Thank you so much for bringing this situation up. I have seen this exact question asked numerous times in the comments section of videos of advisors pounding the table to defer until 70, and it rarely if ever seems to get a response.
Hey thanks for watching and letting me know it was something you were looking for. I'm generally in the camp of CPP-at-70 being a really good deal that more people should consider but I also think that people need to make that decision with their eyes open to the potential risks. Any other CPP questions I should cover in the future?
What you are not taking into account in your scenario of saving rrsp to later is the tax obligation on the entire rrsp upon death. That’s a huge hit. The question is that rrsp tax at death worse than loss of the cop benefit? It depends.
Thank you so much for bringing this situation up. I have seen this exact question asked numerous times in the comments section of videos of advisors pounding the table to defer until 70, and it rarely if ever seems to get a response.
Hey thanks for watching and letting me know it was something you were looking for. I'm generally in the camp of CPP-at-70 being a really good deal that more people should consider but I also think that people need to make that decision with their eyes open to the potential risks. Any other CPP questions I should cover in the future?
What you are not taking into account in your scenario of saving rrsp to later is the tax obligation on the entire rrsp upon death. That’s a huge hit. The question is that rrsp tax at death worse than loss of the cop benefit? It depends.