I absolutely loved this video, I am in my mid 50’s, I am in much better financial shape than your examples, but, no other UA-camr shows how scenarios like that can work. I think you did an awesome job !
I would love to see more videos on people with assets of say, $250,000, or, $500,000. I think it is more realistic than showing examples of people with millions in assets with homes paid off. That is not the reality for the vast majority of Canadians.
Thanks Robbie. I try to use more examples of what people with average or below average have, because it honestly doesn’t really matter what rich people do. Any basic plan will work for them. Of course there are ways to help them make more and save more in taxes, but it’s not actually necessary when you have a high net-worth.
Very well explained I have watched some Canadian retirement videos and they always show so much more money in Rrsp and tax free a/c but many people are immigrants here do not have the cushion for retirement thanks for all the information .If possible to make more videos on this situation where you cannot get full OAS as you are in Canada for 20 years than how to plan for retirement.Thanks a lot .
Have a friend in Montreal that plays a game where they chase a puck around. They are hoping to use some division final bonus $$ for their RRSP.. but it aint looking good... Need a caddy this summer..to help em out...
Heard some guy saying something about RRSP withholding tax and how if you are leaving Canada forever you will get dinged. I know this video is not about that but will my RRSPs get taxed differently if I move out of Canada? Thanks in advance.
I plan on doing the GIS hack from age 65-70. The question i have though is how do you get the GIS at 65 if you had a high income at 64? Hope that makes sense. Or, do you have to have little to no income in year 64? Thanks and love the channel.
@@tjh3744 Haha, I'm not sure about that. I'm a pretty good teacher, but am not the greatest capitalist. Plus, I don't really care about being really rich. I know it's just a waste to have more money at a certain point and I'd prefer to enjoy my short time here.
@@K4Financial Heh, refer to this post in twenty seven years and see who's not the greatest capitalist mr.modest, slow and steady wins the race and you can use that as a Kent Tilley promise in the future if you like! Cheers!
This is great. I know you've talked about the GIS hack in previous videos and even in this one you did at least give the warning that this is "right now". It would be nice if they keep this hack eligible for long enough for me to use it as well. I have a gov't pension coming but by retirement I do expect to have a good amount in my TFSA to live on while I hold off on collecting on my pension. I also like your RRSP/TFSA work, it's something I haven't implemented yet due to my pension making an RRSP not as usable later in my retirement since my expected income will still be quite high but I do think it's a great way to push savings for retirement vs using those returns to spend willy nilly.
It’s doubtful that trying to get GIS would make sense based on what you’ve said regarding the pension, but maybe it can. A likely alternative is to build an RRSP that can fund early retirement allowing you to delay CPP and the government pension. Also comes down to health as well.
I looked at skinning this cat a few ways, to get GIS. Based on the size of my RRSPs, for all the gains in free GIS I pay for in extra taxes and clawback after 70. Assuming I live to 90, much better to burn a pile of RRSPs in the 65-70 age range for my tax plan.
Mentors wouldn’t exactly be anyone, because for me I just knew how to deliver a line, but didn’t know why, so I I never really had anyone I wanted to emulate, but I have dozens of amazing comedians that I have met that helped me. As far as my favourite comedians: - Bill Burr - Bill Hicks - Jon Dore - Anthony Jesselnik - Sean Lecomber - Josh Wolf
What if u pull more out of the rrsp in the first years. And differ the cpp. This way you pay the same tax but differ the cpp making it a bigger monthly payment
No, it’s based on your income the year before, so I guess you’d basically apply for it anytime you can. I’ve never actually applied for it, so am not totally familiar with the process.
Great topic...gets you thinking and hopefully planning a bit more about your future and your income when that happens... Could K4 become a religion...so we could get a tax break when we donate...😂😂 thanks for the worst case Ontario example...
I absolutely loved this video, I am in my mid 50’s, I am in much better financial shape than your examples, but, no other UA-camr shows how scenarios like that can work. I think you did an awesome job !
I agree. Much respect for using low income numbers instead of the typical married couple making a combined $150,000.
I would love to see more videos on people with assets of say, $250,000, or, $500,000. I think it is more realistic than showing examples of people with millions in assets with homes paid off. That is not the reality for the vast majority of Canadians.
Thanks Robbie. I try to use more examples of what people with average or below average have, because it honestly doesn’t really matter what rich people do. Any basic plan will work for them. Of course there are ways to help them make more and save more in taxes, but it’s not actually necessary when you have a high net-worth.
@@freewheelin7536 planning is more valuable for people who have less to work with, so I do try to focus my attention on that a bit more.
I absolutely agree with you, that is why I loved your video. Fantastic.
Breakdowns of specific circumstances like this are amazing to see, keep them coming and thank you for the video.
Very well explained I have watched some Canadian retirement videos and they always show so much more money in Rrsp and tax free a/c but many people are immigrants here do not have the cushion for retirement thanks for all the information .If possible to make more videos on this situation where you cannot get full OAS as you are in Canada for 20 years than how to plan for retirement.Thanks a lot .
I plan on doing quite a bit of retirement planning stuff in the near future, so I’ll add it to the list.
