Too much eye-strain trying to see your spreadsheet examples, I hope you will consider zooming in more on the numbers you're trying to show otherwise I won't be able to watch. Great content!
@brianxyz
3 күн бұрын
Yes! I miss the days when Adam used to ZOOM in on the numbers. The spotlight effect does not help. Hopefully he goes back to zooming in a lot like he used to. Kind of wish he would redo videos from the last several months so we can actually see the numbers.
@ramspace
3 күн бұрын
Yes.
@bluesideupfl510
2 күн бұрын
Go to theatre mode on youtube. That should help
@Andre_Beth
2 күн бұрын
@@bluesideupfl510 I use a 55 inch screen, full screen of course (theatre mode), but thanks - I hope you will consider making it easier for some of older folks to see some of your examples going forward (more contrast & zoom-in more). Hope you take this as informative feedback - cheers.
@seahog32
3 күн бұрын
Wish I had that problem.
@sandray7609
3 күн бұрын
It looks like they had a windfall in the non reg
@ColdRunnerGWN
3 күн бұрын
@@sandray7609 - That's what it sounded like to me. Probably a parent passed away and they sold the house.
@jaxwylde2139
2 күн бұрын
Adam, I noticed that when calculating each year's Future Value (after withdrawals or contributions), your software is using only 1 "Period" in the calculation. I would have thought that since most retirees would require a monthly income, the RRSP (or TFSA or Non-Reg) future value calculation would apply 12 'Periods' (along with rate/12) to get the end result for each year. The difference, over the retirement years can be significant, depending on starting principle, the assumed growth rate, and amount withdrawn/contributed. I'm not an accountant or financial planner, so am assuming there is a good reason for this, that I'm not aware of (i.e. it's a more conservative approach, and that's always a good thing?)) Cheers!
@tvted6160
3 күн бұрын
Another nice video Adam 👍
@JoeS1956
3 күн бұрын
Hey Adam. Love your very informative video's as you know. Drawing down your RRSP so the last surviving spouse doesn't end up with a huge tax bill sure is eye opening to many. l would love to see you do a video on the one investment account that doesn't get much attention, and that is the non registered account. Not long ago, l learned that whatever investments l have through my brokerage in a non registered account ends up having to go through probate upon death for the surviving spouse. l would love to hear suggestions on this subject.
@OptimisticHominid
3 күн бұрын
Re. "Drawing down your RRSP so the last surviving spouse doesn't end up with a huge tax bill" With everything setup correctly, the spouse will not get a tax bill; it's the estate that gets a tax bill on the death of the last surviving spouse.
@harveythompson6951
3 күн бұрын
It gets rolled over into the RRSP of the surviving spouse. Not a huge tax bill.
@JoeS1956
2 күн бұрын
@@harveythompson6951 That's not what l was told by my brokerage. l never heard of that either but will check it out.
@JoeS1956
2 күн бұрын
@@harveythompson6951 I never heard of that and that's not what l was told by my brokerage. As far as l was told, whatever is in my non-registered account would have to go through probate. Hopefully Adam will fill us in with the correct info and what better to do.
@rogercyr1551
3 күн бұрын
You are absolutely right, Adam, definitely the way to go. When I started to draw down on my $630,000 RRSP in 2019 by taking out $50,000/year, here I am six years later and after withdrawing $250,000 there's still $500,000 in the portfolio, thanks to the magic of the stock market over the last five years. At this rate I don't know how long it will take me to melt down the RRSP, but I'm happy with the way things are going so far! I only started my CPP last year at 70, and I'm collecting close to the maximum there. I planning to buy a second motorcycle next year...
@1983dmd
2 күн бұрын
Same ''problem '' here...After withdrawing $ 150 000 in total for the last 2 years, my RRSP has increased in value !! Can't bring it down !! But we know how stock market behaves...
@rogercyr1551
2 күн бұрын
For sure,@@1983dmd! I always keep that in mind and am prepared to adjust as needed. I have no debts, so meanwhile, I just roll with it.
@titus2744
3 күн бұрын
When you withdraw from RRSP/RIP from my understanding it is considered income, in turn increasing your effective tax rate, marginal tax rate. Additionally since it is withdrawn before the age of 65, you cannot even do pension splitting. Instead if you are withdrawing from registered only 50% is considered as income. Would appreciate if someone could explain how RRSP meltdown saved tax for this case.
