#23 — Aaron Hector: Optimizing Your Finances and Estate Planning

Our guest this episode is Aaron Hector—Founding Partner of TIER Wealth, President of the Institute of Advanced Financial Planners and a fellow personal-finance nerd like Dave.

In this episode, Dave and Aaron explore some of the most overlooked opportunities in Canadian financial and estate planning. From optimizing RESP withdrawals to gifting tax deductions to your kids, Aaron shares smart, actionable strategies that can help families build and preserve wealth more effectively. They also cover timely topics like when to defer RRSP or FHSA deductions, how to handle joint accounts, why every Canadian needs a will and the difference between a beneficiary and a successor holder.

Whether you’re just building your financial plan or revisiting it with an eye for tax efficiency, this episode is full of practical tips and clear explanations you can put to use.

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Aaron Hector & TIER Wealth

(04:23) Detailed Optimizations in Financial Planning

(07:22) When Should You Defer FHSA or RRSP Tax Deductions?

(10:41) A FREE Strategy for Parents to Help Their Kids Buy a Home (Gifting a Tax Deduction)

(15:22) TFSA vs. RRSP

(17:13) RESP Lump-Sum vs. Gradual Contributions

(20:34) Optimal RESP Withdrawal Strategies

(26:45) A Simple—But Powerful—Estate Planning Exercise

(30:17) Joint Tenancy on Non-Registered Accounts

(32:01) Get a Will!

(34:44) What’s the Difference Between a Beneficiary and a Successor Holder?

(37:23) The Importance of Estate Planning

(39:10) Corporate Executors

(42:24) Tax Opportunities When the Stock Market Pulls Back

(44:49) Are More Grandparents Giving Money to Their Grandchildren?

(46:24) Conclusion