People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
@BraunRob
5 ай бұрын
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
@katiekilbo
5 ай бұрын
Some persons think inves'tin is all about buying stocks; I think going into the stock market without a good experience is a big risk, that's why I'm lucky to have seen someone like mr Brian.
@MianHussnain-tu1wi
5 ай бұрын
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
@ysareyes
5 ай бұрын
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
@datguy82
5 ай бұрын
Sounds interesting. I was planning to invest some few £ in some coins, stack them up and leave them for a few years, but seeing this changed my mindset. Thank you very much
@Quince828
5 ай бұрын
Good advice. Every year I take the maximum allowed out of my LIRA and a lesser amount out of my RIF.
@evadeanu1
5 ай бұрын
You mean you take max from your LIF. You can’t take anything out of LIRA; I believe it most be converted to LIF first
@garytibo
20 күн бұрын
Nice you answer my question on this video...THANK
@ParallelWealth
19 күн бұрын
No problem 👍
@GarryMurray-i1y
11 күн бұрын
The small provisions thing is extremely confusing and no one talks about this. YMPE is also confusing in conjunction with the unlocking. Round figures… 90k in Ontario i presume only 50% unlocking. Separate funds from same employer being the company moved from GWO to Industrial Alliance and many employees took their GWO pension and moved it to a Lira with other firms. The new contributions moving forward from the company and employees went to Industial Alliance, so basically two different Liras but from the same employer. Confused is an understatement! For unlocking
@thanks4that261
5 ай бұрын
I'm always amazed how many people that work in finance say "you can withdrawal the money" instead of "you can withdraw" the money.
@thanks4that261
5 ай бұрын
But still a great video, very informative! ❤
@tvan3236
5 ай бұрын
If I could give this video a 100 thumbs up I would! Thank you!
@OlegKhomichenko
4 ай бұрын
Hi Adam. I have a question that may be worth the separate video. If a person worked in different companies in different provinces (let say MB, ON, BC) and have multiple LIRAs. Now that person is retiring and resident of AB. Based on what province rule the unlocking will happen?
@thanks4that261
5 ай бұрын
Thanks for the video, so basically, if you're in BC, the BC government bends you over, while Alberta helps you with financial planning.
@stingoterranova1518
5 ай бұрын
😄
@xtos2001
5 ай бұрын
I would say the less common RDSP account is just as complicated...maybe more? I have both and it's been hard to navigate the RDSP even just in setup and funding. Less banks provide RDSP accounts and since few people have it, finding information can be hard in general.
@cancroat-darylporter4881
5 ай бұрын
I recently unlocked a LIRA at 55 , 100% unlocked , as a non Resident since I moved abroad . I was nailed 25% non resident tax and paid over $90,000 in tax ….. insane !
@teckin139
5 ай бұрын
gonna pay anyways so pay all at once is okay too and then put that money back to work on your own terms
@cancroat-darylporter4881
5 ай бұрын
@@teckin139 exactly as I did . But of course any invested money gained from the money I was already taxed on , will be taxed again…. It’s always a lose lose .
@mstefa007
5 ай бұрын
Is that withholding tax that you can maybe reclaim once you file taxes next year?
@ybc8495
5 ай бұрын
it is good consider your tax deduction is >25%
@teckin139
5 ай бұрын
@@cancroat-darylporter4881 If you have room in your TFSA that would be best. But if you invest it again you only pay tax if you have a capital gain. if you invested it and you have more money than your original principal where you have to pay that capital gain you are still winning.
@dlwaterloo2221
5 ай бұрын
Adam, great video. I have a LIRA that I’m going to unlock in May of this year. I have a question about the LIF. At death is a LIF treated like a RIF and is taxed in the same year, or can I name a secondary or alternate beneficiary if my wife passes before me, in order to avoid the 50% tax to my estate?
@ronm6585
5 ай бұрын
Thanks gents.
