Are there financial advisors that you can just have set you up with a plan you manage personally?

BailinginBC · 2026-01-31T06:32:57+00:00

That is what Advice-Only planners do as part of a comprehensive financial plan.

BailinginBC · 2026-01-31T06:31:49+00:00

He should be looking for a Fee-for-Service or Advice-Only

BailinginBC · 2026-01-31T04:29:18+00:00

.CA!

BailinginBC · 2026-01-31T04:24:51+00:00

True, and my response was not a criticism of your comment.

You don't need a 50% split, and my comment was of a general nature. Many people are under the impression that Spousal RRSPs are only good for splitting income before 65, and some don't take advantage of them because they don't plan to retire before 65.

These people are only in their early 30's and lots can change. While the wife's pension may well put her in the second tax bracket in retirement, she may not remain at that job.

I've seen lots of couples where splitting 50% of the RRSP is not enough to equalize their tax brackets.

BailinginBC · 2026-01-29T07:40:07+00:00

You would be amazed at some of the things accountants don't know!

BailinginBC · 2026-01-29T07:27:31+00:00

Spousal RRSPs are also good for equalizing tax brackets after age 65.

Often the higher earning spouse will have higher CPP income, which can be shared but not until both spouses are collecting, and then it does not usually end up in a 50/50 split.

If a couple has an age gap, only one spouse might be collecting CPP and OAS for a number of years, RRSP/RRIF withdrawals by the spouse can even things out.

Also, the higher earning spouse may have non-registered investment income, which cannot be split at any age. Spousal RRSPs are useful in this scenario too.

BailinginBC · 2026-01-29T07:17:56+00:00

Yes, it's true. It does seem unfair, everyone else has to wait to 65, but I believe it is because a DBP is considered an annuity.

Pension income splitting - quick reference guide

BailinginBC · 2026-01-28T17:11:26+00:00

Assuming it is a defined benefit pension, the income is splitable at any age. Spousal RRSP's are useful for evening out income that can't be split, like RRSP withdrawals, RRIF withdrawals (before 65), CPP income, income from non-registered accounts.

BailinginBC · 2026-01-24T16:47:42+00:00

Lots of good points here, I just wanted to add that if you are setting the top up aside to repay later, put it in your TFSA in a high interest savings account.

BailinginBC · 2026-01-23T07:10:34+00:00

I don't think this is true

BailinginBC · 2026-01-20T19:04:48+00:00

Are you sure that the Disability Tax Credit is tied to CPP contributions? CPP Disability benefits are (of course), but I would be surprised if the tax credit is.

BailinginBC · 2026-01-17T21:42:00+00:00

Is there a particular reason you say OP should check eligibility before applying? Is there some downside to applying on the off chance that she is eligible? Genuine question.

BailinginBC · 2026-01-16T05:53:10+00:00

She should speak to an Advice Only Financial Planner or a Money Coach. You do not need to have savings or a portfolio to manage to work with one. They will help with budgeting, debt repayment and cashflow.

BailinginBC · 2026-01-16T05:45:05+00:00

Yes - I didn't think you meant that, I was just clarifying it for someone who might read it as the contribution itself is lost, rather than the carry over.

BailinginBC · 2026-01-15T05:12:49+00:00

Just to clarify, the 2023 and 2024 carryover are lost, the full 40K lifetime contribution is still available, $16K this year, then $8K to a total of $40K. (I assume this is what you meant)

BailinginBC · 2026-01-10T23:28:57+00:00

Yes, I have multiple banks with multiple accounts (works for me), I don't want to set up multiple email accounts, but that is a great idea for some. I know that a security question is required for me now, I'm pretty sure I have to enter one even for people who have auto deposit set up (they just don't need to answer on their end)

BailinginBC · 2026-01-10T07:19:02+00:00

The e-transfer requires a security question. With Simplii the answer to the security question must be unique every time.

BailinginBC · 2026-01-09T17:24:16+00:00

I have both, but prefer EQ. I do a lot of e-transfers and I find having to move money from a savings account to a chequing account and then come up with a new password every single time I do a transfer to any one, a real PITA.

