I retire everyday after work and retire every weekend and get tired of to do list then feel like going back to work and it feels great😂

My DB Pension has two components till age 65. Then my Bridge Benefit ceases. Calculated and paid to 65. Whether I collect CPP b4 or not. Good to know my exact CPP payout (my bridge) since my early, at 56 years old retirement. But I will delay BOTH CPP and OAS till 70. And melt down my RSP (non-registered) over those 5 years (35K year) when I lose my bridge at 65. With that 35K meltdown (27K net?), I will continue to top up my TFSA Contributions.

Retire, go fishing.

Cant be unprepared for retirement if you never retire lol

I was because of people like you and others who brought this up! 👍🏽 Thank you!👏🏽👏🏽👏🏽

Completely agree with you I know a lot of people including myself. Can’t wait to retire, but I also have the fear of how things will be or if I can handle retirement.

A question. Hi. I have a defined benefits pension plan with the Bridge benefit Adam. I will take the bridge benefit till 65. Does taking the bridge amount reduce in any way what you get for CPP? I don't think it does but I keep getting a couple guys at work that heard CPP amount is reduced if you take the Bridge amount. Think you could clarify that for me please? Thanks. :)

Dumb question. How would you delay cpp?

Me and my best friend are complete opposites. He plans to die in debt. I'm a savor and already gave my kids homes.

Don’t you always get social security? So you never technically die with zero.

well put - So much vague information on how to optimize income in retirement - Parallel does a great job explaining it and better yet, putting a plan in place for us in retirement - Thanks

If the rate paid out to retiree does not go up its a money grab.

At 53, I'm going to head back to the UK , Canada is not an option for retirement, it's way to difficult to get by here. My mother is on Pension Credit and with her State Pension she is better off than when she was working. I'll take that please...

Also, you should be aware of stocks you're buying. Here's an email I got from my broker: "...As you held or traded a U.S. publicly-traded partnership (PTP) during 2023 that is subject to withholding tax under IRS section 1446, you will have received a K-1 tax form by mail, between March 15-April 15, 2024. Form K-1 is an IRS tax document that is used to report each partner's share of the partnership's earnings, losses, deductions, and credits for U.S. limited partnerships. To confirm if you need to include form K-1 for tax filing with the IRS or how to use it, please consult with a tax advisor..."

Great video, Adam. We echo many of your points made in this video! We do both planning and investment management in house with a Portfolio Manager that holds a CFA - so different model, but the core is the same. Find someone you trust that holds designations and that brings holistic planning to the table! DIY can do well in accumulation years which have less considerations, but as people approach retirement it is common to see them want more hands-on support.

This will be me, and it's not talked about enough, so thanks!

For us that were self employed for most our working life this whole CPP thing gets tossed on it's head. Many of us get next to nothing out of it because we set things up so we contributed very little into it. Why? Because it's a terrible plan. How do we know that? 1, it's forced and 2. it's run by government. If I'd had a choice I would have opted out of it right off the hop. There is more but I'll leave it there.

RIP Spouse 1 🙏

I gave a very curious question. Lets say my spouse died abd I was the successor, when I die. Can I name my two kids as my successors?

Great video! Could you clarify something please - If I maxed out the tfsa in 2021 and then withdrew 10k and deposited the same 10k back into the tfsa in 2021 I would have over contributed. Does that over contribution reset the following year? Meaning that CRA would only penalize me for the remaining months of 2021 that I had over contributed?

One other thing- be careful what you invest in inside your TFSA. If you have a loss inside your TFSA and withdraw those funds you lose that contribution room forever. Example: you put $7000.00 into your TFSA in stocks and the market dropped and your investment is only worth $5000 now. If you withdraw that $5K you have lost that $2K of room forever.

The die with zero book is from a person that was able to retire in their 30/40s because they made many millions in gas trading. If you can fly all your friends to Mexico for your weeklong birthday celebration and entertainers from Vegas to do a one-night concert for your friends, this book is for you.

If the money you are taking out of your TFSA is in a US dollar account call your brokerage company instead of doing it online. They might get you a better currency exchange rate for large amounts over the phone.

AdvisOr or AdvisEr. Two very different terms that sound the same. The former with an O is a sales representative without fiduciary responsibility. Caveat Emptor - and sleazy misrepresentation. Beware, these people often work at banks and similar institutions and are not allowed to give independent advice that may not benefit their employer. The latter with an E does have fiduciary responsibility. They can give independent advice and advise products not sold by their employer!