@OptimisticHominid
3 күн бұрын
This is not correct: "if you are withdrawing from [non-]registered only 50% is considered as income" Only 50% of the gain is considered as income. So, if you paid $50K for the stock, and sold it for $70K and used that for income, only $10K is taxable. Now, if you have a capital loss from a previous year, that can offset the taxable gain, reducing the tax due. Other factors may also reduce the tax due. As for the RRSP meltdown, it's a fairly complex problem, as you need to take into account many different factors. I'd recommend you have your situation run through financial planning software. We did, and it made our path clear.
@titussebastian7644
3 күн бұрын
Sorry correction - non-registered. Only 50% of gains is accounted as income when it is from a non-registered account.
@Joerico-g3c
3 күн бұрын
Hit 250k today. Appreciate you for all the knowledge and nuggets you had thrown my way over the last months. Started with 24k in April 2024..
@RachelMims-l8n
3 күн бұрын
I would really love to know how much work you did put in to get to this stage
@Joerico-g3c
3 күн бұрын
I will be forever grateful to you, you changed my whole life and I will continue to preach on your behalf for the whole world to hear that you saved me from huge financial debt with just a small Investment, thank you Alesia Haas you're such a life saver
@StephenJonas-k5d
3 күн бұрын
As a beginner in this, it’s essential for you to have a mentor to keep you accountable. Alesia Haas is also my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.
@KurtOsinski
3 күн бұрын
Same, I operate a wide- range of Investments with help from My Financial Adviser. My advice is to get a professional who will help you, plan and enhance your management skills. For the record, working with Alesia Haas, has been an amazing experience.
@ChristianaBremer-z1q
3 күн бұрын
I'm favoured, $30K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America,, all thanks to this same Alesia Haas.
@murraytown4
3 күн бұрын
Pension+RRIF+TFSA (for rainy days)
@ronbonora7872
Күн бұрын
some can add a company pension too!
@murraytown4
Күн бұрын
@@ronbonora7872 of course. I did.
@Wavbuo
3 күн бұрын
Nice video. By the way, did the software considered (1) annual tax on non-registered account? This could reduce the effective growth by at least 0.5% comparing to the growth rates in RRSP and TFSA. (2) to cover the $115,000 expense, one needs to withdraw more from RRSP accounts to pay more tax compares to withdraw from non-registered account.
@ParallelWealth
3 күн бұрын
Yes it takes that into account
@alexandrealferan7144
3 күн бұрын
Plan to retire at 50's... support myself for age 65-70 with investments since we will Emigrate out of Canada with a minimum 25% at all investments in terms of taxes... But at least we will not be waiting for hospital wait rooms with our private health insurance and less $ for recreation and eating out and actually living. Hoping to get 3-4k more once CPP and OAS kicks in (also expecting OAS to not exist)
@dlsl2828
3 күн бұрын
Hi Adam Thanks again for another great video. Another clip you could maybe do. Unless you have one that speaks to this. My ? Is In regards to riff withdrawls. Monthly , weekly, by weekly. What’s best. My thoughts are weekly, ( if you can do that) leaving your investments to keep generating. Thks in advance
@mikejohnston6796
3 күн бұрын
Would this same strategy work for a more realistic retirement where a couple has only saved about $250,000 in an RRSP with no TFSA. And why does this strategy save taxes?
@ParallelWealth
3 күн бұрын
You bet it does. Helps level out the average tax rate, as well as allows you to draw more on the registered accounts to delay your CPP which grows at a faster rate. It's multiple moving parts that make the process work in your favor.
@barbarahenn-pander5872
3 күн бұрын
I’m always interested in your videos but those illegible spreadsheets are useless. Please enlarge the info and simplify. Love your content!!
@ParallelWealth
3 күн бұрын
Half our viewers are on a TV, so easy to read....but if you are on a phone it becomes challenging!
@pjf93
3 күн бұрын
Great information as always. A friend of mine that has a 2 million dollar RRSP and is making about 225K on dividends each year. Would would be the strategy for RRSP meltdown at these high levels of dividends? Thanks
@rogercyr1551
3 күн бұрын
party like it's 1999...
@andreagraham296
3 күн бұрын
What are your thoughts on POD and TOD (Payable on Death ) and Transfer on Death? You never discuss it. To me it might be away paying tax on the estate? thoughts?
