AskTMFG The Podcast

In this episode of the AskTMFG Podcast, Financial Advisor John Iaconetti breaks down three common investing mistakes that can quietly increase the taxes you pay and reduce your retirement income over time. They start with market timing: pulling money out during downturns or waiting for the “right” moment to invest. While it may feel safer in the short term, missing just a handful of the market’s best days can significantly reduce long-term growth. Over time, that gap can translate into hundreds of dollars per month less in retirement income. Next, they tackle chasing hot stocks and headlines, whether it’s tech, AI, cannabis, crypto, or whatever is dominating the news cycle. By the time most investors hear about the “next big thing,” much of the growth has already happened. Overconcentration in trendy investments not only increases risk but can also create unnecessary tax consequences, especially in non-registered accounts. The third mistake is buying based on past performance. Just because a fund or company was a top performer over the last five years doesn’t mean it will stay there. In fact, data shows that only a small percentage of top-performing funds remain leaders in the following period. Building a portfolio around yesterday’s winners can lead to poor diversification, higher volatility, and avoidable tax triggers. Through a simple example, taking $20,000 out of an RRSP during a market drop, they show how small emotional decisions can compound into meaningful losses, potentially reducing retirement income by hundreds per month. The key message: successful investing isn’t about being smarter or predicting markets. It’s about staying disciplined, diversified, tax-aware, and aligned with a long-term plan. Small decisions, done consistently, can have a massive impact on your retirement lifestyle. 👉 Watch the full episode to see how these three mistakes might be affecting your retirement plan, and what to do instead: https://www.youtube.com/watch?v=vbjmIFoqblQ    Question for our listeners: Have you ever made an investment decision based on fear, headlines, or past performance? How did it impact your long-term results? If you’d like a second opinion on how your portfolio is positioned, we’re offering a complimentary portfolio analysis to help you identify gaps and opportunities: https://tmfg.ca/portfolio-analysis/   Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti highlight seven indicators that suggest many Canadians are better positioned for retirement than they think. Drawing on real data and years of advising experience, they explain why retirement confidence often lags behind reality, and how recognizing your advantages can lead to smarter financial decisions. They walk through key factors that put retirees ahead, including home ownership, workplace pensions, being debt-free, having a clear plan, and working with professional advice. The conversation also explores how early planning, multiple income sources, and meeting established retirement income benchmarks can significantly strengthen long-term financial security. Retirement success isn’t always about having more; it’s about understanding what you already have and using it strategically. Many Canadians are closer to being retirement-ready than they realize. 👉 Watch the full video episode on YouTube to see how these signs show up in real retirement plans: https://www.youtube.com/watch?v=1cD0aegnbYw  Question for our listeners: Looking at your own situation, which of these signs do you already have in place, and which ones could you strengthen before retirement? If you’d like help reviewing where you stand and building on your strengths, we’re offering a complimentary portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down what Canadians need to know about retiring abroad and how it can change the way the CRA taxes your income, investments, and retirement withdrawals. They explain the difference between being a factual resident and a non-resident, how departure tax can apply, and what happens to RRSPs, RRIFs, CPP, OAS, and TFSAs once you’re living outside Canada. The conversation also highlights the impact of withholding taxes, tax treaties, and planning strategies such as NR5 elections and Section 217 elections. The key takeaway: retiring abroad doesn’t eliminate your Canadian tax obligations; it changes them. Understanding the rules ahead of time can help protect your retirement income and avoid costly surprises. 👉 Watch here the full episode on YouTube to learn how a move abroad could affect your retirement plan. Question for listeners: If you’re planning to retire outside Canada, have you considered how your residency status could impact your taxes and retirement income? If you’d like help reviewing how a move abroad could impact your retirement plan, we’re offering a complimentary portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/?hl=en 