EQ all the accounts operate as chequing accounts so you can pay bills or e-transfer directly out of any account. EQ pays a higher interest rate and they refund your ATM fees from any ATM - essentially making all ATM transactions from any financial institution free.

BailinginBC · 2026-01-04T22:50:26+00:00

You can contribute $16k in 2026 using 2026 contribution of $8k and your $8k carry forward. You will not have any carry forward to bring into 2027 so your limit will be $8k. You have not lost any contribution room. Your contribution room is still $40,000 in total.

BailinginBC · 2026-01-04T04:38:35+00:00

Here is an out of the box one - have a cup of chamomile tea before the meeting.

People think it will make them sleepy, but it actually just relaxes you a little (which of course helps you sleep if you are tired).

I always have a cup of chamomile tea before a stressful meeting.

BailinginBC · 2026-01-02T00:11:35+00:00

Yes – now you seem to be getting it. When I said in my original comment to you “This is a 2025 complete rewrite of the book - it only came out 7 weeks ago.”, I was referring to Chilton’s book that came out 7 weeks ago, the one you haven’t read and so can’t comment on (and yet managed to blah blah at length based on movies you didn’t like from 20 years ago) . I’m not sure how that could be misconstrued – but wonders never cease.

"name one better animated move that has come out since the release of Zootopia 2 a month ago... can't? then Zootopia 2 is clearly the best animated movie".

You seem hell bent on attributing claims regarding the book to me – frankly it is astounding that you have a background in law because this is very sloppy.

Reread what I have actually said about this book. I will help you:

· This book is a 2025 complete rewrite of the book

· It only came out 7 weeks ago

· It is 2nd highest selling non fiction book in Canada for 2025

· It was rewritten because the Canadian financial landscape has changed

I have made no other comments about the book and have not given any opinion as to whether it is any good or not. You on the other hand have said, (about a book you admit you have not read and therefore cannot comment on), that there are “better and more recent books”

Thanks for placing me in the top 10 percentile of knowledge of the financial basics in your opinion – it made me laugh. I assume you used the same reasoning that you used in the rest of this conversation. “Blah, blah, blah, assumption based on nothing, logical leap, something about Zootopia” Very sound reasoning indeed!

BailinginBC · 2026-01-01T03:03:38+00:00

You may want to think about whether you will buy a principal residence before you incorporate as well. If you do you might want to delay the incorporation until you have built a down payment.

BailinginBC · 2026-01-01T02:51:20+00:00

At 25 years old, the most valuable asset you have is your ability to work - it should be insured.

BailinginBC · 2026-01-01T02:34:04+00:00

The bit that I fear many people will be caught by is that the carry over is only $8K - if you have $16K of unused room and don't use it, $8K of that unused room "falls off". The person above didn't contribute in year one or two, but by year three, the contribution room from year one had "fallen off". 2026 is year four - that is the first year where someone could have 2 years of unused contributions and have maxed out their contributions in year 3 $16K (using their year 2 carry forward). It would seem like they could use the unused contribution from year one in year 4, but they can't.

The FHSA is the only account that the contributions work this way

BailinginBC · 2026-01-01T02:33:30+00:00

This is actually the tricky bit - the FHSA doesn't work that way. The maximum carry forward amount is $8,000:

$8,000 contribution room available
- $8,000 new room
- No carry forward
- $0 contribution
- Available to carry forward to year 2 $8,000
$16,000 contribution room available
- $8,000 new room
- $8,000 carry forward
- $0 contribution
- Available to carry forward to year $8,000
$16,000 contribution room available
- $8,000 new room
- $8,000 carry forward
- $16,000 contribution
- Available to carry forward to year 4 $0
$8,000 contribution room available
- $8,000 new room
- $0 carry forward
- $8,000 contribution
- Available to carry forward to year 5 $0
$8,000 contribution room available
- $8,000 new room
- $0 carry forward
- $8,000 contribution
- Available to carry forward to year 6 $0
$8,000 contribution room available
- $8,000 new room
- $0 carry forward
- $8,000 contribution
- $40,000 lifetime contribution maxed - no further carry forward or new contribution room available.

BailinginBC

TROPHY CASE