@ybc8495
3 күн бұрын
how come normal people can have 2M 6M this is not relastic.
@ColdRunnerGWN
3 күн бұрын
It's likely they had an inheritance. I know more than a few people who live in Toronto or Vancouver whose parent's house is worth quite a bit.
@nickstark8479
3 күн бұрын
It's "normal" if they started preparing early on (20s-30s) and had been putting $300-500 away each month for retirement. But it's not "normal" in that I'm sure very few people start thinking about retirement that early on.
@junea3259
3 күн бұрын
I have to take money out of my riff to pay my taxes which just costs me more taxes ??
@larryabela4095
3 күн бұрын
A lot of gymnastics to leave a an estate that is 2.5% larger at age 95 to my 70 year old children. I’d buy a helicopter. Probably a Robinson
@ParallelWealth
3 күн бұрын
The whole idea would be to free up the cash (which this does) to help them earlier. We have a few videos that outline that process.
@user-vs1bh7dd8h
3 күн бұрын
Great video as always, Adam. I’m a fan of the RRSP meltdown strategy, but I’m curious about its impact on those using high-yield income strategies, like Covered Calls, within their RRSPs that generate 13-16% annual dividends. Wouldn’t they need to withdraw more to reduce the principal? Otherwise, they’d only be withdrawing the dividend portion, and the principal would continue to grow.
@paulinanelega
3 күн бұрын
No guarantee the prinicipal will grow (depends on the market), but I agree w/your statement about the dividends. The drawdown scenarios don't explain how much is from the dividends being earned and how much is from the principal.
@1983dmd
2 күн бұрын
@@paulinanelega Beware : Past results do not guarantee future results...like they say at the bottom !!!;)
@Level70-x4d
3 күн бұрын
What happens if you have a LIF as well? Do you withdraw the maximum allowed each year and then withdraw from the RRIF?
@OptimisticHominid
3 күн бұрын
My wife withdraws the maximum from her LIF and less from the RRIF. The reason is because the LIF is less flexible, i.e. she can't make a large unexpected withdrawal from the LIF, whereas she can from the RRIF.
@JohnGor-ch9tv
3 күн бұрын
The stragedy generally points towards the same solutions as usual - delay CPP , use TFSA first, Watch withdrawal and amounts to prevent callbacks. Right?
@Level70-x4d
3 күн бұрын
why would you withdrawal from the TFSA first? It’s tax free let it grow. TFSA should be LAST.
@blairkinsman3477
3 күн бұрын
His strategy says melt down the RRSP first ...
@Level70-x4d
3 күн бұрын
@@JohnGor-ch9tv I tried modelling this and my total estate value is always maximized when withdrawing from my RRIF/LIF first, my non registered accounts second and my TFSA last…
@samsam8603
3 күн бұрын
If you give your kids money while alive. Do kids have to pay taxes on the money ? Also, is the difference between giving your children while alive VS when you pass part of the estate proceeds ?
@harveythompson6951
3 күн бұрын
No, it's not income. You can sell everything and give them all the cash. They pay no taxes on it except for the income it would generate going forward.
@ParallelWealth
3 күн бұрын
Inheritance in Canada is tax free.
@samsam8603
2 күн бұрын
@ParallelWealth thank you. If there are physical properties, can you explain how the taxes would play out. Thank you.
@Thebignagro
3 күн бұрын
One question I have is that if cpp is adjusted for inflation does that mean for example If 2025 is 3 percent inflation that that mean cpp goes up by 3 percent?
@OptimisticHominid
3 күн бұрын
When CPP is being received, it is indexed by the 2-year average CPI (as at October). Prior to commencing CPP, it is indexed by the 5-year average YMPE increases (also as at October).
@johnwillock6787
3 күн бұрын
That would be correct.
@danbarrett6387
3 күн бұрын
I've retired with 600000K, 350k in cash, low rrsp and tfsa's....rrsp first or tfsa's first?
@lw1405
3 күн бұрын
RRSP first. TFSA is tax free. Leave it
@web3tel
2 күн бұрын
600000K = $600000000, you should not worry I assume
@GrandpaD-mb2lm
2 күн бұрын
Probably meant 600K.
