AskTMFG The Podcast

In this episode of AskTMFG, Senior Financial Advisor Carlo Cansino walks through nine spousal income splitting rules that many retired Canadian couples miss. Most couples assume income splitting means checking one box on their tax return, but that assumption can cost thousands of dollars a year in extra taxes and lost government benefits. Not all retirement income qualifies in the same way. Registered pension plan income can generally be split at any age, while RRIF withdrawals usually qualify only from age 65, and RRSP withdrawals don’t qualify at all. CPP can’t be split on your tax return; it can only be shared through Service Canada. Carlo also explains the attribution rules that can tax income back to you, including spousal RRSP withdrawals made within three years of a contribution and investment income earned on money gifted to your spouse. Gifts to your spouse’s TFSA are the exception. Finally, he covers the payoff: how splitting lets both spouses claim the pension income credit, why the OAS clawback is calculated separately for each spouse, and why Form T1032 should be reviewed every year rather than set once and forgotten. 👉 Watch the full episode here: https://youtu.be/iUgsGvghoGI?si=kaBjJwu3OzuVifDW  Question for our viewers: Have you and your spouse reviewed how you split your retirement income this year? 👉 Book a complimentary call: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of AskTMFG, Financial Advisors Carlo Cansino and John Iaconetti explain what happens to your Canada Pension Plan benefits when your spouse passes away, and the steps you need to take. Many surviving spouses don’t know what they’re entitled to, and during an already difficult time, that gap can cost thousands of dollars in missed payments. The government provides a one-time CPP death benefit of $2,500 to help with immediate costs such as funeral and burial expenses. The ongoing survivor’s pension is not automatic, though; you have to apply for it. How much you receive depends on your age when your spouse passes away and on how much your spouse contributed to CPP. Survivors 65 and older receive 60% of the deceased spouse’s retirement pension. Carlo and John also clear up a common misconception: your own CPP and the survivor’s pension combined cannot exceed the maximum retirement pension for one person. Many survivors expect to receive their spouse’s full payment on top of their own, but in practice the top-up is often much smaller. That’s why it’s important to plan ahead for other income sources that can make up the difference. 👉 Watch the full episode here: https://youtu.be/gdziNfB9mlY  Question for our viewers: Have you and your spouse talked about how your retirement income would change if one of you passed away? 👉 Book a complimentary call: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of AskTMFG, Financial Advisors Carlo Cansino and John Iaconetti walk through what you need to do with your CPP, OAS, and RRSP before you retire outside Canada. Many Canadian retirees who move abroad mismanage these benefits, and that mistake can cost thousands in unnecessary taxes and lost payments. CPP can be collected in many countries, but it stays taxable in Canada and may also be taxed where you live, so exchange rates and tax treaties both matter. OAS can be paid internationally as well, but it comes with residency requirements and paperwork, and the clawback is based on your worldwide income. RRSP and RRIF withdrawals are generally subject to a 25% non-resident withholding tax, which a tax treaty may reduce. Your new country may also tax that same money. Finally, they also explain why cross-border banking and a clear withdrawal plan should be in place before you leave. 👉 Watch the full episode here: https://youtu.be/MCecyS91KyY  Question for our viewers: Are you thinking about spending your retirement outside Canada? Where would you go? 👉 Book a complimentary call: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of AskTMFG, Senior Financial Advisor Carlo Cansino explains the pension clause that catches thousands of Canadian retirees off guard: the bridge benefit. If you retired early with a defined benefit pension, part of your monthly income is temporary, and it ends automatically the month after you turn 65, whether or not you’ve started CPP. For some retirees, that means a drop of hundreds of dollars a month. Carlo explains how the bridge benefit works alongside your lifetime pension, and why it can create a costly income gap for anyone planning to defer CPP to 70. He then walks through three steps to prepare. First, confirm the exact amount of your bridge benefit and the date it ends. Second, revisit your CPP strategy with that number in mind. Third, if you plan to delay CPP, build your own bridge using a planned withdrawal order. That order starts with your RRSP, moves to your non-registered accounts, and keeps your TFSA in reserve, so the drop at 65 becomes a non-issue instead of a shock. 👉 Watch the full episode here: https://youtu.be/N0RVUsOknto  Question for our viewers: Did you know your pension income could drop at 65, even if you haven’t started CPP? 👉 Complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/  Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of AskTMFG, Financial Advisors Carlo Cansino and John Iaconetti break down the four levels of retirement wealth in Canada and help you see where you really stand. Many Canadians assume they’re in a lower wealth bracket than they are, which often leads to unnecessary stress and overly cautious retirement plans. Carlo and John walk through what each level looks like and what income it can support using the 4% rule. A basic retirement of $250,000 to $500,000 is about making savings work alongside CPP and OAS. A comfortable retirement of $500,000 to $1.5 million shifts the focus to reducing taxes and planning for your estate. An affluent retirement of $1.5 million to $4 million brings the OAS clawback and tax planning to the forefront. At the high-net-worth level of $4 million and up, the priorities become estate planning, gifting, and using insurance to pass on wealth. 👉 Watch the full episode here: https://youtu.be/I3J9aKIS-zw  Question for our viewers: Which level of retirement wealth do you think you’re in today? 👉 Complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/ Follow us: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/