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti unpack a common assumption many Canadians make: that contributing to an RRSP is always the right move. They explain why that strategy can backfire for people with a defined benefit pension, where guaranteed retirement income can stack with RRSP withdrawals and quietly push retirees into higher tax brackets. Using a Canadian-specific lens, they walk through how RRSPs actually work, contributions reduce taxable income today, investments grow tax-deferred, and every dollar withdrawn in retirement is taxed as income. For pension holders, this can create unintended consequences, including higher lifetime taxes, reduced Old Age Security benefits, and limited flexibility once withdrawals begin. The conversation highlights where RRSPs still make sense, typically for high earners today who expect to be in a lower tax bracket in retirement. But for Canadians with strong workplace pensions or lower future income changes, alternatives like TFSAs may provide more flexibility and tax efficiency. A key moment in the episode introduces a simple decision framework: compare your tax rate today to your expected tax rate in retirement. If your current rate is higher, an RRSP contribution may help. If it’s similar or lower, especially with a pension, contributing blindly could cost thousands over time. The conclusion: retirement planning isn’t just about saving more, it’s about choosing the right account based on your future income picture. For Canadians with pensions, the difference between RRSPs and TFSAs can significantly shape how much of their retirement income they actually keep. 👉 Watch the full video episode on YouTube to learn how pensions and RRSPs interact - and how to avoid unnecessary taxes: https://www.youtube.com/watch?v=Dva6raI850I Question for our listeners: If you have a workplace pension, have you evaluated whether RRSP contributions are still the best strategy, or are you contributing out of habit? If you’d like help reviewing how your pension, RRSP, and TFSA fit together, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti uncover a common mistake Canadians make with joint GICs that can quietly lead to unnecessary taxes and estate planning issues. They explain how GIC interest is fully taxable in Canada and why holding a GIC “joint with rights of survivorship” doesn’t automatically mean the tax is shared between both owners. In many cases, the person who funded the GIC is the one taxed on the interest, which can lead to higher-than-expected tax bills over time. The episode also touches on probate planning, how joint GICs can help assets pass smoothly to a surviving spouse, but why probate avoidance alone isn’t a complete strategy. Without proper planning, families may reduce paperwork but increase lifetime taxes. The key takeaway: joint GICs can simplify estate transfers, but they aren’t automatically tax-efficient. Knowing who pays the tax and how these accounts fit into your broader financial plan can help protect more of your money. 👉 Watch the full video episode on YouTube to understand how joint GICs really work and avoid costly mistakes: https://www.youtube.com/watch?v=9RdycuvGzjo&t=11s Question for our listeners: Do you hold any GICs jointly, and do you know who’s actually paying tax on the interest? If you’d like help reviewing how your GICs and other non-registered assets fit into your overall plan, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti break down one of the most misunderstood retirement decisions Canadians face: when to take CPP. They explain why many Canadians default to taking CPP at 60 without fully understanding the permanent impact on their lifetime income, and how that choice quietly reshapes the rest of their retirement plan. Using a real-life style case study, they walk through the trade-offs between taking CPP at 60 versus waiting until 65, including the permanent reduction for early CPP, the long-term benefits of higher guaranteed income, and the often overlooked planning window between ages 60 and 65. This five-year gap can be used strategically for RRSP withdrawals, smoothing income, reducing future RRIF balances, and minimizing future tax pressure and OAS clawbacks. They highlight CPP isn’t just a monthly payment, it’s an income lever that affects your taxes, portfolio withdrawals, and long-term financial stability. While early CPP can make sense in specific situations (such as immediate cash flow needs, health concerns, or protecting a portfolio during a market downturn), delaying CPP can provide stronger lifetime income, reduce reliance on investments later in retirement, and create a more resilient retirement plan. There’s no one-size-fits-all answer to CPP timing. The “right” decision depends on longevity expectations, cash flow needs, and how CPP fits into your overall retirement strategy. What matters most isn’t simply when you take CPP, but how that decision integrates with your RRSPs, TFSAs, taxes, and long-term income plan. 👉 Watch the full video episode on YouTube to understand when taking CPP early actually makes sense, and when waiting can dramatically improve your retirement outcome: https://www.youtube.com/watch?v=LRrWdEcmKeQ  Question for our listeners: Are you planning to take CPP at 60, 65, or later, and have you mapped out how that choice will affect your taxes and retirement income over the next 20–30 years? If you’d like help modeling your CPP timing and stress-testing your retirement income plan, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti expose the often-overlooked reality of RRSP withdrawals in retirement and why they can create major tax surprises for Canadians. They explain that many retirees who diligently saved for decades are shocked to learn that every RRSP and RRIF withdrawal is fully taxable as income, often leaving them in higher tax brackets than expected. Using a Canadian-specific lens, they walk through the biggest RRSP withdrawal traps, including Old Age Security clawbacks, mandatory RRIF withdrawals at age 71, and limited income-splitting options between spouses. These rules can quietly erode retirement income, force unnecessary withdrawals, and increase lifetime taxes, even for disciplined savers. The discussion then shifts to solutions, outlining how early, strategic RRSP withdrawals, careful timing during lower-income years, and gradual TFSA conversions can significantly reduce taxes and protect government benefits. The key takeaway is clear: retirement success isn’t determined by how much you saved in your RRSP, but by how intelligently you withdraw it. Proper planning can mean the difference between losing thousands to taxes and keeping more of your retirement income working for you. 