RRSP Meltdown - Withdraw RRSP Early and Save THOUSANDS

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Title	:	RRSP Meltdown - Withdraw RRSP Early and Save THOUSANDS
Lasting	:	13.18
Date of publication	:
Views	:	131 rb

Excellent topic choice and advice ✅brbrHouse prices declining 50 by the end of 2023 are also vital to keep in mind when planning as well
Comment from : Billy Rock

What is the fee charged for every single RRSP withdrawal?
Comment from : Vicky Minich

2:21 - to skip the lengthy intro
Comment from : MilkByCow

I opened up rrsp this year it is unused contribution, I want to withdraw the money but got to know I will be taxed in it the next year plus the withholding charges What is the way out not to pay so much money in taxes ?
Comment from : RV VLOGS

Nothing new from this video Very basic knowledge which I already knew
Comment from : mary ma

I really enjoy haul I am thinking of withdrawal from rrsp but I know the financial advisor from bmo would want to change my mind What do I do in that situation
Comment from : Teresa Pedro

Great video, very well put together
Comment from : Beaches Financial Group - Bellwether Family Wealth

Excellent video Aaron - appreciate the 10 minutes of clear info Similar to Marcelmed, I had a question about a meltdown using a spousal-funded RSP If the Pension Income Tax credit is affected by retribution rules for RSPs funded within 3 years, can this be avoided by using previously funded RSPs, (ones with no contributions in 3+ years) even if new $ has gone to other spouse-funded RSPs?
Comment from : mark kempf

Where are you located, you seem knowledgeable, I am looking a financial advisor
Comment from : jean gray

Where are you located
Comment from : jean gray

LOL!!!😆
Comment from : Gerry Carrington

Thanks for the informative video Does this withdrawal strategy work if you emigrate to a different country?
Comment from : Dilip Sasikumar

Very informative, thank you
Comment from : Dabbidoo

Nicely explained Have you considered doing a video on the Canadian dividend tax credit? Purchasing Canadian dividend stocks in your cash account can nullify other dividend income
Comment from : marcel med

A question I have, My wife and I are on government pensions in Ontario and living comfortable I have RRSPs If I start a RRSP meltdown which I would like to do, I will also be penalized at income tax time because I will also loose, non refundable tax credits because of even a slight income increase and they can add up Like you said putting money in an RRSP did not work for me I feel like the money I have in RRSPs are lost to me because it will cost me to much to get at them
Comment from : S V

Thanks for increasing my knowledge in personal finance and investment, I recently subscribed to your channel I want to give a big shout-out to all those working tirelessly to earn a living and build wealth during this recession My husband and I are both retired and debt-free, and we're living smart and frugal with our money Despite the recession, we're still earning passive income thanks to our savings and investments in the financial market Investing lifestyle has enabled us to earn a steady monthly income through passive means, and we're grateful for it:!
Comment from : Maria Garcia

HAVING STEADY INCOME IS MORE CRUCIAL FOR YOUR RETIREMENT PLANNING Big ups to everyone working effortlessly trying to earn a living while building wealth I'm 40 and my wife 34 We are both retired with over $3 million in net worth and no debts Currently living smart and frugal with our money Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income
Comment from : Van Drex

In term of timing, should RRSP meltdown always be done before end of year? Or it doesn't really matter when it should be done?
Comment from : Michael

Great video Most Canadians are making a huge mistake in taking only the minimum RRIF withdrawal I've been taking 3 X the minimum so as to have our RRIFs closed down by the time we are 80 It's proper estate planning to NOT leave a huge tax burden to one's heirs Look at your life expectancy people I can assure you it won't show a result of 95!
Comment from : Patrick McKeag

Why 10 minutes to say what should have taken 30 seconds 🤔
Comment from : Andrew F

If you need a financial advisor don't hesitate to call David, he is amazing! Thank you David, Jan & Claudia
Comment from : Claudia

You forgot to add investing, Choosing the right industry to invest is very critical, Most times, it amazes me greatly how I moved from an average lifestyle to earning over $20k per month, Utter shock is the word I have come to realize a lot in the past few years that there are lots of opportunities in the financial market
Comment from : Frank Alex

