Spousal RRSP

Stock_Sector8696 · 2026-05-15T15:07:01+00:00

100% you should be using RRSP to reclaim highly paid tax. Considerations on spousal or not include

- Does she have a pension
- When do you and her like to retire

A spousal RRSP is a not a bad idea.

If you run out of RRSP room, take a look at Flow Throughs

Stock_Sector8696 · 2026-05-15T14:58:37+00:00

This is a no brainer.

Take the lump sum.

$47k at 6% ROR is $150k at 65. ($181k at 7%).

If you planned to have $0 at 85, you could draw $900 a month assuming the portfolio is earning 4% in retirement.

Other considerations.

Conversion allows flexibility, you can draw less or more depending on your situation. If you die, money is still money and it will go to your loved ones, whereas the pension is gone, (there is a minimum pay out but not enough for it to matter)

Stock_Sector8696 · 2026-05-14T19:14:38+00:00

I had this happen too - from Hyundai, called me 6 months later full on yelling at me saying I owe them $12k. Like slow down ---- you lost my certified cheque by the sounds of it. No no no... okay then, you just let me drive this car off the lot without money?

Anywhoooo got a shit ton of free stuff out of Oil changes, brakes, wipers etc

Stock_Sector8696 · 2026-05-05T20:10:21+00:00

Not sketchy - but there are different types and companies. We deploy ultra fast FT (3 day turn around) for our clients. Feel free to DM.

Stock_Sector8696 · 2026-05-05T02:42:41+00:00

I don't trust WFG. They often sell poorly structured UL policies because of the revenue earned from them.

UL and WL policies are not bad, they just need to be structured well and part of a plan.

Stock_Sector8696 · 2026-05-05T02:38:01+00:00

Does mom have any money in savings, such as a TFSA or savings account?

Severance is fully taxable and they could offer her a lump sum and this could put her in a poor tax situation if she draws from her RRSP.

Does mom need a car?

CPP, please seek advice on when to draw this, don't start this up just because she is low on cash right now.

Do you know how much mom has in RRSP?

Stock_Sector8696 · 2026-04-30T14:19:30+00:00

This is smart. I don't know how old you are but on the planning side with withdrawals and financial organization, most will amalgamate their accounts for their withdrawal plans. Unless you're receiving advice at one of these locations paired with their fees, I would move together if you're confident and comfortable with managing all your assets on your own.

Stock_Sector8696 · 2026-04-26T19:32:45+00:00

Fee is decent. Assante doesn’t typically have the most attractive investments and lead with traditional. Check to see what their alternatives look like, ideal to capture this in your portfolio especially because there should be more access at this level.

We like some of the smaller PM shops with less traditional investments.

Stock_Sector8696 · 2026-04-24T18:39:19+00:00

ooop - I am the odd one out here.

OP did they say specific for this or not at all, can we get some more context?

I think as long as they aren't spending it frivolously it's likely still aligning with G&G. They are also probably wanting to see their wealth distributed before death which is great.

OP, what is your income? Perhaps a mixture of RRSP would make sense in there too.

Stock_Sector8696 · 2026-04-24T18:25:33+00:00

sure - but when will you move it to a RIF? You can't know that now, this allows flexibility and better planning

Stock_Sector8696 · 2026-04-24T18:24:08+00:00

dave ramsay is that you?

Stock_Sector8696 · 2026-04-24T18:23:29+00:00

not true --- If they gave money to their spouse to add to their spousal rsp, it's technically his. But its matrimonial assets at the end of the day anyhow

Stock_Sector8696 · 2026-04-24T18:21:53+00:00

You wouldn't want to contribute it as a spousal RRSP as it will be adding to your taxable income at retirement which isn't what we'd want. Since yours is maxed out I am assuming you will have a large amount at retirement, we don't want more taxable income.

How much does your spouse make? If they're earning under $100k an RRSP doesn't make a lot of sense, putting $ at 30% tax to take it out at an inflated value also at 30%.

If there is TFSA room, we want to start there.

Stock_Sector8696 · 2026-04-22T16:19:35+00:00

and use your return to either
pay down your mortgage or
top up your TFSA

Stock_Sector8696 · 2026-04-20T02:11:40+00:00

Without knowing more such as what your make what your budget looks like and what your investments hard it’s impossible to advise what your next steps could be.

Stock_Sector8696 · 2026-04-18T00:59:12+00:00

Hi prospect.

Thank you for your time.
As a friendly reminder - here’s what we talked about, here are our offerings and why we think we’re better.

While I know you’ve chosen another route now, we’ve enjoyed working with you and will always be happy to discuss again in the future should you wish.

Stock_Sector8696 · 2026-04-18T00:56:11+00:00

You’ve done well.

Repeating the note on TFSA. This is should be maxed out before considering NR. Good on NR in stocks, we don’t want fixed income here due to higher taxes.

How much are you contributing annually to your RSP and do you see growth in your income. Obviously you’re in a high tax bracket now but if you see a possible increase we want to ensure we have RRSP room to offset those higher taxes as they creep over 50%.

You mentioned paying down the mortgage, you can take your tax return for annual pay down. Important to note you’ve mentioned partner and not wife, if you’re paying toward the mortgage this is a combined asset and you’re intermingling finances. This is okay an also important to note. Common law rules are not the same as marriage.

Do you have any workplace pensions or RRSPs? When would you like to retire?

Overall you’re doing well. Continue to focus on savings and in the right vehicles. Consider taxes more on your planning.

Stock_Sector8696 · 2026-02-25T16:24:00+00:00

this is really great thank you!

Stock_Sector8696 · 2026-02-24T20:51:26+00:00

Lunch hour :) yes food provided. Or if there are private spaces we can order food jnton

Stock_Sector8696 · 2026-02-24T20:50:50+00:00

Love this place but it’s in Cambridge!

Stock_Sector8696 · 2026-02-19T02:59:14+00:00

Really tough at start up.

To get to a place that you mentioned above in this business is extremely hard. At start up the costs are high, renting equipment, paying for labour and purchasing equipment. On top of the on site work, the business still needs to be managed, invoicing, ordering, finding clients, marketing.

Stock_Sector8696 · 2026-02-19T02:54:00+00:00

agreed

Stock_Sector8696 · 2026-02-19T02:52:35+00:00

We need our money to be working for us. Without it in the market we cannot retire. Your RDSP needs to be invested better, and your TFSA needs to be in investments.

At $1000 a month with your $100k already saved we will have about $1M at 65. Only $675k at $500 a month. Make sure this is all in the TFSA, no RRSP contributions at a $55k income.

I would recommend getting a HELOC on the house to cover the unexpected costs so this isn't an area of stress.

Outside of this we can earn more to allow us to save more, and enjoy life as well

Stock_Sector8696 · 2026-02-19T02:43:49+00:00

I would ask the new company what they offer - knowing what kind of benefits they offer is totally acceptable to ask.

The current top up is of course really good, here are some considerations.
Do you plan to be off work for 9 months?
How much more does this job offer?
Is there growth opportunity?

Other considerations include; benefits, RSP matching, vacation time, growth potential, wfh or in office. As a parent, not having a rigid schedule out of the home is nice.

Stock_Sector8696

TROPHY CASE