Clinton Orr and Kevin Becker are head of Becker Orr Wealth Management and are portfolio managers with Canaccord Genuity. As a team we help clients obtain their financial goals by creating a holistic financial plan. In addition we follow a pension style investment process to help mitigate investment risk and provide consistent and steady returns.
So for Oas in 2021 the monthly max was $626.49 i.e. 7,517.88 per year. But according to your breakdown the average Canadian received 18.39% of 61,200 =11,254.68 per year. How could they receive more than the maximum? Something is wrong with the math. Does the $61,200 refer to couples? What about single retirees?
Its all about the manipulation of currency to justify greed by zionist bankers. After all how else can they take advantage of suffering economies and people? Fk'em
I'm new to trading, and I've lost a good sum trying out strategies I found in online tutorials. I would sincerely appreciate any recommendations you have.
The first step to successful trading is figuring your goals and risk tolerance either on your own or with the help of a financial professional, but it's very advisable that you make use of professional
This video is specific to Bill 8, which was passed a few years ago and applies only to Manitoba LIRAs. We do mention that all LIRAs must be converted to a LIF by age 71. In many cases there are options to convert earlier, but you cannot keep a LIRA beyond 71, it must be converted.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@Freddie-09 The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
Thank you very much for the video. I know a lot of hard work goes into creating such videos, so merci beaucoup en core! I have some questions. I hope you will be able to answer them. 1) I believe a probate kicks in only when the person writing the will is dead, am I correct? Is it mandatory for the beneficiary of the will to apply for probate? My only child is the sole beneficiary of all my investments, cars and real estate. Is she supposed to apply for probate once I pass away even though she is the sole beneficiary? 2) If no executor is mentioned in the Last Will, does the Will become null and void? I do have a Last Will that says all my belongings will go to my child once I die, but I am not sure if an executor of the will is mentioned in it. If not, can I designate the beneficiary (my child) as the executor in an amendment to the Will? In other words, she will be the executor as well as sole beneficiary. Is it mandatory to have the executor's name in the Last Will? 3) What if an executor dies before the testator? 4) On what grounds can an Ontario court decide if a Will is null and void? I understand that a Will must have witnesses. Is there any other reason owing to which a Will could be deemed null and void by a court? 5) Can a probate be applied for before the testator passes away? That way, the beneficiary will not face any roadblocks or delays once the testator departs and the whole process of transferring all my properties to my daughter will be fast, simple and straight-forward. Thanking you in advance!
Thank you for the kind words. We can help you sort some of those questions, additional context and detail would be required. Perhaps best to have that conversation in private, please reach out to us: beckerorr.com/chat-with-us/, we are happy to chat.
Control my emotions not a chance and I check my balances daily its irresponsible to not keep track and ask tough questions. Look what trudeau has done to our financial world . If youwere my financial person the last few years you earned your money.
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
I echo the desire to see a review of the median Canadian retirement savings and income. Very valuable info here, that i plan to share with our elder teens. Thank you!
In this video we look at a report released Jan 2024 with detailed retirement savings figures: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-ngLXOal6pvA.html As well in this video we do look at a recent data release that provides average and median income numbers: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WtmSGwaDvmI.html
If I'm not mistaken, the graph in the "sell the house in 20 years" scenario shows the TFSA is spent between 2029 and 2040. The big bars from 2044 on are withdrawals from the non-reg account, pulling proceeds of the house sale, and are large as they have to also now cover the inflation-adjusted 3k/month rent.
Great information, thank you. Can you discuss what the maximum income for 2024 net or gross before the claw back and how the claw back works. Many thanks.
OAS numbers are updated quarterly for inflation, so the final 2024 figure could be a little higher, but at the moment the 2024 threshold for OAS claw back is $90,997. The claw back is based off your net income before adjustments, I believe that is line 23400 of your tax return.
You can see at the 1:15 minute mark why its so important for the government or Bank of Canada to lie about the inflation rate so they can fleece retirees and make sure some or all of their OAS is clawed back. Wage gains coming in at 5.1 percent mean the true or real inflation rate is always at least 5.1 percent as wages always lag the inflation rate. At least the inflation figures coming out of America are more believable and their wages gains ae coming in at just over the 4 percent mark. Canada is looking at a wage price spiral a 50 cent dollar and total lies told about the inflaiton rate and CPI figures in the future. They cite the 6.2 percent unemployment rate like it means anything which it doesn't because ten times more immigrants than normal are coming into Canada each year. When the Conservatives get into power the unemployment rate will instantly fall to 3 percent as the immigration quotas are slashed 90 percent.
Well, I chose Melissa Jean Talingdan as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
Well, I chose Melissa Jean Talingdan as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
I’m 55 from southeastern Ohio but worked overseas all my life. I have savings of $1,000,000 and I'm ready for retirement, only concerned about the soaring inflation. Is this enough to retire comfortably, or do I need some sort of money management
I would get money management just in case. You’re only 55. I think the average life execting in the US is 77.5 years, but many people live well into their 80s so that $1 million has to last you all of that and the unforeseen. $1m is a great start though. Good for you!
