Awesome video Kent, it just blows me away how a lot of people are so fearful with their money. If your gonna keep your money in cash at a bank then May as well invest in that bank!! The big 5 banks pay an average of 4 percent in dividends. Not factoring any growth. No brainer in my humble opinion.
Excellent information...... I like it when you present various options to accomplish individual goals. A suggestion for your future videos would be to take into account than many people watch your videos away from home on cell phones with smaller screens. It would be helpful if you could maximize the text size to fill more of the page so it is easier to read on a cell phone. Content is very good and appreciated. Thank You
Sorry you were burned. I hate it when that happens. Thanks for this video. I found it very useful. With your comment on the likelihood of rising estate taxes, I was thinking that I should be pre-gifting my hiers. It's like you read my mind. LOL. Looking forward to the pre-gifting video.
Don't be, it's my fault for getting burnt. Glad you found it useful. I've been talking about estate planning a lot recently and I am a big proponent of pre-gifting a portion of your assets for a number of reasons, but I also think it depends on the children.
@@K4Financial I have very good children, one being an ultra saver the other moderately so, with both making choices to follow their passions over money. They are a lot wiser than I was at their age. Cheers!
This was great. He may not have appreciated it but I did. Sending you a little Patreon contribution. We have a pension income and everything else is similar x2pax. Not expecting GIS but found it very helpful to understand more about estate planning. Yes, we are interested in the pre-gifting scenarios. Thanks
1. Is it ethical to draw gis when you actually have more than enough money to take care of yourself? 2. Why does he want/need such a small monthly income? Did I miss something? 3. More of these please, thank you!
I also could make use of the GIS in this manner, however I am guessing that sometime in the next decade as TFSA account totals start to become quite large, GIS eligibility rules will be changed.
Instead of taxing people that have paid tax through their whole life. Start with taxing churches. Then look to other people that are living tax free aside from seniors
Love what you're doing for Canadians! Would love to see a deep dive on Trusts. Side note, do you happen to have an affiliate link to EQ bank? I'm going to open a high interest savings account there and would love to support you if you do!
Thanks Jeff. I don’t, but really appreciate the thought. Trusts are on the agenda, as is a lot of other video stuff, just need to get a few things organized first.
@@K4Financial www.fintelconnect.com/eq-bank-affiliate-program/ Here is the web address to their affiliate program...Unless you've got a competing affiliate program to promote, you gotta get on that! 1.25% savings account, no fees. I know of no better place to put an emergency fund. You're youtube growth is great, but locking down some affiliates that are actually great for the customer will go a long way to growing your biz.
I understand that, but this was the closest real life example I have encountered that can teach those seniors who have limited savings that switching the structure can enhance their retirement a great deal.
people with work pensions are cluing in that those that never had to contributed the $5-6(or more) K a yr towards a pension were about as good just collecting the GIS, cause if you make 18K on work pension you gettin zip on GIS.
You could elect to take the commuted value of the pension and plan it to do the same thing. Also, a lot of pension plans pay from 55 on and GIS doesn’t start until 65, so it’s not like pensions are a bad thing. They are generally great.
Your content is amazing, your information delivery in simple and easy to digest format. Love your channel and videos. Thank you.
Thank you Al. So nice to hear that
Excellent content, thank you!
Thanks David.
This is the vid I needed, excellent Ken
Perfect!! Glad to help
Really like this. Very helpful.
Glad you liked it and that it was helpful. 😊
Awesome video Kent, it just blows me away how a lot of people are so fearful with their money. If your gonna keep your money in cash at a bank then May as well invest in that bank!! The big 5 banks pay an average of 4 percent in dividends. Not factoring any growth. No brainer in my humble opinion.
Thanks Jagjit
Love the plan 3. take GIS if you can JT has ripped us off enough.
