Retirement Unpacked is a weekly podcast by Parallel Wealth Financial Group. Our planners break down key retirement topics for Canadians—income strategies, tax planning, CPP, OAS, TFSAs, RRSPs, RRIFs, lifestyle choices, and estate planning. We answer real questions from YouTube, emails, and client conversations, giving you practical insights and strategies to retire with confidence, clarity, and peace of mind. Join us each week as we unpack retirement together.
In episode 47 of Retirement Unpacked, Brett Martinson and Matthew Dennis discuss whether you should make your spouse a joint owner of your non-registered account, the key considerations before downsizing your home and renting, LIRA unlocking rules and how they vary by province, tax loopholes versus legitimate tax planning, and much more. Later in the episode, Gord Manzer joins the show to discuss what to expect from a retirement plan when you're still 10+ years away from retiring, why plans change over time, and how to use that information to make better financial decisions today. Chapters: 0:00 Intro 1:22 Non-registered accounts: should you make them joint? 10:28 Selling house: should I downsize or rent? 18:19 Can you transfer investments in-kind from RRIF to TFSA? 23:44 Should I name my estate the beneficiary on my RRSP? 32:25 LIRA unlocking rules: every province is different 40:36 RRSP meltdown strategies for high-income earners 46:32 Tax loopholes: what's legal vs. what's risky 1:01:03 Can the FHSA be used as a tool for retirement 1:05:36 Planning for retirement 10+ years away 1:19:07 CPP survivor benefits explained: does delaying CPP hurt you?
In episode 46 of Retirement Unpacked, Adam Bornn and Kyle Martins discuss how CPP adjusts for inflation, the risk of delaying to 70, how to manage and replenish your cashflow wedge as you walk through retirement, the trade-offs of selling your home to rent, where to save after maxing out your RRSP and TFSA, and much more. Later in the episode, Paul Grenier joins the show to discuss a unique client situation where a 65 year old used the Home Buyers’ Plan to withdraw from her RRSP and purchase a home. He explains why she was eligible, how the strategy fit into her retirement plan, and why you shouldn’t assume you don’t qualify for certain government programs. Chapters 0:00 Intro 0:24 CPP inflation adjustments explained 3:11 How the CPP survivor benefit works 5:52 The risk of delaying CPP to 70 8:27 Should my holding company be out of the market? 11:47 How to manage your cashflow wedge during strong markets 14:41 How to replenish your cashflow wedge 17:03 Can bonds be used as your cashflow wedge? 20:59 Spousal RRSP strategy before retiring 24:15 The trade-offs of selling your home to rent 29:01 Where to save after maxing out your RRSP and TFSA 32:10 Using the Home Buyers' Plan at age 65 (case study) 38:50 The tax benefits of donating investments in-kind
In episode 45 of Retirement Unpacked, Kyle and Michael discuss the pros and cons of DIY retirement planning and DIY retirement planning software, whether it makes sense to carry a mortgage into retirement when you have a defined benefit pension, when spousal loans can be a useful tax strategy, how to coordinate retirement withdrawals between pensions and RRSPs, and much more. Later in the episode, Mathieu joins the show to go over a client case study and discuss the benefits of updating your retirement plan, including how changes to QPP and locked-in account rules allowed the client to make adjustments that improved their plan. 0:00 Intro 0:30 Pros and cons of DIY retirement plans 4:13 Which year’s income determines your OAS clawback? 7:28 Should you pay off your mortgage before retirement? 12:05 How is the RRIF minimum calculated? 15:13 Spousal loans explained 21:01 Advantages of converting your RRSP at 55 24:57 Considerations when your pension is not indexed to inflation 29:19 Potential changes to Ontario LIRA unlocking rules 31:54 Coordinating a pension and RRSP in retirement 34:15 How changing legislation impacts retirement plans 38:16 RRSP strategies for one time high income years
In episode 44 of Retirement Unpacked, Matthew and Gord discuss when you should actually use your cashflow wedge and how to structure it, whether you need RRSP contribution room to unlock a LIRA, if it makes sense to structure your income in a way to qualify for GIS, when non-registered accounts can become a tax problem, and much more. Later in the episode, Adam and Martin join the episode to discuss the importance for high net worth retirees to shift from wealth building to wealth distribution. They talk about the tax problems that can come from holding too much in taxable accounts, why delaying decisions can lead to larger tax bills later, and how strategies like gifting, charitable giving, and intentional estate planning can help make a bigger impact with your wealth. Chapters 0:00 Intro 0:30 When should you use your cashflow wedge? 5:55 Can you unlock your LIRA if you have no RRSP contribution room? 8:08 Do spousal RRSP contributions use my contribution room? 10:12 Should you structure your income to qualify for GIS? 15:22 Can you unlock a LIRA more than once? 19:22 What happens to locked-in accounts when a spouse dies? 21:52 How should a cashflow wedge be structured? 25:48 Selling a rental property and OAS clawback implications 29:56 Should couples retirement plan together? 33:57 When non-registered accounts become a tax problem 40:41 Shifting from wealth building to wealth distribution (case study) 46:26 The smith manoeuvre in retirement: Keep it or unwind it?