I’m quite lucky exposed to personal finance at early age, started job 19, purchased first home 28. Going forward, got laid-off at 36 just after covid-outbreak, and at once hired an advisor with grit to help stay afloat. As of today, my portfolio has yielded over 300%, summing up $836k. Stay motivated friends
Well, I chose Melissa Jean Talingdan as my advisor after her interview on CNBC In 2020. She is SEC regulated with offices in the US and quite frankly a genius with portfolio diversification. You should look her up
Have to admit, I am nervous when it comes to retirement. The good news is I'm not risk averse and I am patient. I don't check frequently, and I understand things go up and down... So, what is my problem? I am constantly thinking that there is something I missed and my calculations were wrong and I won't be able to retire. Then I check with my retirement person and he shows me that I am still on track. It looks good..." I say thanks!! Two days later, I am thinking "Wait, did I forget to tell him something? I know we talked about taxes, but did we miss something? Now, I am not to bad that I call him right back. ;-) But I will be nervous until our next meeting, when we'll talk about it, and he'll remind we are on track... And I'm fine, for a bit... I'd say part of this is because I am now within a year of retirement, but I was like that 5 years ago... So I am hoping that once I get to retirement, I will see the actual numbers and be OK. But, do I see myself possibly/likely being afraid of touching my retirement when I should? Yeah. I feel sorry for you guys having to work with nervous people like me. ;-)
I’m 76 not in best health. I have my daughter 42 and granddaughter 8 living with me. My daughter is well educated, has her Masters but had not secured a job in her field. She works at $20 an hour & receives no child support . I supplement. My mortgage is a line of credit $1400, $196,000. My car is 2014 pair for in July freeing up $314. I have about $20,000 in investments. My one & only charge card is $17,000 with 18%. My question is should I negotiate getting my card rate lowered through one if the many money management advertised. I tried direct with MC but was told no. I want to pay my debt but just need a rate break.
Thanks Guys. Do you find that more people are now retiring earlier(60?) compared to 5-10 years ago? I was not able to find anyone in my immediate circle(co-workers, friends & family) that is employed that said they will retire at 65. Average age seems to be 60.
We have not seen a move to retire earlier. Statistics Canada does track the average and median retirement age for various segments of Canadians, the numbers haven't moved all that much in the last few years. Here is the link: www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410006001
Thank you for this excellent information. Great points, especially regarding squeezing the most out of your benefits before retiring. Some don't realize the value of those benefits because they don't pay attention to the price of what's being covered. Trust me, once you're paying out of pocket, it'll be a real eye-opener. The only point I would push back against is #3 about accelerating large expenses. I've seen colleagues dump good cars for next to nothing at the dealership right before retiring. Same with the renos. There will always be something else to update. My thought is to set that money aside, replace or renovate only as needed, and budget for the next round. Thanks again, and keep up the great work.
Budgeting and cashflow are key. If you are able to set cash aside, build an adequate slush fund to handle renos and vehicle purchases that's ideal. For some folks their salary when working is quite different from their retirement income and it is easier for them to handle some of the big purchases prior to retirement. Granted that is not everyone. Your point about budgeting could apply to everyone :)
Current taxes can't keep up withTrudeau's over the top spending so he's after more of your investment income which will still be used for more note buying spending rather than retiring debt.. Capital gains on primary residences aren't far away.
The average retired person makes over $60k after tax? Holy crap. Median is the same number above $60k as below it. That is absolutely crazy and is only possible for those with the private pension. Outside of the government, private pensions are disappearing so that picture will change dramatically and is scarey for those who will be retireing in the next 20 years.
I was wondering the same thing. How can someone retire with a net worth of 600 to 700k with a 60k after tax. Just doesn't make sense, unless they got a private pension on top of that net worth. Upvoted you.
If 1 spouse have a defined benefit from work, Does pension splitting during retirement apply and at what age. Does dividend income from 1 spouse non registered account be shared. Thanks
Pension Income Splitting for a defined benefit pension can start at 55. You can only split pension income, dividend income does not qualify as pension income.
Hi Kevin, probate fees are charged when someone dies on their entire estate, in Ontario it’s $15.00 for every $1,000.00 of the estate. The PRIME RESIDENTS is included in this fee. If a person is a widow or widower and would like to leave their home to their child and have no other assets to cover the cost of the probate fee, their home would have to be sold to pay the fee. Some provinces have no Probate Fee or a Flat Fee. I think a Flat Fee to handle the Estate Administration Fee (Probate) is fair. What can be done to change this if anything. The province should consider this as trying to leave anything to your child or children to give them a start or roof over their head when the cost to buy a house is out of reach is unfair. Probate fees should be fair and even across the country.
We agree, probate fees, in some provinces, can be a burden and negatively impact the estate. A consistent probate system across Canada would make estate planning easier, however probate is currently provincial jurisdiction and each province makes their own decision. Some have no probate fees, some have a flat fee, others charge a percentage of the estate. Typically, provinces in the latter group have the most costly probate.
If folks really enjoyed this. However, I think you may be missing a critical number here - I bet the average (retirement) income of someone over 65 is less than those in their 40s so the percentage of income they spend on their house goes up - but the actual value may stay the same! And they may be spending less on recreation because they just can’t afford it.
If i listed my two children as beneficiaries on my chequing or savings account, is th amount they received taxable, secondly would probate apply Thanks
My understanding is that beneficiaries are only permitted on registered accounts. Bank accounts (savings or chequing) typically do not have beneficiaries. Sometimes folks will list a spouse or child as a joint owner on a bank account, that's different than a beneficiary. We have a video on joint accounts: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-LhBSKP87L60.html
This video was helpful because it confirmed that I handled my inheritance properly. One thing to note is that a couple may disagree about how to handle it, friends may have different “great opportunities” that don’t suit you at all, so be careful about whom you get advice from.
