The Canadian Money Roadmap

In this episode of the Canadian Money Roadmap Podcast,  Evan Neufeld addresses a wide range of listener questions. Topics covered include understanding capital gains on property sales, taxation of CPP payments, investment strategies for different time horizons, setting up custodial accounts for children, and managing pensions from previous employers. Evan offers practical financial advice, discusses the importance of timeline-specific investment risk, and highlights the value of working with a financial advisor. 00:00 Welcome to the Canadian Money Roadmap Podcast01:49 Capital Gains: Understanding Taxes on Property Sales05:12 Decoding CPP Taxes: Monthly or Yearly?06:47 Investing After a Settlement: Short-Term vs. Long-Term Strategies11:17 Setting Up Custodial Investment Accounts for Kids(Expert Advice on Selecting the Best Financial Planner for Your Needs)15:12 Navigating Pension Options: To Move or Not to Move19:55 Maximizing RESP Contributions Without Government Grants21:49 Exploring a Career in Financial Planning22:55 Looking Ahead: Retirement Planning EpisodesRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

Can You Retire at 55 in Canada with $500,000? Watch this episode on YouTubeIn this special Tuesday edition of the Canadian Money Roadmap Podcast, host Evan Neufeld shares the audio from his recent YouTube video discussing the feasibility of retiring with $500,000 in savings for a 55-year-old couple. He explores various factors such as spending needs, savings strategies, and the impact of deferring Canada Pension Plan (CPP) benefits to age 70. Using retirement planning software and Monte Carlo analysis, Evan evaluates the couple's retirement projections, highlights shortfalls, and suggests changes to create a successful retirement plan. Key recommendations include retiring closer to age 65, saving more in Tax-Free Savings Accounts (TFSAs), and deferring CPP benefits to secure guaranteed, inflation-protected income later in life.00:00 Welcome to the Special Tuesday Edition!00:55 Retiring in Canada with $500,000: Is It Enough?01:51 Exploring Retirement Planning Software Insights02:58 Adjusting Retirement Strategies for Success03:50 The Impact of Deferring Retirement and CPP Benefits08:58 Stress Testing the Retirement Plan with Monte Carlo Analysis10:34 Final Recommendations and Summary13:06 Closing Thoughts and Podcast Sign-offRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

In this episode I explore why a significant number of investment funds fail to outperform their benchmarks (let alone survive for the long term). This episode breaks down the critical factors of high fees and high turnover, offering insights on how these elements negatively impact fund performance. Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

In this episode, I introduce my new Fan Mail feature where you can text me your questions. Depending on the questions I receive, I might be able to feature it in a future episode! Click on the link above the description to send me a text question. To clarify a few questions about this service: I cannot reply to the text, I don't receive your full phone number, you will not receive any spam from me, and it doesn't give you my personal cell number either.At the end of the episode, I try to answer the first question I received about CPP timing for single people.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

Gain a clear understanding of trusts and how they can be leveraged for estate planning with tax expert Amanda Doucette, my insightful guest and fellow podcaster from The Tax Chick. We take the mystery out of trusts, explaining the three certainties - intention, subject matter, and beneficiaries - that are essential to their formation. Whether you're considering setting up a formal or informal trust, this episode illuminates the importance of precise documentation and the implications of each type.The landscape of trust taxation is ever-evolving, and we're here to guide you through the complexities. We discuss the changes that have affected testamentary trusts taxation, including the shift to the highest marginal rates and the critical 21-year "birthday" that could trigger a significant tax event. As we explore the cultural perceptions surrounding "trust fund kids," we clarify the realities and debunk myths associated with trust beneficiaries. This episode offers a practical look into how trusts can provide for future generations while meeting your intended objectives.Dive into the roles and responsibilities that trustees bear, as this episode highlights the fiduciary duties vital to the proper management of a trust. We address the intricacies of trust taxation and how integrating income from different sources can affect your estate planning. Whether you're faced with a beneficiary's milestone birthday or adapting to new tax regulations, this episode is packed with insights to ensure you're well-informed and prepared to engage with your advisors effectively. Join Amanda and me as we equip you with the knowledge to handle your trust-related financial planning with confidence.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