Very good Sir!
Comment from : Richard Pierik

Easy Dont have a RRSP Nkbody retires on a RRSP Aftervthe bank and gov takes their fees and taxes you are left with hardly anything Better if you save your money in a regular account Stay away from any financial advisor They are in it for their own commissions and their companies Not you
Comment from : Maddog GT

great explanation, well done!
Comment from : marcel med

your tax estimate of $217K seems not to take into consideration the marginal tax rate on income Only the income over $235k is subject to the top marginal rate of 53
Comment from : thoughtsponsor

I liquidated my RRSP account over four years when I opened my business back in 2004 I lived very comfortably and was able to roll business profits back in to allow for organic growth Set to retire in a few months with excellent savings and a very profitable business with liquid assets The only retirement account I have now is a TFSA which is paying almost $500/month in dividends br I tell young folks starting out to focus on a TFSA and only set up an RRSP if you have substantial investable funds after filling the TFSA Overall you might pay a little more in taxes but it simplifies your retirement and reduces potential clawbacks since TFSA withdrawals are not considered as income
Comment from : Arron Hopsburg

THANKS
Comment from : thao phung

very goodthanks
Comment from : thao phung

What about early retirement where your employer pays you 1 yr amount to retire? 40k RRSP limit Say $80k employer payout, do you put 40k of it in a Spousal RRSP and wait 3 years to use that? Pay tax on the remaining 40k, put the amount left after taxes in a TSFA Basically leaving at 59 years old using a mix of TSFA RRSPs DB pension to get you to 65 to start CPP x 2 & OAS x 2 & DB pension Basically at 65 you have no investments left, setup so your income 59 to just under 65 is the sane as after
Comment from : paul poco

If you died the day you turned 65, you would have been better to have paid the tax as you went along A RRSP is a trap
Comment from : neil smith

Will I lose my CPP disability benefits if I withdraw money from my RRIF?
Comment from : Joseph Joseph

Taking money out of your business and not paying any income tax would likely be Tax Evasion Very sketchy I also don’t see you are a Certified Financial Planner (CFP designation) unless it’s not listed
Comment from : Kam Wo

Governments are corrupt People save money all of their lives and still have it stolen by the government
Comment from : brian bass

Goal is to minimize tax paid during your life and at death Well the calculation seems more complex, since you did not consider the tax you need to pay each year on interests from the money you now invest out of your registreted account So a strategy to withdraw minimum and have your succession pay might not be so bad either It would be nice to see this simulated into a year to year balance sheet Thank for the video!
Comment from : JE 129

Does a person in Canada does need to be 60 to withdraw RRSPs?
Comment from : Betty Gray

Thank you for this!
Comment from : Jay Absar

Great video, lots of folks don’t think of withdrawing RRSP funds before age 65, Great topic and I did a video on this topic on my channel as well Cheers Rob
Comment from : Lifes Learning Simplified

Canada needs some serious tax reformbrAnd it needs to start with raising the lowest bracket to reflect the poverty line
Comment from : Brian Kyle

Assuming you are just deferring the tax at the same bracket, you still don't have to pay taxes on the gains every year so more money remains invested so there's still that benefit isn't that correct?
Comment from : Chrles Chan

This is excellent
Comment from : A Singh

5
Comment from : kevin welsh

if your net worth is less than $2million, buzz off thanks
Comment from : kevin welsh

Not sure I'd trust someone who doesn't seem to know there's a difference between "withdraw" and "withdrawal"
Comment from : Undercover Hat

Very informative, thank you
Comment from : Dave Fram

I have a million dollars in my rsp , I’m 56 and still working with a $160,000 gross income, and contributing $24,000 a year to my rsp br$900,000 home paid for and no debtbrWhat would you suggest my strategy be going forward ?
Comment from : Tyson

When recommending to borrow to invest (9000$), it seemed to me as if you say that the loan is deductible from income tax That cannot be right - as far as I know only the interest is deductible
Comment from : Andi Valachi

Sense of humour is appreciatedLOL🙏☺🇨🇦
Comment from : MegsCarpentry,lovedogs

I just can't stand all the waste of time to get to the subject, the first 6 minutes and nothing yet, get to the point and stop wasting time!!!brbrThe first methode, if you could call it that, is at high risk and should not be taken as a real tax saving methodbrThe second methode, if you could call it that, is what everyone should do with a retirement account, spread the withdrawal on a longer period to minimise the total taxes payed brbrOverall, if you did not know that at the time of retirement, I would recommend you to change adviser or bank, whatever your case may be
Comment from : duprog

