Retirement Unpacked

In episode 20 of Retirement Unpacked, Brett and Jon dive into CPP survivor benefits and whether delaying CPP can impact your survivor payout, the tax implications of moving investments from a non-registered account to your TFSA or RRSP, whether it makes sense to keep your emergency fund in a chequing account, and much more. 

Later on in the episode, one of our planners, Gord Manzer, joins to discuss car accident benefits in retirement and how upcoming changes in Ontario, including many of the mandatory benefits becoming optional on July 1, could affect retirees. 

Chapters

00:00 Intro 

00:43 Balance a large non-registered and RRSP 

4:50 Understanding CPP survivor benefit 

12:32 Laddered GICs for cash wedge 

15:43 Moving investments from non-registered to TFSA and RRSP 

18:44 PWL CPP estimate vs. Service Canada 

23:43 Why do we always delay CPP to 70? 

27:39 Should your emergency fund sit in a chequing account? 

36:30 Selling rental properties with RRSP meltdown in mind 

40:35 Why delay CPP and OAS when you'll get clawback? 

44:03 Car accident benefits in retirement 

50:27 Jon's favourite song right now 

51:30 Article review: Kevin O'Leary's formula to becoming a millionaire 

In episode 19 of Retirement Unpacked, Adam and Brett break down what age your RRIF should be fully depleted by, how to have conversations about generational wealth with your parents, why having a cash wedge and protecting yourself against the market is critical to actually enjoy the retirement you've worked so hard for, and much more. 

Later on in the episode, one of our planners Jon Kutney joins to discuss smart debt and strategies to potentially make your debt tax-deductible. 

Chapters

00:00 Intro 

00:21 Better or worse time to transfer RRSP to RRIF 

3:22 What age should RRIF be fully melted down 

5:20 LIF maximum based on the account's performance 

8:31 Retirement planning for a spouse with dementia 

13:10 What to do when actual returns differ from your plan 

19:38 Talking about generational wealth with your parents 

27:24 Passing wealth to financially irresponsible grandkids 

31:12 Clarifying the cash wedge 

38:07 Drawing down RRIF based on life expectancy 

40:16 Retiring early, how should I drawdown RRIF, TFSA, and non-reg? 

45:14 Smart debt discussion 

50:38 Estate planning with age gap and blended family 

In episode 18 of Retirement Unpacked, Brett and Matthew break down how to think about generational wealth, including how much of a buffer to hold before giving money to your children and the smartest ways to share it without waiting until you pass. They also dive into TFSA beneficiary designation planning, whether it makes sense to convert your RRSP to a RRIF before age 65, and much more! 

Later in the episode, one of our planners Mathieu Huneault joins to discuss an article he came across from Aaron Hector about whether you should name a U.S. or dual-citizen spouse as the successor holder or beneficiary of your TFSA. 

Have a question about anything retirement related? Drop a comment, and we’ll try to cover it in a future episode! 

️ Read Aaron Hector's article hereTimestamps 

00:00 Intro 

00:36 Contributing inheritance to spouse's TFSA 

02:31 Buffer to hold before thinking of generational wealth 

07:03 Smart ways to share wealth with children 

10:13 Tax implications of passing principal residence after death 

13:35 Can you name a successor holder and beneficiary? 

16:34 What happens to spouse's TFSA limit when I pass away? 

18:50 How to plan when there's an age gap 

23:47 Any reason to convert RRSP to RRIF before 65? 

28:43 Factors to consider for partial RRSP conversion in early 60s 

34:54 How much should you be saving? 

40:00 Foreign pension income splitting 

43:48 Spending in the go-go, slow-go, and no-go phases 

52:34 Beneficiary designation of U.S. spouse on TFSA 

1:00:29 Keeping employer healthcare plan in retirement 

Retirement planning does not stop once you leave work. In many ways, it becomes even more important. In this episode, Adam and Kyle answer real listener questions about RRSPs, RRIFs, income splitting, government benefits, and tax-efficient withdrawal planning in retirement.