@jimjackson4256
3 күн бұрын
You should be able to leave your money in your rrsp instead of having to turn it into a rif and be forced to remove money whether you need it or not. Being be able to do that would be a true self directed retirement plan.Why aren’t people pushing for that?
@nicklanfear4303
3 күн бұрын
Govt wants its tax on the money back
@harveythompson6951
3 күн бұрын
Because human nature being what it is, many will not touch it and probably live in poverty just because they don't want to pay the tax which is owed.
@jimjackson4256
3 күн бұрын
@@nicklanfear4303 Yes and they will get it when you die and if there is more in your rrsp when you die because you chose the withdrawal rate then they will get that much more because you are taxed at the top marginal rate.
@jimjackson4256
3 күн бұрын
@@harveythompson6951 If people don’t touch it then the govt has a real windfall when you die.
@erikk5992
3 күн бұрын
Back to the spread sheet , your always talking millions of dollars . I must be the only one that has way less then that .
@tracyreaume6451
3 күн бұрын
He’s done lots of videos of less than a million, just go back and find them. 😊
@AlekzLin111
3 күн бұрын
First
@hillquestdualsport
2 күн бұрын
2M? I don't know anyone who has 2M saved for retirement. Your videos cater lean towards the top 1% wage earners. What about us normal middle class folks?
@ronbonora7872
Күн бұрын
YUP. there are more people than you think mate!
@chrisBruner
3 күн бұрын
They were smart enough to save 2 million for retirement, but stupid to leave it in RRSP as long as possible? Doesn't sound likely.
@alanj9978
3 күн бұрын
680 each in RRSPs could have accumulated on its own just in their fifties. They were obviously high income, why pull it out early?
@umutyldran8063
3 күн бұрын
Bring Stephanie Janis Stiefel on the show. She changed my life Financially I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Stephanie Janis Stiefel, for her expertise and exposure to different areas of the market.
@LauchlanBender
3 күн бұрын
I know this lady you just mentioned. Stephanie Janis Stiefel is a portfolio manager and investment advisor. She gained recognition as a former employee at Goldman Sachs; a renowned investor she is. Stephanie Janis Stiefel has demonstrated expertise in investment strategies and has been involved in managing portfolios and providing guidance to clients.
@TerryManitoba
3 күн бұрын
Lets say you melt down your RRSP by $100,00 per year for 10 years. All else remaining equal - You pocket $65,000 and pay $35,000 in tax each year. What is the opportunity cost of NOT having that $35,000 per year remaining in the RRSP growing at 6% per annum in lieu to paying it as tax? I don't appear to me that you take that into consideration when doing you analysis.
@ParallelWealth
3 күн бұрын
All built into the plan and consideration.
@mikechr88
3 күн бұрын
For $100k gross, they'd actually only pay ~14k in tax each year (50k gross each), and once the couple is 65, they'd pay only 10.5% tax (on that 100k inflation adjusted)
@TerryManitoba
3 күн бұрын
@@ParallelWealth Good to know - irregardless of the amount of taxes paid on the RRSP - I don't see a recapture column on your spreadsheet for the opportunity cost of tax pard - or is it built in another part of your calculations. If so could you point out were. THX
@harveythompson6951
3 күн бұрын
Taxes HAVE to be paid, they aren't an option one chooses to have or not. You have to live on something and taxes have to be paid on the income. There is no opportunity cost.
@TerryManitoba
3 күн бұрын
@@harveythompson6951 sure
@DennisDelap
Күн бұрын
Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in
@DennisDelap
Күн бұрын
Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?
@DougT-j8x
Күн бұрын
Thanks Adam, always food for thought in your excellent topics. I appreciate your strategies. Cheers Doug
@laed3520
Күн бұрын
QUESTION - I noticed that your Software regularly increases the Annual TFSA Room a lot faster than the $500 every 5 years that I am used to seeing (2%/yr inflation x 5yrs =10%). Does your Software know something about future inflation that I don't? Thx Adam. Love the videos.
@MercyDabagh
Күн бұрын
Hello Adam. I really appreciate the knowledge to pass to me. I need your help. I’m an Ontario resident and I’m 2years on my retirement. I can you or can you recommend someone in my area. Thanking you in advance
@JohnGor-ch9tv
3 күн бұрын
Thank you for your program and sharing your knowledge… Why wouldn’t projections be available for the wide audience?
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