@ParallelWealth
5 ай бұрын
You bet
@LM-xb1qg
5 ай бұрын
Quebec LIF withdrawal rules may be changing this year!
@allana5001
5 ай бұрын
Consider a person who has been terminated at 50 and left with the choice of taking his DB pension starting at age 55 or taking the commuted value of the DB now and putting it in a LIRA. Are there any differences regarding the ability to income split the LIRA vs the DB pension income if he retires at 55? I thought I heard that DB pensions can be income split starting at 55 but LIRAs cannot until 65. Is this true?
@ybc8495
5 ай бұрын
Do registered pension plans (RPP) go RRIF or LIF on retirement?
@jagjitparhar214
5 ай бұрын
Wait. So I’m in BC and I can’t transfer my LIRA to my RRSP? At any point.
@James_48
5 ай бұрын
In B.C. I think they only allow unlocking due to financial hardship. Forms are required to be submitted for this.
@rebym
5 ай бұрын
From a tax perspective, if you do a transfer into an RRSP, I presume the withdrawal is taxed but then an offsetting credit is provide from the RRSP contribution? If you don't transfer into an RRSP it's regular income and taxed accordingly?
@James_48
5 ай бұрын
When you are able to unlock some of your LIRA that is the act of transferring to an RSP. RSP contribution room is not necessary.
@SeanONeill13
5 ай бұрын
You will receive 2 forms- a T4A showing the w/d, and an RSP contribution form, offsetting. It is weird, as your net income line, 15000, shows as incredible net income for the year if you unlock a large amount!
@outorontooutoronto7849
5 ай бұрын
Do you have to have an RRSP contribution room left to move an unlocked portion of LIRA to RRSP? Thanks you.
@LHodgins
5 ай бұрын
I'd like to know this as well.
@pablopiquante3227
5 ай бұрын
You do not have to have contribution room to unlock and move LIRA funds to your RSP.
@SeanONeill13
5 ай бұрын
When you and your company contributed to the DC plan, your RSP room was deducted by a Pension Amount (PA), this was basically the DC contributions. When you convert to RSP, since that room was already accounted for, no, it takes no more RSP room at all.
@ritad4085
5 ай бұрын
In Quebec it cannot be unlocked (I called the government) unless my life expectancy is shortened and that’s before age 70. I’m in my mid 60s and past age 70, no unlocking and no exceptions 😬
@LM-xb1qg
5 ай бұрын
Apparently that may be changing soon! Also, right now there's the temporary income option, where you can withdraw up to about 26000 per year from your LIF (if your LIF allows a temporary income)
@benhaze1010
5 ай бұрын
very happy you did this video but have still a couple of questions and 1 remark. Remark: had several employers with define contribution plans but only one forced me into a LIRA so that by itself is not a defining characteristic. I wish you had covered the Quebec situation and do you need to have room in RRSP contribution or can just move what ever is eligible to do so into your RRSP?
@James_48
5 ай бұрын
Yes LIRA funds, eligible for unlocking can be moved to your RSP without using contribution room.
@benhaze1010
5 ай бұрын
@@James_48 Ok thanks!
@LM-xb1qg
5 ай бұрын
Quebec LIRA/LIF withdrawal rules will probably be changing this year. And check out the "temporary income" option that is available now, to withdraw funds from a LIF (but the LIF has to allow this).
@benhaze1010
5 ай бұрын
@@LM-xb1qg Ok thanks for that heads up.
@dominiquetheeasyminimalist
5 ай бұрын
One important point that very few advisors or planners talk about is the fact that you can withdraw more than the minimum via "temporary income". That temporary income can be transferred to the RRSP. It's a much quicker way to meltdown the LIRA, but I'm not sure if this can be done in all provinces (in Quebec it can be done).
@stingoterranova1518
5 ай бұрын
Temporary income applies mainly to New Brunswick, Nova Scotia, Newfoundland, etc., but not Ontario. However, the Ontario legislated plan is the most flexible, which Alberts has imitated.
