Interesting - many people still have mortgages when they retirement. So based on what you are saying, it would make sense to take out more from your RRIF to pay off the mortgage (assuming it doesn't impact your lifestyle in retirement). This should result in a lower over all tax bill upon death.
@ParallelWealth3 жыл бұрын
Not sure I would recommend taking more to pay off mortgage faster at current rates.
@fembot5213 жыл бұрын
Widows get screwed over. We had an RRSP with SunLife worth $289000. We had no idea my husband did not name me beneficiary so I was not able to roll it into my RRSP’s. It becomes part of his estate instead and is taxed majorly...even though I am still alive, his legal wife and am taking care of our two small children. Too bad for us! No one talks about how living spouses are not awarded anything by default, especially in Ontario. So I sacrificed over the years and helped my husband contribute the maximum each year and none of it matters. GET A WILL AND MAKE SURE YOU HAVE NAMED BENEFICIARIES. Don’t assume you have them like we did and assume people are doing their jobs.
@ParallelWealth3 жыл бұрын
So sorry this happened to you. And good advice for others to double check.
@fembot5213 жыл бұрын
@@ParallelWealth Yes it sucks! Everyone assumes, as we did, that no matter what the legal spouse is entitled to everything upon death. It’s not true and in Ontario it’s subject to succession law. Might want to make a video about these things because widows are left in the dark until their husbands die and then all of a sudden you get a rude awakening.
@fembot5213 жыл бұрын
This is not true. Unless the spouse is a named beneficiary you cannot roll it over to your RRSPs. Living this nightmare right now.
@nanaroy2199 Жыл бұрын
Can't you file the form T2019 to turn it into a refund of premiums and then transfer the amount to your RRSP. After you claim t4rsp as your income but also claim the transfer as a deduction.
@alfonsogarcia6083 жыл бұрын
First and foremost, thank you for your channel and valuable information, subscribed recently and have already benefited from your knowledge and clear presentation style. We just finished watching the mini series (far more productive than watching The Crown). We (my wife and I) have a question: If you are still working at 65 and convert a portion of your RRSP into a RRIF, chose to withdraw the $2K from the RRIF, are you eligible for the pension credit?
@ParallelWealth3 жыл бұрын
Yes you are! Thanks for watching.
@jimmccorquodale72516 ай бұрын
If you leave the money as long as possible in the RRIF collecting gains tax free, wouldn’t make sense to let it grow as much as possible. Half of 2200.00 is better than all of 1000.00. Whatever gains you make on your pulled riff funds they are taxed in the year they are earned. If you have a large RSP I think it might be better to tax shelter the gains as much as possible.
@ybc84953 жыл бұрын
however I think for charity you can donate as-is, so if a stock you bought is 20 years ago is 20$, now price is 200$; if you donate it will use the 20$ as the price, so problem solved; your 500K RRIF became 50K RRIF.
@brianmcintyre85632 жыл бұрын
I will marry my girl friend on my death bed, just so the govt don't get it.
@dianetownsend9813 Жыл бұрын
And if the RRSP ar death (assume no spouse transfer) triggers OAS clawback you are hit even harder.
@Udjeox3 жыл бұрын
Is there any software that a Canadian individual can get access to for retirement planning.
@ParallelWealth3 жыл бұрын
There are basic ones for free, but anything in depth is a few thousand dollars or more for the program. Just Google financial planning software for Canadians and find the right fit for you.
@WowRixter2 жыл бұрын
Your playlist is only showing 4 segments. If this is the 5th video, which one is missing? 😁
@ParallelWealth2 жыл бұрын
I'll have Stefan my editor look into it thx for the heads up
@Mom2JusJay2 жыл бұрын
Thank you such an informative series. Question: your video said this is the 5th video, did I miss the 4th one- re: withdrawing RRSP at retirement, but spouse is still working?- did I miss this video?- thanks
@alwayspositive9993 жыл бұрын
Great vid - when u say probate is due on the 500k house ( is a will not sufficient ? to transfer house to a son/ daughter
@ParallelWealth3 жыл бұрын
A few ways to avoid probate - but be careful because it often just muddies the estate waters...
@lizarellosa9663 жыл бұрын
Hi there, i’m 64, just retired a year ago and wants to speak to a financial adviser for more advices pls. Thanks
@ParallelWealth3 жыл бұрын
www.parallelwealth.com/ffs for more details and link to book a call
@joanner26443 жыл бұрын
Hi, can yu add your children as beneficiary or right of survisor on your Rrsp or Rrif. Thks,
@ParallelWealth3 жыл бұрын
You can add as beneficiary, but doesn't roll to them tax free. Just guides assets after tax to them.
@shaunmckinley12082 жыл бұрын
Thank you so much for doing these videos. Would you be able to help with a question regarding taxes for registered accounts (Lif & Rif) after death? If there are 4 beneficiaries who have split the money before taxes and one is refusing to pay their share of taxes, does the CRA come after the beneficiaries or the Executer of the Will? I'm the Executor, am I on the hook for the taxes?
@shaunmckinley12082 жыл бұрын
I should specify that the beneficiaries are all named directly in the Registered accounts, not the Will. The Will mentions that monies from the investments would be distributed as outlined by the beneficiaries named in the registered accounts (Lif & Rif)
@ParallelWealth2 жыл бұрын
Yikes, my guess is the executor would/could be footing the bill here.
@shaunmckinley12082 жыл бұрын
@@ParallelWealth I think I found my answer. Although I should have retained a portion of the funds as a hold back for taxes, if the estate still can't pay the taxes then the CRA does go after the named beneficiaries. Found this said similarly in different sites "a beneficiary who receives funds from an estate can be personally liable to the extent of the funds received for any unpaid income taxes related to what they received. For instance, if an individual receives proceeds from an RRSP directly by way of beneficiary designation, and the estate fails to pay the income taxes of the deceased that arise from the termination of the RRSP , then CRA seek to recover the unpaid taxes directly from the beneficiary. " I interpret this as since the Financial Advisor distributed the funds directly to all 4 named beneficiaries without involving the Estate, and the Estate has zero funds to pay, that the CRA will then go after each of the 4 named beneficiaries for the taxes owed on their portion of the funds. Am I wrong?
@DL-bl6qp Жыл бұрын
@@shaunmckinley1208 yes. I think I read this too. What you need to do is ask somebody HOW the CRA will come after the beneficiaries? If three of the four pay the tax and the fourth one holds back, will the CRA still come at the four of you equally, even though the 4th has not paid? It may be in your best interest to ALL hold back. Sorry you are going through this.
@DL-bl6qp Жыл бұрын
Shaun, as the executor, could you hold back on paying the RRSP or RIF to the beneficiaries? Or did the institution distribute it? This is going to be my life in the next year too and I'm worried about not having access to the funds I need to pay the taxes until the house is sold.
@colywogable2 жыл бұрын
But do you have to name the spouse as beneficiary of your RRSP in order for it to roll over to them upon your death?
@ParallelWealth2 жыл бұрын
Yes
@micheleemcdaniel3893 жыл бұрын
Why do Canadians put up with this ??
@ronbonora78723 жыл бұрын
were stupid! LOL
@fembot5213 жыл бұрын
Because you have no idea this happens until you are dead and then you don’t care!
@micheleemcdaniel3893 жыл бұрын
@C M To where?
@APICSKH2 ай бұрын
Because Canadians get the benefits from the taxes we pay, so we share our fortunes with less fortunate. But in recent past it is deteriorating due to selfishness of our politicians. Hope it explains😂