Key moments include:
• RRIF income splitting when spouses are different ages
• Whether RRIFs and LIFs still pay dividends after conversion
• Handling RRSP withdrawals during a market decline
• RRSP to TFSA strategy before and during retirement
• CPP child rearing provision and how it works
• Leaving RRIFs to charity the right way

DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Timestamps00:00 Intro and Overview
00:25 RRIF Income Splitting With Different Ages
03:43 Dividends After Converting to a RRIF or LIF
05:06 Are Advisors Keeping RRSPs High on Purpose?
08:04 Is It Too Late To Fix Low-Tax Retirement Years?
11:25 RRSP Withdrawals During a Market Decline
15:45 RRSP to TFSA Strategy
20:30 RRIF Income Splitting and Tax Withholding
24:06 RRSP or TFSA for Severance
27:53 CPP Child-Rearing Provision
29:03 Accuracy of the PWL CPP Calculator
30:45 Leaving RRIFs to Charity
35:46 Spousal RRSP Attribution Trap
38:24 New TFSA Room and Recontributing Withdrawals
40:36 Wrap Up

This episode of Retirement Unpacked tackles the kinds of retirement questions Canadians actually ask once the details start to matter. Adam and Brett dig into TFSA rules, RRSP withdrawal timing, cash wedge strategies, and CPP decisions, focusing on the tradeoffs and tax considerations that can quietly shape retirement outcomes.

Key topics covered:• Moving non registered investments into a TFSA and tax implications• When to start RRSP or RRIF withdrawals• How cash wedge strategies work over time• Using all in one ETFs with a cash wedge• Structuring savings for early retirement flexibility• Supporting generational wealth without risking retirement

If you have a retirement question you would like answered in a future episode, submit it in the comments or reach out. We review them every week.

DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Chapters00:00 Intro and Overview00:23 Moving Non Registered Dividend Stocks Into a TFSA02:47 Investing Within a TFSA04:48 When to Begin RRSP or RRIF Withdrawals08:45 Do All In One ETFs Work With a Cash Wedge Strategy11:09 Managing a Cash Wedge Throughout Retirement18:29 Refilling a Cash Wedge After a Down Market20:30 Practical Steps to Take When Approaching Retirement25:19 Does Permanent Life Insurance as Retirement Income Make Sense31:13 Do Low Income Years Affect CPP Timing35:29 How to Estimate Your OAS Payment37:50 MERs vs Returns and Understanding Advisor Fees44:44 Can CPP Payments Be Shared Between Spouses48:03 Real World Planning Case on Retirement Flexibility52:59 How to Achieve Generational Wealth57:39 Wrap Up

In this episode of Retirement Unpacked, Adam and financial planner Jon Kutney answer real retirement questions from Canadians navigating the transition from saving to spending. They cover practical retirement income decisions, common tax pitfalls, and how different accounts work together in retirement.

Topics include:

• Shifting from a saving mindset to a spending mindset in retirement

• RRSP to RRIF withdrawals and income-splitting after age 65

• How a cash wedge strategy differs from portfolio rebalancing

• Leaving money in a corporation vs contributing to an RRSP

• OAS clawback and when it matters

• Living off dividends vs structured drawdown strategies

• How retirement income choices affect estate planning and taxes

DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Chapters00:00 Intro and Overview
00:22 Multiple TFSAs With Different Institutions
01:05 How CRA Tracks TFSA Contributions and Withdrawals
03:07 Investing Retained Earnings Inside a Corporation
06:21 Why a Savings Mindset Can Hurt Retirement
10:36 RRSP to RRIF Timing for Income Splitting
13:01 Leave Money in a Corporation or Contribute to an RRSP?
17:37 Cash Wedge vs Portfolio Rebalancing
23:13 Should You Convert All of Your RRSP to a RRIF?
26:10 Using a TFSA to Offset RRIF Taxes
29:56 RRSP Withdrawals and OAS Clawback
35:18 Living Off Dividends vs RRSP Meltdown
38:58 How to Build a Tax Efficient Estate
41:29 Power of Attorney and Trusted Contacts in Retirement
46:56 Gifting Money to Family Using a TFSA
52:55 Wrap Up

In this episode of Retirement Unpacked, Brett and fellow PWFG planner, Michael Barichello, answer more of your retirement questions. They cover what to do after maxing your RRSP and TFSA, how DC pensions work when you leave an employer, and the implications of naming TFSA beneficiaries or adding joint owners to accounts. They also touch on income splitting, GICs in a TFSA, overcontribution penalties, and what to know about locked-in funds. If you’ve wondered whether your accounts are set up the right way, this episode brings clarity and practical guidance. Leave your questions in the comments and we may feature them next time.