👉 Watch the full video episode on YouTube to understand the hidden RRSP traps and learn how to build a tax-efficient retirement withdrawal strategy: https://www.youtube.com/watch?v=Dva6raI850I  Question for our listeners: Have you planned how you’ll withdraw from your RRSPs in retirement, or are you assuming taxes will naturally be lower once you stop working? If you’d like help stress-testing your withdrawal strategy and identifying hidden tax risks, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti provide straightforward, practical guidance for Canadians who have saved past $1.5 million but still feel uncertain about retirement. They explain why having a large portfolio doesn’t automatically translate into security, and how, in many cases, higher savings actually introduce new and often overlooked risks. Using a Canadian-specific lens, they unpack the biggest traps facing high-net-worth retirees, including Old Age Security (OAS) clawbacks, inefficient asset placement, poorly timed RRSP and RRIF withdrawals, and unnecessary tax leakage. The discussion highlights how these issues can quietly erode income and benefits, even for disciplined savers, if withdrawals and accounts are not coordinated properly. They also address longer-term risks such as inflation and estate planning, explaining how purchasing power can shrink over a 25-year retirement and how deemed disposition at death can result in significant taxes without proper planning. The key takeaway from this episode is that retirement confidence after $1.5 million doesn’t come from saving more, but from understanding how income, taxes, benefits, and legacy planning work together. 👉 Watch the full video episode on YouTube to see how these strategies fit together and why smart planning makes the difference between feeling wealthy and actually staying wealthy in retirement. https://www.youtube.com/watch?v=YWpH_VU-k40 Question for our listeners: Do you have a clear income and tax strategy for retirement, or are you relying on your portfolio balance to do all the work? If you’d like help stress-testing your retirement plan and identifying hidden risks, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti unpack a striking statistic: 61% of Canadians worry about running out of money in retirement! They explain why this anxiety isn’t always driven by a lack of savings, but by a lack of understanding, planning, and financial literacy, and why viewers of this episode may already be in a very different position. Using a Canadian-specific lens, they explore how rising retirement “magic numbers” (from $700,000 to $900,000 and beyond) fuel anxiety without providing clarity. The conversation highlights how focusing solely on a savings target misses the bigger picture, especially when inflation, housing costs, and longevity continue to shift the goalposts. They dive into the role of CPP and government benefits, showing how guaranteed, inflation-adjusted income, when coordinated with personal savings and smart withdrawal strategies, can dramatically improve retirement clarity. This episode's key takeaway is that retirement confidence comes from knowledge, planning, and ongoing financial literacy, not from chasing an arbitrary number. 👉 Watch the full video episode on YouTube to see how these strategies come together and why they separate confident retirees from the anxious majority. Question for our listeners: Are you focused on hitting a retirement number, or do you understand how your income sources, benefits, and withdrawals actually work together? If you’d like help building your own retirement confidence plan, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti tackle a question many Canadians ask as they approach early retirement: Is $1.7 million at age 57 enough to retire while spending $9,000 per month? Using a Canadian-specific lens, they move beyond simple rules of thumb, such as the 4% rule, and stress-test this scenario against real-world variables, including taxes, inflation, market volatility, and government benefits. They break down why early retirement with higher spending creates unique challenges in Canada, explaining how withdrawal rates, account sequencing (RRSP, TFSA, non-registered), CPP and OAS timing, healthcare costs before age 65, and mandatory RRIF withdrawals can all dramatically affect sustainability. The discussion highlights how a 6.3% withdrawal rate raises red flags, and why strategy, not just savings, determines success. Finally, Carlo and John outline a clear framework for evaluating retirement readiness, which includes building inflation-adjusted cash flow projections, testing different withdrawal strategies, modelling CPP and OAS start dates, accounting for taxes and OAS clawbacks, and stress-testing against poor market conditions. The key takeaway is that retiring confidently isn’t about hitting a magic number; it’s about structuring income, timing benefits, and planning proactively. With the right strategy, $1.7 million may work; without one, it likely won’t. Question for our listeners: If you’re planning to retire before 65, have you stress-tested your plan against taxes, inflation, and