Retirement Unpacked

In episode 18 of Retirement Unpacked, Brett and Matthew break down how to think about generational wealth, including how much of a buffer to hold before giving money to your children and the smartest ways to share it without waiting until you pass. They also dive into TFSA beneficiary designation planning, whether it makes sense to convert your RRSP to a RRIF before age 65, and much more! Later in the episode, one of our planners Mathieu Huneault joins to discuss an article he came across from Aaron Hector about whether you should name a U.S. or dual-citizen spouse as the successor holder or beneficiary of your TFSA. Have a question about anything retirement related? Drop a comment, and we’ll try to cover it in a future episode! ️ Read Aaron Hector's article hereTimestamps 00:00 Intro 00:36 Contributing inheritance to spouse's TFSA 02:31 Buffer to hold before thinking of generational wealth 07:03 Smart ways to share wealth with children 10:13 Tax implications of passing principal residence after death 13:35 Can you name a successor holder and beneficiary? 16:34 What happens to spouse's TFSA limit when I pass away? 18:50 How to plan when there's an age gap 23:47 Any reason to convert RRSP to RRIF before 65? 28:43 Factors to consider for partial RRSP conversion in early 60s 34:54 How much should you be saving? 40:00 Foreign pension income splitting 43:48 Spending in the go-go, slow-go, and no-go phases 52:34 Beneficiary designation of U.S. spouse on TFSA 1:00:29 Keeping employer healthcare plan in retirement 

Retirement planning does not stop once you leave work. In many ways, it becomes even more important. In this episode, Adam and Kyle answer real listener questions about RRSPs, RRIFs, income splitting, government benefits, and tax-efficient withdrawal planning in retirement.Key moments include: • RRIF income splitting when spouses are different ages • Whether RRIFs and LIFs still pay dividends after conversion • Handling RRSP withdrawals during a market decline • RRSP to TFSA strategy before and during retirement • CPP child rearing provision and how it works • Leaving RRIFs to charity the right wayDISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.Timestamps00:00 Intro and Overview00:25 RRIF Income Splitting With Different Ages03:43 Dividends After Converting to a RRIF or LIF05:06 Are Advisors Keeping RRSPs High on Purpose?08:04 Is It Too Late To Fix Low-Tax Retirement Years?11:25 RRSP Withdrawals During a Market Decline15:45 RRSP to TFSA Strategy20:30 RRIF Income Splitting and Tax Withholding24:06 RRSP or TFSA for Severance27:53 CPP Child-Rearing Provision29:03 Accuracy of the PWL CPP Calculator30:45 Leaving RRIFs to Charity35:46 Spousal RRSP Attribution Trap38:24 New TFSA Room and Recontributing Withdrawals40:36 Wrap Up

This episode of Retirement Unpacked tackles the kinds of retirement questions Canadians actually ask once the details start to matter. Adam and Brett dig into TFSA rules, RRSP withdrawal timing, cash wedge strategies, and CPP decisions, focusing on the tradeoffs and tax considerations that can quietly shape retirement outcomes.Key topics covered:• Moving non registered investments into a TFSA and tax implications• When to start RRSP or RRIF withdrawals• How cash wedge strategies work over time• Using all in one ETFs with a cash wedge• Structuring savings for early retirement flexibility• Supporting generational wealth without risking retirementIf you have a retirement question you would like answered in a future episode, submit it in the comments or reach out. We review them every week.DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.Chapters00:00 Intro and Overview00:23 Moving Non Registered Dividend Stocks Into a TFSA02:47 Investing Within a TFSA04:48 When to Begin RRSP or RRIF Withdrawals08:45 Do All In One ETFs Work With a Cash Wedge Strategy11:09 Managing a Cash Wedge Throughout Retirement18:29 Refilling a Cash Wedge After a Down Market20:30 Practical Steps to Take When Approaching Retirement25:19 Does Permanent Life Insurance as Retirement Income Make Sense31:13 Do Low Income Years Affect CPP Timing35:29 How to Estimate Your OAS Payment37:50 MERs vs Returns and Understanding Advisor Fees44:44 Can CPP Payments Be Shared Between Spouses48:03 Real World Planning Case on Retirement Flexibility52:59 How to Achieve Generational Wealth57:39 Wrap Up

In this episode of Retirement Unpacked, Adam and financial planner Jon Kutney answer real retirement questions from Canadians navigating the transition from saving to spending. They cover practical retirement income decisions, common tax pitfalls, and how different accounts work together in retirement.Topics include:Shifting from a saving mindset to a spending mindset in retirementRRSP to RRIF withdrawals and income-splitting after age 65How a cash wedge strategy differs from portfolio rebalancingLeaving money in a corporation vs contributing to an RRSPOAS clawback and when it mattersLiving off dividends vs structured drawdown strategiesHow retirement income choices affect estate planning and taxesDISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.Chapters00:00 Intro and Overview00:22 Multiple TFSAs With Different Institutions01:05 How CRA Tracks TFSA Contributions and Withdrawals03:07 Investing Retained Earnings Inside a Corporation06:21 Why a Savings Mindset Can Hurt Retirement10:36 RRSP to RRIF Timing for Income Splitting13:01 Leave Money in a Corporation or Contribute to an RRSP?17:37 Cash Wedge vs Portfolio Rebalancing23:13 Should You Convert All of Your RRSP to a RRIF?26:10 Using a TFSA to Offset RRIF Taxes29:56 RRSP Withdrawals and OAS Clawback35:18 Living Off Dividends vs RRSP Meltdown38:58 How to Build a Tax Efficient Estate41:29 Power of Attorney and Trusted Contacts in Retirement46:56 Gifting Money to Family Using a TFSA 52:55 Wrap Up

In this episode of Retirement Unpacked, Brett and fellow PWFG planner, Michael Barichello, answer more of your retirement questions. They cover what to do after maxing your RRSP and TFSA, how DC pensions work when you leave an employer, and the implications of naming TFSA beneficiaries or adding joint owners to accounts. They also touch on income splitting, GICs in a TFSA, overcontribution penalties, and what to know about locked-in funds. If you’ve wondered whether your accounts are set up the right way, this episode brings clarity and practical guidance. Leave your questions in the comments and we may feature them next time.Advisor.ca ArticleDISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.Chapters00:00 Intro & Overview00:53 Maxed RRSP & TFSA: What’s Next?05:16 Defined Contribution Pension Options08:12 Leaving Your TFSA to Children11:32 End-of-Year TFSA Contributions14:35 Assisting Elderly Parents with Finances20:00 Transferring Company Pension to an RRSP or RRIF22:12 Legacy Planning on a Defined Benefit Pension25:28 RRSP Meltdown When Working to Age 7029:33 GICs Inside a TFSA33:50 Withdrawing from a LIF After Converting35:32 RRSP vs TFSA Heading into Retirement 40:20 CPP and OAS Calculator in Today's Dollars43:55 RRIF Withdrawals Article48:11 TFSA Pitfall Tip50:25 Wrap-Up