Show Notes
In episode 41 of Retirement Unpacked, Jon and Martin break down what happens to your TFSA upon death, whether or not the CRA allows you to take a loan to invest in your TFSA, how income splitting rules differ between defined benefit pensions and RRIFs, the differences between QPP and CPP, if it makes sense to start planning for retirement 20 years out, and much more. Later in the episode, Peter Filippakis joins to go over a corporate meltdown case study involving a couple in their mid-50s who recently sold their business and are now left with a large corporation to draw down. He goes through how to coordinate dividends, the RRSP meltdown, and government benefits, and how to sequence everything in a tax-efficient way.
Chapters 0:00 Intro 0:13 What happens to your TFSA upon death 0:55 Does the CRA allow you to take a loan to fund your TFSA? 3:55 Do you need a cashflow wedge if you have a pension? 5:08 Income splitting: RRSP vs. Pension 6:56 How do spousal RRSPs work 10:01 Is the OAS clawback threshold after-tax? 12:22 Differences between QPP and CPP 16:26 CPP timing when receiving the survivor's pension 20:41 Can it ever be too early to start planning for retirement? 26:39 Corporate meltdown case study 37:35 The importance of term insurance
More from Retirement Unpacked
On episode 58 of Retirement Unpacked, Adam Bornn and Kyle Martins discuss whether withdrawal strategy or asset allocation is more important in retirement, when living trusts can make sense, how singles vs. couples are taxed in retirement and why singles are at a disadvantage, when it makes sense to contribute to an RRSP in retirement, and much more. Later in the episode, Aaron Cramer joins the show to discuss a case study of how the timing and duration of your RRSP meltdown can impact your estate and overall flexibility of your retirement plan.
On episode 57 of Retirement Unpacked, Adam Bornn and Matthew Dennis discuss why we often suggest delaying CPP but not OAS, when you should actually use your income wedge, gifting strategies and which accounts you should consider gifting from, and much more. Later in the episode, Kyle Martins joins the show to discuss some of the planning considerations Canadian retirees need to know as we approach the end of 2026.
On episode 56 of Retirement Unpacked, Adam Bornn and Gord Manzer discuss if there is a minimum RRSP amount needed to delay your CPP to 70, when CPP sharing can make sense, whether you need an income wedge for your entire retirement, how to manage large capital gains in retirement, moving money from your RRIF to your TFSA, and much more. Later in the episode, Peter Filippakis joins the show to discuss some of the nuances around the principal residence exemption, and some scenarios where you are not eligible to claim it.
On episode 55 of Retirement Unpacked, Paul Grenier and Michael Barichello discuss how RRSP tax deductions work, why it could make sense to set up a HELOC before retiring, why people keep working when they can financially retire, if it makes sense to withdraw more from your RRIF to fund your TFSA, and much more. Later in the episode, Martin Goudreault joins the show to discuss a unique tax planning opportunity where a client both contributed to his RRSP and withdrew from his RRIF in this same year leading to about $50,000 in tax savings in their plan. Cost of aging calculator: https://coacalculator.ca/
On episode 54 of Retirement Unpacked, Brett Martinson and Jon Kutney discuss how to utilize additional TFSA contribution room in retirement, how to incorporate dividends into your cashflow (income) wedge, DIY retirement planning software, marginal vs. average tax rates in retirement, in-kind charitable donations, and much more.