CPP/OAS timing, or are you relying on a simple rule of thumb? If you’d like help stress testing your own retirement plan under Canadian conditions, we are offering a free portfolio analysis: https: //tmfg.ca/portfolio-analysis/ Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode, Carlo Cansino and John Iaconetti break down the 5 levels of Canadian retirement savings in 2025, helping you understand how their savings compare, and what each level means for retirement lifestyle, flexibility, and day-to-day living. They explain each stage, from those relying mostly on CPP and OAS, to Canadians with full financial independence, highlighting income realities, trade-offs, and planning considerations at every level. You’ll see why uncertainty around savings can make retirement stressful, and how even small changes now can improve your future options. Finally they introduce the "Advancement Framework", a step-by-step approach to help Canadians move from one level to the next through consistent saving, smart use of accounts, and regular plan adjustments. The takeaway: wherever you are today, you can take steps to improve your retirement situation. Question for our listeners: Which retirement savings level do you think you’re in today and what would moving up one level mean for your retirement lifestyle? If you’d like help understanding your current level and planning practical steps for the future, please schedule a meeting here: Schedule your meeting. Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of Ask TMFG, Carlo Cansino and John Iaconetti break down one of the most misunderstood, and costly, decisions in Canadian retirement planning: When to start CPP? They explain why the CRA’s calculators and standard guidance don’t tell the full story, and how CPP timing can quietly affect your taxes, Old Age Security, and overall retirement income for decades. You’ll learn the real trade-offs between taking CPP early, waiting until 65, or delaying to 70, including permanent benefit reductions, opportunity costs, tax bracket creep, and OAS clawbacks. They also discuss why government “break-even” math can be misleading, how lifestyle and health factor into the decision, and why average life expectancy doesn’t apply to individual planning. Most importantly, they show why CPP should never be looked at in isolation. Instead, it needs to be coordinated with your RRSPs, RRIFs, TFSAs, pensions, and tax strategy to maximize your total lifetime after-tax income, not just one benefit. If you’ve ever wondered whether you’re leaving money on the table or making a CPP decision that could cost you later, this episode brings clarity to a decision most Canadians are forced to make with incomplete information. Question for our listeners: Have you already chosen when to take CPP, and are you confident it fits into your overall retirement and tax plan? If you’re questioning whether you’re starting CPP at the right time and want clarity on how it affects your long-term retirement income, please schedule a meeting here: Schedule your meeting. Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode, Carlo and John talk about why RRSPs, despite being a core part of retirement planning, often end up causing more stress than peace of mind for many Canadians. They explain how taxes, forced RRIF withdrawals, Old Age Security clawbacks, and estate taxes can catch people off guard and make retirees afraid to spend their own savings. They share five practical ways to take control of your RRSP, including withdrawing more gradually, converting to a RRIF earlier on your own terms, using contributions strategically in high-income years, splitting income with a spouse, and slowly moving money into a TFSA using an RRSP meltdown strategy. By the end of the episode you will understand how these ideas work best when used together, helping you pay less tax, protect your benefits, and enjoy retirement with more confidence and less second-guessing. Question for our listeners: Have you ever looked at your RRSP balance and wondered how much of it is actually yours after tax, and how confident do you feel about turning it into income? If you would like guidance on building your Canadian retirement plan, please schedule a meeting here: Schedule your meeting. Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode, Carlo and John break down one of the biggest misconceptions in Canadian retirement planning: the idea that you need $1.7 million, or more, to retire. They explain how these headline numbers create unnecessary pressure and often keep people working longer than necessary. You’ll hear why real retirement needs depend on lifestyle, monthly spending, location, and the income sources you already have. Carlo and John share real Canadian examples of couples retiring comfortably with far less than the media suggests, and explain how factors like CPP, OAS, pensions, a paid-off home, and Canada’s healthcare system significantly reduce the savings required. They also introduce the 70-80% income replacement rule, explore how different lifestyles lead to very different retirement targets, and outline a simple step-by-step process to calculate your own retirement needs using realistic numbers, not fear-based assumptions. If you want a clear, practical way to understand what retirement could look like for you in Canada, this episode will walk you through the key elements that matter most. If you would like guidance on planning for retirement, please schedule a meeting here: Schedule your meeting. Follow us on our social channels: LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/