On this week's episode, I was delighted to be a guest on Amanda Doucette's The Tax Chick Podcast to talk about all things Tax-Free Savings Accounts (TFSAs). As we delve into the nuanced world of TFSAs, you'll gain a clearer understanding of how these accounts can be much more than a place to stash your cash. Get the scoop on navigating over-contributions and withdrawals, and learn the critical aspects of setting up beneficiary designations and successor holder arrangements—vital knowledge for polishing your estate planning.This episode isn't just about saving; it's about strategizing for wealth accumulation. We break down the best practices for leveraging your TFSA for long-term investments and dissect the all-important recontribution rule. I'll guide you through the minefield of contribution limits and the confusion that can arise from registered versus non-registered investments within your TFSA. Savvy financial planning can be complex, but with our insights, you'll be well-equipped to make informed decisions without attracting unintended attention from Canada's tax authorities.Lastly, we shine a light on the profound impact TFSAs can have when it comes to passing on your wealth. Discover the seamless transfer benefits that come with naming a spouse or common-law partner as a successor holder, and consider the more intricate scenarios that arise with other beneficiaries.Stay tuned for Amanda's appearance on  next week's episode as we expand our discussion to the world of trusts.Listen to The Tax Chick Podcast HereRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

Could the financial strategies that appear flawless on paper be leading us astray in the real world? We're peeling back the layers of investment principles to reveal why some inefficiencies might just be your portfolio's best friends. Taking a page from Morgan Housel's "Same as Ever: A Guide to What Never Changes," we delve into the unexpected virtues of financial buffers and the fallacy that cost always equates to value. Discover how the pandemic's strain on just-in-time manufacturing shines a light on the need for slack in our systems, and why the presence of an emergency fund during economic highs could save you during the lows. Plus, we discuss the underrated advantages of investment advisors, challenging the penny-pinching mindset to embrace quality that pays off in the long run.Then, we shift gears to a provocative study that upends conventional retirement planning wisdom—should you stockpile equities all the way to your golden years? We dissect the enticing, yet nerve-wracking notion of an all-equity portfolio and confront the harsh truths about our own risk tolerances and financial aspirations. It's not just about the potential gains; it's the psychological rollercoaster and the necessity for a tailored asset mix that fits like a glove. As I advocate for a well-rounded investment strategy, consider this your invitation to explore how aligning your portfolio with your personal narrative could be the smartest financial move you make. Join us as we navigate through the complexities of balancing risk and reward, and crafting a financial future that doesn't just look good on paper, but feels right in your gut.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

This week I'm joined by Mark McGrath as we dig into segregated funds. These investment vehicles blend mutual funds with insurance and offer unique guarantees but….. the benefits to investors are less clear. We delve into fees, performance, guarantees and other pros and cons. We also examine the human side, critiquing sales practices and exploring seg funds in estate planning. Whether you're a seasoned investor or just starting out, this episode provides essential guidance for informed decision-making in the Canadian investment landscape.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

The stock market has looked great recently! Is it time to take some money off the table?In this episode, I walk you through the considerations you need to make to decide whether it is time to sell or stay the course.Retirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet

This week, I'm tackling a few topics that were popular on Reddit over the last month.  1. What should you use for return assumptions in your planning? 2. Becoming a TFSA multi-millionaire3. What should be your priority after building your first $100,000**For a more in-depth look at expected returns, check out the recent  Rational Reminder Podcast episode on the topicRetirement Readiness Scorecard 🇨🇦 Looking to retire in the next 10 years or less (age 45+)? Get your money organized - Your Full Financial Picture Spreadsheet