It is more than possible my tfsa is worth 883 K$ .

I'm self employed and own a small home based business and plan to scale it up. Please can you do a video of setting it up as a corporation and other strategies to save on taxes etc? I have no clue about life insurances and how they work. Can I get loans from the bank before age 65 using this strategy?

This is a horrible idea to allow the government access to 1 mil of your wealth.

As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?

Omg,..I can’t believe not one of you KZbin geniuses have figured this out? (Obviously not everybody can do this.) This is what I did, planned on working till 65, I started collecting CPP at 60, I’ve been investing 100% of my CPP contributions, and by the time I’m 65 I should have well over $100,000. According to your math, if you add that 130 thousand plus my 100,000,… to 80 years of age, that equals 230,000. I also contribute $100 per week and do RSP‘s off my paycheque too. This is the way. 😊

Your house asset valuation of $1.5 million is laughable. 75% or more will fail to have a $450,000 mortgage paid off by 50 or 60 nevermind being able to afford a $1.5 million mortgage. Not to mention.... what 90 year old needs over a million dollars? I would rather plan to retire at 60 or 65 (if I choose). I plan on having $600,000-$800,000 in my Lira, TFSA, precious metals etc... plus having the $500,000+ in home equity to live on. $1.3 million earning 10% every year ($130,000/year) is pretty damn easy to live off.

I'm 50 and have $50,000 in my TFSA. I think I am too late! Lmao

FFS. He has a $1.5m home. STFU. This video is stupid, you don’t need a financial plan. Yes, retire yesterday. I am currently in VA on my sailboat living NOW!

My life changed too when I started doing this and putting money in stocks. The first few years it as really great, but this year I haven't felt like my portfolio is doing well. I have lost more than $40,000 from my portfolio the past four months, and it's now very worrisome.

Wow. Thx. Im paying my mortgage off and im taking a substantial amount of money to do so from my TFSA. I was so upset because i thought I would lose the amount in regards to contribution towards my TFSA. This is awsome. Im excited to pay it off now especially because the mutual fund the money is in reboubound and its a good time to pull it. Thanks again.

Have 100k to put into it.

In 2024 would you contribute back the $10k from a regular savings or a TFSA savings. My thought is TFSA as then you keep contributing and gaining tax free $.

You can write CC's in your TFSA. DO THIS you just need to own shares. Basically a dividend with great % returns on the monthly 3% or more when being conservative.

Great info

So if all you have $20,000.00 bank how long do you wait ? To get some of it ? Just keep working till D.O.A.

Thank you. Good common sense. I'm mid-fifties and that graph showing total draw at 80 shows me I may draw at 60. The chances of me seeing 80 and being healthy are slim to none. You cannot take money with you.

Dear Aaron, could You explain me one moment. I understand that it's very easy to get a one-time colleterial loan using my insurance amount but who will let me to borrow during the 25 years with no repayment? And while most life insurance with cash values allows for loans, there are terms. For example, you'll have to pay interest (often 5% or 8%) that accrues on a loan. It may be your money in the policy, but you can't borrow it for free. If you don't pay back the loan (and interest), the death benefit will decrease, and if the interest creeps up and you owe more than you have in your policy, it will lapse. If the policy lapses, the cash you took out, may be treated as income by the IRS, and you may owe taxes on it. Unlike most loans, life insurance loans usually don't have a timeline for repayment, so you must make regular payments to pay down the loan.

This is nonsense. You would be silly not to contribute the max to your tfsa every year. But the goal should be to spend it all by the time you are dead. At 90 why would you want 1million dollars?

Don't forget to factor in inflation. The charts say you get 42% more after waiting five years (65-70) but that's also 5 years of inflation, so the 42% is not an effective rate, but a calculated rate.

'I've worked in Healthcare for the past 19yrs, seen a lot of people die before or soon after 60 and this, plus my family history/longevity I decided to rake CPP at 62 and retire completely at 63. Life, indeed is short.

Early? 65 or 67? I took it at 62 and continued to work for 12 more months before retiring with DB pension) at 63. 😆

I took CPP at 62 and continue to work full time investing CPP into my TFSA high interest return) will retire at 63 this year with a defined benefit pension. I might delay OAS once I analyze the tax implications as I get nearer to 65.

Why not just put the whole commuted value in LIRA you don’t have to split it

I’d like to have $1,000,000 in TFSA to draw 4% per year from, which may work now. Likely not in 20 years though. Do you have some free calculators you can refer us to?

Great video, very easy to understand. Are you using Snap Projections?