@sragga
2 ай бұрын
i certainly hope i can change them from trying to stretch payments out to 90. i want it to cover until 75 or 80, there is not one male in my family that has seen 80. my father died at 65 after retiring at 60, his father was in his late 50's, i was 8 when he died, and my mom's father 68. i see no reason to stretch it out to an age i will never see. i had to take a 40k cash portion of my db plan when i rolled it into a lira, and pay taxes on it. i had been paying into my db plan for 20 years before having to opt out of it, and enroll in our dc plan. lucky for me i had a few dollars in it after 20 years and this dc plan is garbage with very little growth
@southerncomfort971
5 ай бұрын
Thank you, what a wonderful video. My wife has a LIRA, which is apparently from Alberta and we now live in Ontario. She just turn 71 and is working on converting her RRSP, LIRA to RIF , LIF? you mentioned in the video that it depends on where they are or were? not where you live now? So is she able to convert half to her LIRA to her RRSP? or does she have to convert To a RRIF before she can do the 50/50 ? Or is she even able to do the 50/50 ? now living in Ontario? Hope that made sense to you it is so confusing to us. Thank you
@James_48
5 ай бұрын
I am almost positive the LIRA unlocking rules are based on the province the original pension plan resided. I’m pretty sure in your wife’s case the Alberta rules apply, but I could be mistaken.
@southerncomfort971
5 ай бұрын
@@James_48 Thank you, after checking further on the website it shows that Alberta and Ontario seem to have the same set of rules, So She may be ok. but thank you for responding back.
@BoPo-ul3rq
5 ай бұрын
When considering small dollar rule, I have several Alberta liras but was looking to combine for ease of management, but should I leave them separate and hope some are small dollar when converting to a lif? Or does the government combine all for calculating the small dollar rule?
@pablopiquante3227
5 ай бұрын
That is a very good question! I just went through all the hassle of transferring two different LIRA's at different institutions to consolidate them at a third institution thinking it would be easier to manage. They were both around $30k for a total of $60k. Now I am thinking I should have unlocked them separately and then consolidated!
@carlabarkley3286
5 ай бұрын
How do you figure out what jurisdiction your LIRA is in? The company I worked for had headquarters in AB and I live in AB, but they had operations in 3 provinces.
@pablopiquante3227
5 ай бұрын
It may say on your pension statement somewhere but you can always contact your Benefits Manager if you had one.
@SeanONeill13
5 ай бұрын
What is the company? I had both Provincial and Federal LIRAs as well, a little confusing. Fed forms require a Notary to sign them.
@evadeanu1
5 ай бұрын
Adam: say I converted my lira into a lif on April 1 here in BC. Applying the 60 days rule means that I need to start taking the money within 60 days? I am 61 and want to take max of 7% into a one single transaction. Is it possible?
@GrandpaD-mb2lm
5 ай бұрын
It means you have 60 days to take up 50% (if that is the max in BC) and put it where you want (move it to and RRSP) so it is not locked in anymore. The other 50% is still locked in. If you don't do it within 60 days it is all still locked in.
@pablopiquante3227
5 ай бұрын
Does your spouse have to sign some kind of waiver before you set up a LIF? Are they "entitled" to half of your pension?
@SeanONeill13
5 ай бұрын
Entitled? What’s in your will?
@stingoterranova1518
5 ай бұрын
Alberta legislated LIF does not protect the pension partner but most provinces, specifically Ontario, require the spousal consent form be signed in order to open a LIF account.
@nickgiesinger8135
5 ай бұрын
Can you unlock a LIRA in Saskatchewan and move it to a RRSP?
@James_48
5 ай бұрын
From retire happy: “In Saskatchewan, effectively, 100% of the pension can be unlocked since the entire LIRA can be moved to a RRIF with spousal consent. Once the money is in the RRIF, pension restrictions no longer apply.”