Thanks for the video I did my first RRSP withdrawal (very small) recently and there was a withholding tax Will I get that withheld tax back when I do my 2023 tax submission? note: first slide spelling error "Intrest" is spelt "Interest"
Comment from : Julian Butcher

This is the best video yet Now I know why I can retire now I was going to work until 60 but now I think I can retire now using this strategy Work pension at 62 and CPP at 65 with RRSP still left
Comment from : Caper Boy

How to withdrawal?
Comment from : Ricky B

banks are collapsingyour pensions will not exist very soonwake up
Comment from : Critter

Hi Aaron Your videos are excellent! You describe things very well I would like to do an RRSP meltdown However I have a question I can never find information on I receive a survivors benefit Now at age 60 I am considering whether i should apply for CPP I read that when I apply for ‘my’ CPP I may actually receive less money per month not more My husband had a generous income My employment income was very low I hope you consider doing a video about this type of situation!
Comment from : foxgloverose

So my question would be, if I make sure that I don't spill over into the next tax bracket does it matter how much I transfer out of my RRSP into my TFSA? I have been making modest transfers of 5 to 10K each year
Comment from : Ed Sedlak

Why would you put money in a RRSP ,when the Canadian banks are bankrupt, the average Canadian will lose every penny they have when Trudeau flips us to CBDC, you will not have any savings Take your money buy real assets
Comment from : ediddysmith2500

Recently retired and doing the RRSP meltdown (our only income till we get CPP/OAS @ 65) I have an RRSP and a spousal RRSP and plan to split the withdrawals between them, believing that will be the best way to minimize tax
Comment from : macker0077

I am actually doing the opposite Contributing to the RRSP between the ages of 65 and 71 in order to keep all of my OAS
Comment from : Adrian Visentin

That for the video
Comment from : aldo aldo

To keep it much simpler, just learn how to play the game of taxes
Comment from : Stan Coleshill

Does the strategy have any effect on combined income? I plan on retiring soon with a define pension plan, but my spouse will continue to work How does this work for married couples ? Thank you for sharing your video 🇨🇦
Comment from : Debra Pearse

Warren Buffett, the greatest investor of all times, has always said one should not borrow to invest in the stock market So, the 1st RRSP meltdown strategy is to be avoided like the plague…
Comment from : Jean-Marc Filiatrault

Great topic and video, I am not an expert but do my own research and calculations regarding the same subject What I discovered is the same you have mentioned if someone wants to lower tax while withdrawing rrsp which is to draw down during gap years where you stop working but not ready to collect pension/cpp/oas etc Once other income started to come in, 1/3 of your withdrawal will go to CRA
Comment from : Northern Squirrel

Even if your income is extremely low l, once you are taking RRSP out you get taxed a lot even if it’s not too much taken in the year It’s frustrating!
Comment from : Cathy H

Hi Good day, I just want to ask if I want to close my RRSP account I am still taxable for that? If I stop contributing or closing my account Thanks
Comment from : Louie Jhon Seguiro

Absolutely awesome I know a lot of research and hard work goes into creating such videos so thank you very much!brbrIt seemed like you have somehow spied on me for the last 4 years because the situations you have mentioned in this video (for example: losing job during COVID and not getting any employment after that and still too young to get CPP OR having huge balances in RRSP and not so huge in TFSA and Non-registered accounts etc) ) are exactly what I am finding myself in Verbatim! brbrMerci beaucoup en core! Loved this video
Comment from : Mungerilal Ke Daraavane Sapne

My father in law died in December With his high pension and large RRIF, the tax bill was huge We did the math Had he died in January, it would have saved the estate tens of thousands in income tax, because there would have been very little pension to add to the RRIF collapse So, the advice is to die in January
Comment from : rtel123

Unless I missed something, this seems like a long winded way to say: withdraw from your RSP during low income years in order to minimize tax Why wouldn’t you do that? What is the typical method? 🤔
Comment from : speg