3 Tax Mistakes Most Retirees Make (How To Avoid Them)

Thanks Adam. Can you recommend one of your videos on RRSP withdrawal tips (i.e, frequency of withdrawals, how to minimize fees and taxes, etc)? RRSP meltdown is our strategy just looking to optimize things.

Thank you very much Adam. I subscribe to your channel and usually I get to listen to it as soon as it posted as I get notified. ❤

Wow Adam you are about to have 100 k subscribers. Impressive. You have made life so much better for me, thanks bud.

Adam, reviewed the middle or 2nd mistake on your vid a few times. I see now what you are pointing out. If the CRA is holding on to your money and more than is due to the CRA, dip into the TFSA to keep the cash flow level, then with the refund, slip that into the TFSA. Ahhh! I love these Ah Ha moments! Another financial plan is added. Many thanks. Subscribed and always click the like :) Meg, Atlantic Canada, PEI

Thanks. With draw from liff Follow Yo with deposit to TFSA. I didn’t realize this to help taxes

All true! Thank you for the reminder.

I am retired (62), I am happy with slow go from the very begining. Me and wife live below means. We run budgets every month. Zero debt.

Thanks Adam, fantastic advice, my wife just finished year one of retirement, she pulled $48k from her RRSP (average tax rate 14%) which was more cash than needed, we took the surplus cash flow and put it in our two TFSA for future use, our TFSAs are producing just under $14k in dividends.

Good Video, full of sage advise, as always. planning is key. know what your sources and amount of income (& expenditures) will be in various stages of retirement and plan to have least in taxable buckets at all stages of retirement. draw down big on RRSP/RRIF as soon as you can.

The problem with aggressive RRSP meltdown in go-go years is that could trigger OAS claw back. Delaying OAS for full 5 years may still not be sufficient time to do the meltdown. There is just no perfect solution.

Great videos..direct and presented sincerely...

you will soon hit 100K Subscribers! another great video!

Yet another great video...thank you! 🙃

Excellent tax strategies!

We have a DB pension, RRIF, CPP and OAS. The forced tax with held from the pension and RRIF are enough that we turned off the tax with held from CPP and OAS. We still get a small refund each year. Fantastic video.

Great video once again. I'm changing my RRSPs to RIF this year. age 60. I'm not going to do an RRSP meltdown because I still have a bridge benefit for 5 more years. The RIF amount will be used to build up my TFSA as I still have room. I'm lucky because I don't need to spend that money now as my pension is very good. At age 63 my CPP amount will be the same amount as my bridge benefit. So I'll be income neutral. ( same taxes) .As Adam says you need to know what you have coming in and later what's going out ( taxes). It's very clear if you delay CPP until 70 you get more money. But you get more when you spend less..slow / no go years. I'm not a gambler. I'll take the lesser amount at 63 or 65 and hopefully take it a bit longer, the break even point is meaningless if you are no longer in your go go years. Slow and steady, I'm not waiting for a 42% that I may get for 5 years.

I agree with number three the challenge is that the generation that is currently going through that issue didn’t have access to the knowledge we have now about the repercussions

Everytime I watch these videos it reinforces my desire and push to retire in my early 60s. After 35+yrs of RRSP match that little bundle needs to be melted down.

I've gone through a bunch of the Parallel Wealth videos and I can't find the right one for which asset types are best to hold in which type of account (some near misses though). Specifically, if you are maxed in RRSP and TFSA, what is the best asset type for non-registered accounts from a tax perspective? It seems like holding Canadian eligible dividend earning stocks could be good in non-registered when your income is less a certain threshold (85k?) Or is it better to focus on capital gains there? It seems like bonds, GIC and interest earning is bad in non-registered account because 100% of it becomes taxable in the same year it's earned. I think there could be a video for taxes on Canadian eligible dividends and what account type you should hold them in.

Best to draw down shares from RIF, RLIF, LIF inkind. Withdraw to a non reg and then make a TFSA contribution if you have room in your retirement years.