In episode 43 of Retirement Unpacked, Adam and Brett discuss the laddered income strategy and whether it makes sense to use inflation as your “ladder,” what your options are if your TFSA is maxed and you still have excess funds, whether RRSPs make sense if you have a pension, if you only need a cashflow wedge in the accounts you’re actually withdrawing from, and much more. Later in the episode, Paul Grenier joins to discuss a case study involving a couple who recently refinanced their mortgage, invested the proceeds in the markets, and are now looking at retiring early. The case looks at how shifting assumptions and expectations can impact the planning process, and why it’s important for both partners to be aligned and prepared before starting to plan for retirement. Chapters 0:00 Intro 0:18 Can you let inflation 'ladder' your retirement spending? 5:57 RRIF to non-registered strategy 9:05 Maxed TFSA in retirement, where should excess funds go? 14:20 Attribution rules when you have 2 spousal RRSPs 18:06 Do RRSPs make sense if you have a pension? 26:02 Does TFSA go to spouse if you list them as beneficiary? 30:16 Can you partially convert your RRSP? 35:37 Do you only need cashflow wedge in the accounts you're withdrawing from? 41:19 Tax implications when passing on assets to next generation 47:26 What does our retirement planning process look like? 50:20 Expectations vs reality in retirement planning (case study) 55:05 Will it ever make sense to defer OAS but not CPP?
In episode 42 of Retirement Unpacked, Brett and Paul break down the importance of using conservative assumptions in your retirement plan, the CPP child-rearing provision, retiring with an age gap, if it makes sense to start CPP early and invest into your RRSP, how non-registered accounts are taxed, and much more. Later in the episode, Mathieu Huneault joins to discuss two client planning scenarios: one involving a client who received a severance payment and needed to consider if RRSP contributions could lead to overcontribution issues due to how the income is classified, and another where a client regretted starting CPP and learned they were still within the window to cancel it by repaying the benefits received. Chapters 0:00 Intro 0:47 The importance of assumptions in retirement planning 7:39 The CPP child-rearing provision, explained 15:01 Should you pay into CPP if you have a corporation? 21:35 Planning around unique retirement situations 27:12 Start CPP early and invest into your RRSP 33:06 Can you use your cash wedge to buy the dip? 38:54 Retiring with an age gap 44:56 Tax implications of loaning money to your kids 50:15 How are non-registered accounts taxed? 56:36 Should I work one more year? 1:01:03 Contributing severance payment to an RRSP (case study) 1:08:24 Canceling your CPP (case study) 1:13:25 Cashflow is more important than growth in retirement
In episode 41 of Retirement Unpacked, Jon and Martin break down what happens to your TFSA upon death, whether or not the CRA allows you to take a loan to invest in your TFSA, how income splitting rules differ between defined benefit pensions and RRIFs, the differences between QPP and CPP, if it makes sense to start planning for retirement 20 years out, and much more. Later in the episode, Peter Filippakis joins to go over a corporate meltdown case study involving a couple in their mid-50s who recently sold their business and are now left with a large corporation to draw down. He goes through how to coordinate dividends, the RRSP meltdown, and government benefits, and how to sequence everything in a tax-efficient way. Chapters 0:00 Intro 0:13 What happens to your TFSA upon death 0:55 Does the CRA allow you to take a loan to fund your TFSA? 3:55 Do you need a cashflow wedge if you have a pension? 5:08 Income splitting: RRSP vs. Pension 6:56 How do spousal RRSPs work 10:01 Is the OAS clawback threshold after-tax? 12:22 Differences between QPP and CPP 16:26 CPP timing when receiving the survivor's pension 20:41 Can it ever be too early to start planning for retirement? 26:39 Corporate meltdown case study 37:35 The importance of term insurance