Other mistakes relate to CRA's requirement that investments only be in designated exhages. The problem would perhaps most likely happen if you invest in a penny stock. While you might have purchased it when listed on a designated exchange, those companies can & do get 'delisted'. If for instance a company no longer meets the requirements for listing on say Canada's Venture exchange, the stock can get delisted to an another exchange that's unacceptable to the CRA. The CRA will fine you 100% and require you to urgently sell. A big fine is bad enough but because those kinds of shares can be illiquid, forced selling can result in big losses. Don't invest in volatile, illiquid, penny stocks in your TFSA (or RRSP).

What if you made gains in your TFSA and want to withdraw a portion of it? Would the withdrawal count as "gains" or "contribution room"? For example, you made 100k gains on your 95k contributions and want to withdraw 50k. Would you be able to contribute 50k back into the account next year?

My retirement friends literally withdraw their interest made yearly on their TFSA accounts. They use it as a lets buy ourselves something nice before we are too old to enjoy it. So their base TFSA amount has never changed at the max allowed. its been around $12K of interest a year combined for them. My TFSA seems to be averaging about 6-7% a year interest. I plan to leave it in there until i retire in 7 years so hopefully it will be around $25-$30K for each of us. which will be a nice lump to go on a retirement trip for a month.

Why the incessant use of 'again', again and again?

How do I check my TFSA Account re: successor?

Always learning something new with each video 🙏

Thanks for the successor tip my bank never said anything about that, what savings account is giving you 4% ?

If you have the room, can you move stocks from an investment account "in-kind" to your TFSA?

When does the 1% penalty start when I overcontribute to a TFSA? For example, if I realized that I overcontribute by 10K in February but I withdraw 10K from TFSA in May then how much do I owe? $400 (4 months x 1%)?

How about avoiding frequent trading activities that will be construed by CRA as day trading (thus requiring one to report the capital gains)?

I specifically earmark dividend paying US company stocks (not ADRs) for my RRSP, rather than my TFSA. That way, consonant with the tax treaty between the States and Canada, dividends aren't subject to 15% withholding tax, as they would be in a TFSA or unregistered US dollar account. Nice keeping 100%.

Could you invest TFSA in (not so, but) riskier stocks? Would like to invest in my DB OMERS AVC's, Additional Voluntary Constributions when my TFSA CIBC Equity laddered GIC's come up for renewal...

I have to push back on the notion of using the TFSA as a savings vehicle as a mistake. If your time horizon is short (eg if you are a retiree drawing down savings), it may make total sense to use the TFSA as more of a savings vehicle.

Once you truly understand the TFSA it is the best thing about Canada

You have mentioned foreign residention tax on dividends 15%. Is there any way to reclaim it?

Hello Adam, I enjoy your videos. The examples you gave in this video were good, one extra scenario that would be beneficial for some would be explaining what happens if your TFSA account grew to $185 000 and you withdrew $120 000 of it in 2023, How much could you contribute Jan 1 2024? Sincere Thanks

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Let's say I've reached the TFSA limit of $95,000... Why should or shouldn't I take that $95,000 of investment and put it into my chequing account? Then, wait a full year and start putting money back into my TFSA? Alternatively, is it better to keep my TFSA $20,000 below the max limit? Once I reach, say, $65,000, start moving the tax-free money into a chequing account. My understanding is you don't pay tax on money in your chequing account if it doesn't earn interest. This way, I can keep adding money into an account and, if one day an investment grows significantly (though rare, it happens), I have room to put that extra money into my TFSA. This approach would allow me to continue investing in growth stocks or other investments. Could you do a video on any tips to (within legal bounds of the TFSA of course) "work" the system correctly?

Thanks for the life changing information

How can I get my TFSA which is about $100k that sits in my account to do more?

Thanks Adam.

Great video. Very clear. Thank you so much! :^)

I think some banks prefer the word "savings account". I prefer not to use a bank for my TFSA.

Thanks Adam, good info as always. I can see how in 10-15 years timeframe, people will be able to accumulate 500k-1mil in their TFSA. Which may help qualify for GIS or other income tested benefits. What do you think are the chances that the government will change the TFSA rules down the road?