Thanks for the comment
Now that is creative thinking. Well Done!
I try my best to think outside the box.
Thanks
Really good show once again! Thanks you are very helpful!
Thank you Karen. I try my best.
Thank you so much for your examples
You’re very welcome
Great content. Wish I'd not taken CPP at 60 in order to qualify for more GIS at 65.
Thanks. It’s a hard decision and the default it unfortunately for people to just get what they can as soon as they can.
I love numbers!! I'm retired now, but this strategy is awesome!!
Thanks. Glad you liked it
Have a friend in Montreal that plays a game where they chase a puck around. They are hoping to use some division final bonus $$ for their RRSP.. but it aint looking good... Need a caddy this summer..to help em out...
I’m in
Heard some guy saying something about RRSP withholding tax and how if you are leaving Canada forever you will get dinged. I know this video is not about that but will my RRSPs get taxed differently if I move out of Canada? Thanks in advance.
I plan on doing the GIS hack from age 65-70. The question i have though is how do you get the GIS at 65 if you had a high income at 64? Hope that makes sense. Or, do you have to have little to no income in year 64? Thanks and love the channel.
You do have to show little to no income at 64. Sometimes it takes a little bit of pre-planning to make that happen
Brilliant!
Thanks Enid. I try
Yes brilliant, that's why they pay Kent the big bucks; when he retires he will be so rich even his money will have money!
@@tjh3744 Haha, I'm not sure about that. I'm a pretty good teacher, but am not the greatest capitalist. Plus, I don't really care about being really rich. I know it's just a waste to have more money at a certain point and I'd prefer to enjoy my short time here.
@@K4Financial Heh, refer to this post in twenty seven years and see who's not the greatest capitalist mr.modest, slow and steady wins the race and you can use that as a Kent Tilley promise in the future if you like! Cheers!
Very well done!!
Thanks Al
This is great. I know you've talked about the GIS hack in previous videos and even in this one you did at least give the warning that this is "right now". It would be nice if they keep this hack eligible for long enough for me to use it as well. I have a gov't pension coming but by retirement I do expect to have a good amount in my TFSA to live on while I hold off on collecting on my pension. I also like your RRSP/TFSA work, it's something I haven't implemented yet due to my pension making an RRSP not as usable later in my retirement since my expected income will still be quite high but I do think it's a great way to push savings for retirement vs using those returns to spend willy nilly.
It’s doubtful that trying to get GIS would make sense based on what you’ve said regarding the pension, but maybe it can. A likely alternative is to build an RRSP that can fund early retirement allowing you to delay CPP and the government pension. Also comes down to health as well.
so helpfull i would like to run some by you if thats possible
You can absolutely contact us at any time. Just email info@k4financial.ca and we can discuss.
Very good thx
I looked at skinning this cat a few ways, to get GIS. Based on the size of my RRSPs, for all the gains in free GIS I pay for in extra taxes and clawback after 70. Assuming I live to 90, much better to burn a pile of RRSPs in the 65-70 age range for my tax plan.
Yeah, it’s definitely not worth trying if you have a good sized RRSP. Better to melt it down and delay. Assuming a long life expectancy
Just a curiosity question...who are your comedic mentors ...
Mentors wouldn’t exactly be anyone, because for me I just knew how to deliver a line, but didn’t know why, so I I never really had anyone I wanted to emulate, but I have dozens of amazing comedians that I have met that helped me. As far as my favourite comedians:
- Bill Burr
- Bill Hicks
- Jon Dore
- Anthony Jesselnik
- Sean Lecomber
- Josh Wolf
@@K4Financial All great comedians, very cerebral and real. I can see why you like them.
What if u pull more out of the rrsp in the first years. And differ the cpp. This way you pay the same tax but differ the cpp making it a bigger monthly payment
It definitely can work. Makes sense in a lot of cases.
Hi great video i am getting ccp now at 61 is it possible to stop getting it and then wait till 65 or 70 to get it again thanks
If you have been getting it for less than 6-months, I believe you can stop it and pay it back
@@K4Financial oh thanks i heard also that you cant opt out of getting it once you have been getting it for 12 months.
Pay off Mortgage(2.05%) or keep money in TSFA(earns 10%)? People in their mid 50s. Or wait till their TSFA equals their Mortgage balance?
Well, I think you answered the question if you think the TFSA is going to earn 8% more than you’re paying on the debt.
Do you only have 1 chance to apply for gis?
No, it’s based on your income the year before, so I guess you’d basically apply for it anytime you can. I’ve never actually applied for it, so am not totally familiar with the process.
if you are a couple, your total income should be less than 27k to get GIS, am i rite?
$38,447 (excluding OAS)
Do you have to be careful how much income you make from work at age 64? To much and you will not qualify for GIS?
Yeah, but I don’t love how often people try to manipulate things to qualify for GIS. It doesn’t sound like you’re a good GIS candidate
Great topic...gets you thinking and hopefully planning a bit more about your future and your income when that happens...
Could K4 become a religion...so we could get a tax break when we donate...😂😂 thanks for the worst case Ontario example...