The Canadian Money Roadmap

Get ready for some significant changes in Canadian income tax for 2025! The government is rolling out a 2.7% increase to tax brackets to keep pace with inflation. While many benefits like tax credits will see adjustments, some areas, including CPP death benefits and RRIF withholding tax, remain stagnant. Discover how these shifts could impact your financial landscape and the importance of proactive planning for future investments and retirement.

Explore practical strategies to save money effectively for 2025. Learn how reassessing regular expenses can lead to significant savings. Discover tips for finding cheaper alternatives without sacrificing quality. Uncover ways to cut non-essential recurring costs, and save on travel expenses. Techniques for maximizing your savings are shared to help you achieve your financial goals. Start your New Year's resolution with powerful insights that enable you to spend less and save more.

As the year wraps up, key strategies for boosting financial health are unpacked. Learn about the benefits of opening a first home savings account and effective tax loss harvesting. Discover the timing for TFSA redemptions and how charitable giving can enhance your tax situation. Important updates for RRSP and RESP contributions are highlighted, along with RRIF conversions and insights into registered disability savings plans. Equip yourself for financial success as 2025 approaches!

Explore the advantages of using Tax-Free Savings Accounts for retirement income. Discover how TFSAs can provide tax-free cash flow, handle unexpected expenses, and support estate planning. Learn the differences between TFSAs and other savings options like RRSPs. The conversation highlights how these accounts can drastically reshape your retirement strategy and leave a tax-free legacy for your loved ones.

Discover seven actionable strategies for a vibrant retirement! Learn how to create a retirement vision that adds structure to daily life. Embrace lifelong learning to acquire new skills, and foster intentional relationships to enrich your social circles. Prioritize your health and wellness while giving back to the community through volunteer work. Unleash your creativity with hobbies that spark joy and consider the legacy you want to leave behind. Transform retirement into a purposeful and fulfilling journey!

Watch this episode on YouTubeIn this episode, Evan outlines three key decisions to set up your retirement on autopilot: asset allocation, choosing the right plan type like RRSP or TFSA, and deciding how much to regularly invest. Learn how to simplify your retirement investing strategy with clear, actionable steps.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

In this episode of the Canadian Money Roadmap Podcast,  Evan discusses the limitations of the '25x your expenses' rule for retirement savings. He delves into real-world considerations and personalized financial planning to realistically determine one's retirement number. Covered topics include tax implications, government benefits, retirement spending needs, and investment strategies, illustrating how these components can drastically alter retirement savings goals. The episode aims to inform listeners about personal finance beyond general guidelines, emphasizing the significance of tailored financial planning.00:00 Introduction to Calculating Your Retirement Number00:31 Welcome and Background Information01:04 Overview of the Retirement Roadmap Series01:43 Understanding the 25 Times Principle02:57 Hypothetical Couple Case Study04:02 Detailed Financial Breakdown06:35 Retirement Spending and Timing09:00 Government Benefits and Pensions12:49 Impact of Assumptions on Retirement Number17:47 Major Wrinkles Affecting Your Retirement Number23:58 Conclusion and Final ThoughtsWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

Watch this episode on YouTubeJoin us in Episode 4 of the Retirement Roadmap series on the Canadian Money Roadmap Podcast as we delve into the essential strategies and income sources to ensure a secure retirement. This episode focuses on practical steps to estimate your Canada Pension Plan (CPP) and Old Age Security (OAS) benefits, and how to integrate additional income sources like pensions, savings, and other assets. We also share tips on planning for fixed and variable income streams, emphasizing the importance of a comprehensive retirement plan.Want a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

In this episode of the Canadian Money Roadmap Podcast, join Evan as he discusses how to build your dream retirement on your terms. Learn about setting spending and time targets, the importance of early planning, and practical savings milestones you should aim for at different ages. Whether you're aiming for financial freedom, work optional, or traditional retirement, this episode is packed with valuable insights to help you plan effectively. Tune in to discover how to align your retirement goals with your current lifestyle and income, and ensure you retire confidently. Don't forget to subscribe for more episodes on achieving your financial goals00:00 Introduction to Building Your Dream Retirement00:40 Setting Retirement Goals and Targets03:24 Understanding Retirement Spending08:34 Determining Your Retirement Timeline14:52 Savings Milestones for Retirement18:15 Recap and Next StepsWant a personalized retirement plan? Retirement Readiness Scorecard 🇨🇦 Get your money organized - Your Full Financial Picture Spreadsheet

Planning for retirement? Start with a strong financial foundation. Discover the importance of consistent cash flow and how to effectively manage your expenses. Learn why disability and life insurance are crucial for protecting your family. Don't overlook the need for a will to ensure your wishes are honored. Plus, tackle high-interest debt to secure a stable financial future. With practical strategies and relatable analogies, you're set to build a solid retirement roadmap!