Excellent information...... I like it when you present various options to accomplish individual goals. A suggestion for your future videos would be to take into account than many people watch your videos away from home on cell phones with smaller screens. It would be helpful if you could maximize the text size to fill more of the page so it is easier to read on a cell phone. Content is very good and appreciated. Thank You
This was super interesting and very well explained, thanks Ken!
Sorry you were burned. I hate it when that happens.
Thanks for this video. I found it very useful.
With your comment on the likelihood of rising estate taxes, I was thinking that I should be pre-gifting my hiers. It's like you read my mind. LOL. Looking forward to the pre-gifting video.
Don't be, it's my fault for getting burnt.
Glad you found it useful. I've been talking about estate planning a lot recently and I am a big proponent of pre-gifting a portion of your assets for a number of reasons, but I also think it depends on the children.
@@K4Financial I have very good children, one being an ultra saver the other moderately so, with both making choices to follow their passions over money. They are a lot wiser than I was at their age. Cheers!
This was great. He may not have appreciated it but I did. Sending you a little Patreon contribution. We have a pension income and everything else is similar x2pax. Not expecting GIS but found it very helpful to understand more about estate planning. Yes, we are interested in the pre-gifting scenarios. Thanks
Thank you so much 😊
Option #3 is best if you are a little financial savvy and has good health.
Pregifting info would be great
Working on it.
Good one Kent. Sucks that the guy bailed on you but you certainly did the math on that one....
It's all good. Live and learn. Pretty sure whoever he paid for his plan didn't know how to make it work correctly, so it's not my loss.
1. Is it ethical to draw gis when you actually have more than enough money to take care of yourself?
2. Why does he want/need such a small monthly income? Did I miss something?
3. More of these please, thank you!
1. Good question.
2. That’s all he wants/needs. Most retirees don’t need or want much.
3. Will do
I also could make use of the GIS in this manner, however I am guessing that sometime in the next decade as TFSA account totals start to become quite large, GIS eligibility rules will be changed.
Instead of taxing people that have paid tax through their whole life. Start with taxing churches. Then look to other people that are living tax free aside from seniors
Love what you're doing for Canadians! Would love to see a deep dive on Trusts. Side note, do you happen to have an affiliate link to EQ bank? I'm going to open a high interest savings account there and would love to support you if you do!
Thanks Jeff. I don’t, but really appreciate the thought.
Trusts are on the agenda, as is a lot of other video stuff, just need to get a few things organized first.
@@K4Financial www.fintelconnect.com/eq-bank-affiliate-program/ Here is the web address to their affiliate program...Unless you've got a competing affiliate program to promote, you gotta get on that! 1.25% savings account, no fees. I know of no better place to put an emergency fund. You're youtube growth is great, but locking down some affiliates that are actually great for the customer will go a long way to growing your biz.
@@jeffsim8022 great, thanks
Your very informative I look forward to your videos all the time I’d like to talk to you but I’m scared what the answer will be
Don't be scared. I know it's stressful, but getting a plan in place is always going to be better than not doing anything.
@@K4Financial I would be interested in talking to you not how
@@K4Financial how lol
Very well done.
My concern is how do I stop or get around having dividend income in the cash accounts during those years in order to qualify for GIS?
Hard to say without any information. Possible that it wouldn’t even be worth the effort.
Sorry to hear about your experience. Next time you should ask for upfront payment prior to writing the plan.
I will, thanks. Don’t be sorry, it was my fault
GIS is a supplement for seniors avoiding sitting naked on the street, not to undermine its purpose so the financially OK can find more free money.
I understand that, but this was the closest real life example I have encountered that can teach those seniors who have limited savings that switching the structure can enhance their retirement a great deal.
people with work pensions are cluing in that those that never had to contributed the $5-6(or more) K a yr towards a pension were about as good just collecting the GIS, cause if you make 18K on work pension you gettin zip on GIS.
You could elect to take the commuted value of the pension and plan it to do the same thing. Also, a lot of pension plans pay from 55 on and GIS doesn’t start until 65, so it’s not like pensions are a bad thing. They are generally great.