Advisor.ca Article

DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Chapters

00:00 Intro & Overview

00:53 Maxed RRSP & TFSA: What’s Next?

05:16 Defined Contribution Pension Options

08:12 Leaving Your TFSA to Children

11:32 End-of-Year TFSA Contributions

14:35 Assisting Elderly Parents with Finances

20:00 Transferring Company Pension to an RRSP or RRIF

22:12 Legacy Planning on a Defined Benefit Pension

25:28 RRSP Meltdown When Working to Age 70

29:33 GICs Inside a TFSA

33:50 Withdrawing from a LIF After Converting

35:32 RRSP vs TFSA Heading into Retirement

40:20 CPP and OAS Calculator in Today's Dollars

43:55 RRIF Withdrawals Article

48:11 TFSA Pitfall Tip

50:25 Wrap-Up

In this episode of Retirement Unpacked, Adam and Brett answer viewer questions on RRIF withdrawals, TFSA rules, advisor restrictions, non-registered accounts, pension income splitting, LIRA unlocking, and more. They break down several common retirement planning scenarios Canadians face and explain how to navigate them with clarity and confidence.

Later in the episode, Parallel Wealth partner Kyle Martins joins to share insight on easing into retirement, including how part-time or semi-retirement work can fit into a financial plan.

Have a question for a future episode? Leave it in the comments.

Advisor.ca Article

DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Chapters

00:00 Intro & Overview

00:23 Advisor Restrictions on Financial Advice

03:54 RRIF vs LIF at Death

06:10 RRIF Withdrawals: Monthly vs Lump Sum

08:12 Managing Non-Registered Accounts in Retirement

15:16 Risks of Managing Money for Family and Friends

17:45 DB Pensions, Income Splitting, CPP/OAS Timing

21:22 TFSA GIC to High-Interest Account Transfer

24:03 Federal LIRA Rules, Unlocking, LRIF vs RLIF

29:06 Transferring LIRAs/LIFs to a Brokerage

31:57 TFSA Gains and CRA Penalties

37:16 Transitioning into Retirement

40:21 TFSA Cash Mistakes

44:12 Wrap-up

In this episode of Retirement Unpacked, Adam Bornn and Brett Martinson tackle a variety of retirement-related questions, focusing on strategies for managing income, taxes, and investments in retirement. They discuss the implications of OAS clawback, the importance of RRSP contributions, and the nuances of withdrawing from RRSPs and TFSAs. The conversation also covers RRSP drawdown strategies, CPP dropout rules, and what strong financial planning deliverables should actually include.

Parallel Wealth planner, Matthew Dennis, joins the episode to discuss a common real-life challenge when couples have different spending goals and visions for retirement and how to navigate those conversations so both spouses feel heard and aligned.

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DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.

Chapters

00:00 Intro and Overview

00:22 Is OAS Clawback a Good Problem

04:29 When RRSP Contributions Don’t Make Sense

07:25 Melting Down a Large RRSP

11:03 Are All in One ETFs Safe

14:34 Talking to Parents About Beneficiaries

19:57 TFSA Withdrawals and Attribution

22:35 CPP Dropout Rate Explained

24:53 Reducing RRIF Tax at Death

27:49 What Good Financial Plan Deliverables Include

34:49 High Income and Large RRIFs

38:39 Banks Ignoring Successor Forms

41:16 Spousal RRSP Contributions

44:16 Understanding Client Goals in Financial Planning

48:59 Year End Account Opening and Deadlines

51:40: Wrap-up

In this bonus episode, Adam sits down with David Chilton, author of The Wealthy Barber and one of Canada’s most trusted voices in personal finance. Dave shares why he spent 16 months completely rewriting his bestselling book and what Canadians need to know about today’s financial realities.

They discuss rising living costs, housing challenges, RRSP and TFSA decisions, CPP timing, retirement withdrawals, estate planning, and the behavioural traps that can derail even the best intentions. If you grew up with The Wealthy Barber or simply want practical advice that actually sticks, this is a conversation you’ll enjoy.

The Wealthy Barber Podcast

Coversation with Preet

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DISCLAIMER: This content is for informational and educational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments involve risk, and past performance is not indicative of future results. Any forward-looking statements are based on assumptions and may differ from actual outcomes.

Please consult a qualified professional for personalized retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for decisions made based on this content.