Timothy Sumer

Learn more about our services: Check out the Investing Academy: In this video, we go through the process of how to actually get a hold of your CPP & OAS payments. We'll go through when you can apply, how you can apply, and also some certain intricacies that relate to both CPP and OAS. If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at or email Info@Parallelwealth.com 5 ways to level up your financial plan: Personal Finance for Canadians for Dummies: Free Credit Report with Borrowell: Retirement Income for Life: Getting More without Saving More (Second Edition): 20% off an online Will at www.willful.co use promo code: ‘PWFG20’ Join the Investing Academy: OUTLINE 0:00 - What This Video Covers 0:30 - Investing Ac...

In this video I go over the rules the Government of Canada uses to decide your entitlement to Canadian pensions if you decide to live outside of Canada in retirement. Did you like this video. You can leave us a tip by buying us a coffee. Thank you!! Https://www.buymeacoffee.com/Rnjstevens Equipment & Software used in filming my Video: Go Pro 9 Hero Black IPad Pro 11 Keyboard Video Editing software: Luma Fusion Pro The links above are affiliate links, when clicked on we receive a small commission from Amazon which helps produce our video’s and helps feed a retired guy. :) There is no extra cost to you and we greatly appreciate it. Disclaimer: The information contained on this video is neither an offer nor a recommendation to buy or sell securities. Any information found on this video is not provided to any particular individual with a view toward their individual circumstances. This video has been prepared for informational purposes only and is not intended...

Thank you to Passiv for sponsoring today's video! Join here for FREE: ➡️RRSP To RRIF Conversion: ➡️Withholding Tax Rates: ➡️Our New Channel! If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track.  You can learn more about our services at Financial Resources I personally recommend: ➡️Retirement Income for Life: Getting More without Saving More (Second Edition): ➡️Parallel Wealth Masterclass: ➡️Future Value Calculator: ➡️Neo Mastercard – no annual fee and average 5% back! - ➡️Free Credit Report with Borrowell: ➡️Maximize your Savings with EQ Bank - The above affiliate links are provided for your convenience. If you click on a link and end up purchas...

The Canadian government offers plenty of incentives for long-term savers, including couples saving for retirement. Sure, both of you can still open your own individual Registered Retirement Savings Plans (RRSP). But if you are looking for a way to manage your tax bill as a couple, as well as build a bigger nest egg for your partner, spousal RRSPs can make a lot of sense. Here’s what you need to know about using this tool.What is a spousal RRSP?A spousal RRSP is a qualified retirement savings plan that you set up for your partner. You are able to make contributions to the RRSP, however, your spouse is the actual owner. The point of the spousal RRSP is to help you even out any gap in income between the two of you during retirement, while allowing you a tax break right now.So you can contribute to the RRSP and receive the tax deduction today. During retirement, your partner withdraws the money and pays the income tax that results from the withdrawal.Who would benefit from a spou...

Learn more about our services: If you have a defined benefit plan, it'll be important to create a plan for a laddered income in retirement. You should spend more earlier in retirement than later, so despite a defined benefit plan, your TFSA and RRSP are still going to be important tools to for your retirements savings. If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at or email Info@Parallelwealth.com ----------------------------------------- DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek o...

Chris Gandhu, High Net Worth Planner, TD Wealth, discusses whether you should transfer your IRA or 401k to an RSP.... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Moving Your U.S. Retirement Plan To Canada Many people dream of retiring in Canada for its scenic beauty, friendly people, and high standard of living. As a U.S. citizen, you may have accumulated retirement savings in a 401(k) or IRA account. If you plan to move permanently or temporarily to Canada, you may want to consider moving your U.S. retirement plan as well. Here are some key things to know about moving your U.S. retirement savings to Canada: 1. Eligibility - Not all U.S. retirement plans can be moved to Canada. You need to have a qualifying RRSP account, which is similar to a 401(k) or IRA. Talk to a tax or financial advisor to see if your plan is eligible for transfe...

For one reason or another you may find yourself changing jobs. This creates an excellent opportunity to transfer your pension into a Locked-In-RRSP (LIRA).... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA When it comes to managing our finances and preparing for retirement, one of the most important decisions we have to make is how we want to receive our pension payments. For many people, transferring their pension is a popular option that can provide increased flexibility and better returns. In this article, we will explore some of the pension transfer options available and the benefits and risks associated with each. Option 1: Transfer to a Self-Invested Personal Pension (SIPP) A Self-Invested Personal Pension (SIPP) is a type of pension scheme that allows individuals to invest in a wide range of assets, including stocks, shares, and p...

If you're a Canadian looking to save for your first home, you'll definitely want to pay attention to this. Starting on April 1, 2023, the first home savings account will become available to eligible Canadians. In this video, we cover everything you need to know about the First Home Savings Account (FHSA), including its features, eligibility requirements, comparison to the Home Buyer’s Plan (HBP) and more. UPDATE I wanted to clarify that there has been revised legislation so you can now withdraw from both your FHSA and RRSP (originally the government said you couldn't): "You can withdraw amounts from your RRSP under the Home Buyers’ Plan (HBP) and make a qualifying withdrawal from your FHSA for the same qualifying home, as long as you meet all of the conditions at the time of each withdrawal." according to 00:00 Intro 00:20 What is a FHSA 01:40 Eligibility 02:48 What does my money do in a FHSA 03:22 Contributions 04:22 Buying your First Home (Qualifyin...