aish check cuz he is living with someone who is on oas and whose oas was also cut. Now they cant pay their rent.

Realistically, living in Alberta, the probate fees are not my worry. What's more likely to be an issue is the massive tax hits from capital gains on everything that you try to sell or unwind. Because you're forced to take all the income at once, it'll push the estate into a very high tax bracket forcing a huge percentage to go to the government instead of the beneficiaries

You should be able to leave your money in your rrsp and remove money as you see fit depending on your circumstances not as mandated by the govt. That would be a real self directed retirement plan If the market takes a dive and you must take out a minimum based on a higher amount you will draw down your rrif very fast not to mention the high withdrawl rates as you get older. You should be pushing for this as im sure many canadians would agree.

Great info. I like the QA format. One question if you could clarify: (@8:20) you talked about income splitting at 65 with with spouse. Does your spouse have to be 65 as well? or only one partner - doing the split - have to be 65. And follow on to that Is it correct that if One Partner is 65+ and other is, say 62, you can withdraw 4K per year; income split and pay no tax - due to tax credit. please clarify. Thanks

Hi, My Rrsp are all investments, so then I will convert to RRIF Inv. It will still grow in value, so at age 72 does that mean I have to redraw market value from my portfolio. Sorry, I am new at investing. Thks

is there any advantage to change an RRSP to a RRIF if you are years away from 71? is taking money out of an RRSP seen differently (like having to pay CPP on it if that is your only income source idk if that is a thing) are not both seen as retirement income? I'm 50 and thought i may retire in 5 years.

Nice! Had no idea about the $2k RRIF tax credit at age 65. Thanks

What a load of BS. My sisters and I were placed on our mother’s bank account and investment account as “and or survivor”. This prevent some weasels in her nursing home from presenting a bogus will which gave her money to them! Remember to protect your family from these crooks!

What's the most common winning investment strategy for a new beginner

You should be able to leave your money in your rrsp and withdraw it as you see fit rather than having to withdraw it as mandated by the govt after age 71 whether you need it or not. That would be a real self directed retirement plan.Take a look at the withdrawl tables for a rif and especially for the later years. When or if you reach 90 you will be broke.Write to the finance minister and prime minister expressing your concerns about this policy.

Great ideas, but if the government keeps changing the rules you are back to square one.

Working in Canada 10 years, live canada,come bucke to Europe... with 65 i don't have enithing from Canada ...no reson...!( exept what i pay for cpc) but i was working hard work and pay tax ...so ned give me somthing from Canada... Not fer...!😢

THEY CUTTING MY PENSION EVERY TWO MONTHS. ALSI AISH. THEY ARE CUTTING AISH RECIPIENTS BY 400 500 600 P.M. WHY ARE THEY ATTACKING THE POOREST OF THE POOREST. THIS SHIT HAS TO STOP. WHY DONT THEY ATTACK THE BILLIONAIRES WHO PAY NO TAXES.

You really should, if possible, moderate your comment section. There is clearly an alleged attempt to cheat your viewers out of their money by several people making comments. If you can't delete the comment(s) because of TH-cam rules, at least warn your viewers. You both give Canadians excellent, truthful, and trusted advice, and it's a shame some people might try and take advantage of your good work to hurt the same audience you are trying to help.