It's $95k so far but it's started 15yrs ago. ~$5k a year addition compounded.... so simple

You take CPP as soon as you can. If anything I’d say 62 is probably the best age. You don’t lose quite as much

I took it at 60 because we had structured our income so we would not pay taxes, and the added CPP was extra to requirements, still did not push us into paying taxes, so we invested it into our self-directed TFSAs, and over the six years, we have seen 35% growth. The "math" says if you take CPP at 60 the break even point is age 74, purely on what you receive. However, based on our personal experience, the break even point, with investing the CPP, is more like 84 years old. I will not be looking back with regret in 18 years time, I may not be looking back at all....

It's all about finding the most valuable investments.

For many, deferring CPP and doing an RRSP meltdown means more money each year over the entire retirement. My choice to defer brings more money in now when I’m a healthy, young retiree and more in my later years. Everyone is different, but do the math and look carefully at your tax situation

I took it at 62 and along with a small pension from work and it's great. I still work part-time but I now have time to do the things I really enjoy.

Agree….taking it at 65 as I’ve saved enough

you should really look at your health and how you feel at 65 then how much money you have. You cant retire with 10 dollars in your savings account. Everyone is different and different situations. Dont be fooled by wealth management people who do not have your best interests in mind. They want to know how much money they can make off you not to see how you are feeling physically. Average age of death is between 85-90 if you are of average health so you can basically calculate what you need from that.

William gets to 865K$ in 2057 when he is 89 years old. IF he never withdraw from the account and IF his rate of return is consistently 6.5% over 48 years. Those odds are remote at best. But then the question is: What is the point of having 865k$ in the bank when you are 89 years old? AND if he retired at 65 year old what income did he use to live?

Aren't condo fees expensive as well? I see them at $1,500 in my area and I know people who were hit with an unexpected $20,000 or $10,000 fee to repair the condo roof or something similar.

Cpp is just another government skimming operation. It gives a false sense of security to most people so they don't make much, if any effort to save beyond it. Therefore we still have to subsidize them with OAS and GIS. Have you ever heard anyone say how satisfied they are with their CPP? It's also a trap to keep people poor because they lose OAS/GIS if they make too much and people would rather stay poor than give back "free" money

Wonderful advice wish you where hear in Montreal to have as an advisor...Thank you David..

The math doesn’t add up at all. The TFSA column increases by thousands of dollars with zero contribution? And the comes another 275k added into it...really doesn’t make sense.

Thank you for the explanation!

My take is the opposite from yours. For me, my finances should be in good stead for retirement, including "enjoying my money" during the earlier, healthier retirement years. And due to our family histories, I expect my partner to not only outlive me, but to live a long time (well into her 90's). I'm going to delay CPP until 70 because I want to ensure that SHE has money in case she outlives our plan of depleting our investments/assets by 90. More money for her old age, adjusted for inflation, helps me sleep better at night.

I have mort debt (but thats it). To me, it makes more sense to draw at 60 to increase the ability to pay into that. Interest saved is also money forward.

Simulation works well with consistent +6.50% pear year. Reality is very different. Over the past 20 years, the S&P 500 has experienced annual returns ranging from a low of -38% (in 2008) to a high of +38% (in 1995). It's volatile and unpredictable. I understand the approach though using averages can be very misleading. My $0.02.

The downside to this is that the 23 years they didn't contribute they miss out on time value of that money growing up until the time they sell the house

CPP guves you just eno7gh for one Starbucks frapachino per day. That is about it.

I had a retirement plan made by a financial planner and discovered ample money 💰 is available. He figured how to save on taxes and to spend more in the Go Go years. I am pleased. I am single worth 2m and no debts with a DB pension at 57.

well done!! quality, not quantity, imo!

Could you do something about Define Contribution?

Thank you for your thoughts. It’s worth considering. Our situation is quite unique. Wife is dual citizen. U.S. and Canada. She files taxes for both countries. She will get full OAS but virtually no CPP. We have a decent nest egg over $500 thousand in a lira and Rrsp and tfsa. I’m a retired teacher that commuted my pension and have worked at another job for 10 years and plan to retire from that at 67 when my wife turns 65. I do the job because I’m enjoying it. We plan to take my CPP at 70 and we will get around 98% of the full amount. We will melt down our rrsp and lira’s first.

As an employee of our Health Care.. what I can tell you is, though ones life span is ? increasing.. their overall health is rapidly declining. Most chronically ill patients are between the ages of mid forties to mid sixties. Fact.

So true, my bride of 36 years has an autoimmune diesease (8 years now), so she's going take her CPP when she turns 60 in 2025. We have increased our travel plans over the past few years because of her health uncertainity. At the end of the day health is #1 regardless of what you / we do in retirement.