What I am teaching my kids is that if your income is less than the CPP YMPE then put any income you can into a TFSA. If you exceed the TFSA maximum then put extra into RRSP or FHSA. When your income exceeds the CPP YMPE then put money into a RRSP (or FHSA if needed). I also tell them that when a friend says “Let’s go to Starbucks” then go, but once in a while say “No, that is too expensive” and put the money you would have spent into your registered account where it can grow.
Great video,you are correct.Not always is a meltdown the best idea . But if a client will see a jump in their income post 65 with CPP and OAS streams starting,it may be wise to “meltdown “the RRSP and move the money to TFSA when income is lower before the the others kick in ….Again each clients scenario is different? Love the video and format as well 👍
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.
Re. RRSP. What are the chances that someone new to the workforce, won’t be in a higher tax bracket later in life? My thoughts are wait a few years, and max out your TFSA, then re-evaluate every few years.
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This was great. Looking forward to the next one.
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I liked the video format. Thank you.
Awesome, thank you!
Thank you. This was 👍.
Glad it was helpful!
I like your content. Subscribed.
Welcome aboard!
What I am teaching my kids is that if your income is less than the CPP YMPE then put any income you can into a TFSA. If you exceed the TFSA maximum then put extra into RRSP or FHSA. When your income exceeds the CPP YMPE then put money into a RRSP (or FHSA if needed). I also tell them that when a friend says “Let’s go to Starbucks” then go, but once in a while say “No, that is too expensive” and put the money you would have spent into your registered account where it can grow.
I like it!
My old man taught me if you can't pay cash for something then you can't afford it. He also said show me an honest man and I'll show you a poor man.
Great video,you are correct.Not always is a meltdown the best idea . But if a client will see a jump in their income post 65 with CPP and OAS streams starting,it may be wise to “meltdown “the RRSP and move the money to TFSA when income is lower before the the others kick in ….Again each clients scenario is different?
Love the video and format as well 👍
Thanks Jeff!
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.
Re. RRSP. What are the chances that someone new to the workforce, won’t be in a higher tax bracket later in life? My thoughts are wait a few years, and max out your TFSA, then re-evaluate every few years.
It’s rare but it can happen for sure.