@DL-bl6qp
5 ай бұрын
Does small provision unlocking need to also occur within 60 days of converting a LIRA to a LIF?
@SeanONeill13
5 ай бұрын
No. That can happen at any time.
@DL-bl6qp
5 ай бұрын
@@SeanONeill13 excellent! Thanks!
@LuisMedina-cr9db
5 ай бұрын
One question. To unlock part of LIF into RIF: can it be stocks or has to be cash?
@James_48
5 ай бұрын
Doesn’t matter
@pablopiquante3227
5 ай бұрын
It depends where your LIF and RIF accounts are held and what is inside of it. If you are with an insurance company (Manulife, Sunlife, etc) and are keeping it there, you can unlock what ever type of investment you hold in your LIF and transfer it to your RIF. If you want to move your unlocked LIF funds from an insurance company to an investment banking broker (RBC,BMO,etc), you would have to convert the segregated funds to cash to do the unlock/transfer and then reinvest it into a comparable investment.
@benhaze1010
5 ай бұрын
Also can you transfer your LIRA from your employer financial company (example Manulife) to a LIRA under your investment account with a banking company for example (like TD or BMO)? I am asking because I noticed the LIRA fund management fees are much higher than most competitive funds and wonder if there is a deal between the employer and the LIRA management company to share the management fund fees at the expense of the employees...
@netblue
5 ай бұрын
Yes . Generally speaking you would want to do that as fast as you can because the funds in LIRA plans are segregated funds , hence the high MER and poor performance. you must do an " In Kind, In CASH" transfer. There is no deal with the employer , look-up segregated funds for more details .
@benhaze1010
5 ай бұрын
@@netblue Ok thank you!!
@SeanONeill13
5 ай бұрын
Yes. Mine was in Sunlife, we could not transfer in-kind as their funds were unique to Sunlife, I am at TD. I transferred as cash, TD covered the fees that Sunlife charged to liquidate. The transfer was free.
@netblue
5 ай бұрын
@SeanONeill13 In-Kind In-cash means they will transfer in the same kind of plan type but the cash value. I did it out of Sunlife though they did take forever to sell the funds and then transfer them over.The advanatge is that if you still work and contribute you do not need to sell first ,wait for all to clear then submit the transfer form and reduces the risk of them making an error and labelling it as a withdrawal. If you transfer 100% of the plan then yes, you can just transfer the whole thing in Cash.
@SeanONeill13
5 ай бұрын
in-kind means like for like- for example, at Sunlife, the fund was US Equity TDB111. When xferred out, it would remain in TDB111 at the new carrier. Which is very rare as each carrier has their own, segregated, funds, unique to that carrier. In-cash is, yup, liquidated to cash (sold) then that value exported, sometimes less a fee.
@_omarlives
5 ай бұрын
People dont understand that the prices of things are never going back down. This inflation is deeper than we think. Those buying groceries are well aware that the real inflation is much over 10%. The increments dont match our income, yet certain investors still earn over $365,000 in stocks and assets. Wish I could accomplish that.
@ddxl459
5 ай бұрын
Very possible! especially at this moment. Profits can be made in many different ways, but such intricate transactions should only be handled by seasoned market professionals.
@ThickMommy
5 ай бұрын
Finding yourself a good broker is as same as finding a good wife, which you go less stress, you get just enough with so much little effort at things
@ChristineMeier963
5 ай бұрын
Brian demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit
@stingoterranova1518
5 ай бұрын
... and the percentage maximum amount on a LIF payment (withdrawal) has not kept up.
@SeanONeill13
5 ай бұрын
LIRAs can be a) half converted (unlocked) to an RSP, then b) the ‘small balance’ LIRA can then be totally unlocked. I did both to 1 LIRA and ended up unlocking 100% of the $50k value, in 2 steps. P.s. Federal LIRAs require a Notary Public to sign your forms. Ontario provincial ones do not. Good video actually. I am pretty critical of retirement ones, this is fair.
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