In episode 40 of Retirement Unpacked, Michael and Mathieu break down why you should consider converting your RRSP to a RRIF prior to age 71, the differences between a RRIF and LIF, if it makes sense to meltdown a large RRSP, considerations before purchasing a life insurance policy, tax implications of passing on wealth, and much more. Later in the episode, Gord Manzer joins to discuss a real life case study and explain why retirement decisions can’t be made in isolation. Many Canadians look at CPP, OAS, pensions, RRSPs, and TFSAs as separate pieces, but in reality, every decision affects taxes, income, and your overall retirement plan. Chapters 0:00 Intro 0:28 Why convert RRSP before 71 2:52 Differences between a RRIF and LIF 4:41 Can you buy and sell stocks in a TFSA the same year? 5:48 Can investment firms limit how much tax is withheld? 8:49 Consolidating non-reg accounts into a life insurance policy 15:00 Does it make sense to meltdown large RRSP? 20:14 Single and 65: Is there a benefit to start drawing down RRSP? 23:22 If I move money from RRIF to TFSA, is it taxable? 24:12 How do RRIF withdrawals affect OAS clawback? 26:07 How to use a whole life policy for retirement income 28:59 Tax implications of passing on wealth 32:11 Why retirement decisions shouldn't happen in isolation 36:33 Beneficiary vs. successor holder for TFSAs
In episode 39 of Retirement Unpacked, Matthew and Peter break down how to gift money early from your non-registered account in a tax-efficient way, where you should invest after maxing out your RRSP and TFSA, how your RRSP meltdown strategy should change when markets overperform or underperform your plan, HOOPP pensions, and much more. Later in the episode, Martin Goudreault joins to walk through a real-life case study involving a family cottage, joint ownership, and the tax and estate planning implications that come with transferring property between generations. Chapters 0:00 Intro 0:20 How to gift money early tax-efficiently 4:56 Trigger capital gains pre-retirement when in a low tax bracket? 8:47 Where should you invest after RRSP & TFSA? 12:25 Should you adjust RRSP meltdown if the market is down? 15:44 Adjusting your drawdown strategy when markets outperform plan 21:24 Does an RRSP meltdown make sense if you have large non-registered account? 25:15 Do you need a cashflow wedge if you have a pension? 30:53 Pension + RRSP meltdown strategy 33:10 Understanding HOOPP pensions 42:02 Considerations when commuting your pension 45:32 How joint ownership affects cottage taxes (case study) 54:08 Should you withdraw monthly in retirement?
In episode 38 of Retirement Unpacked, Brett and Gord break down options if you are paying high fees and not getting any advice, the attribution rules around joint non-registered accounts, what age you can split your RRIF income with your spouse, whether it makes sense to ladder your income if you're concerned about long-term care, if it makes sense to start CPP early so you can collect the PRB and invest your payments, and much more. Later in the episode, Mathieu Huneault joins to discuss a recent client situation where a couple sold their home and moved into their cabin full-time, and the planning considerations that came with it. We break down how the principal residence exemption combined with RRSP contributions were used together to help create a more tax-efficient plan. Chapters 0:00 Intro 0:46 Paying high fees and getting no advice 7:10 Joint non-registered attribution rules 12:48 DIY planning software 18:17 CPP disability calculation 21:33 What age can you split RRIF income 24:44 How to dispose of an RESP 32:37 How to calculate probate 35:38 How to plan for long-term care 40:05 Can you move money from LIF to spousal RRSP tax-free? 43:11 Taking CPP early, collecting the PRB and investing it 52:17 Principal Residence Exemption planning 1:01:25 Budgeting for trips
In episode 37 of Retirement Unpacked, Adam and Brett break down if it makes sense to withdraw more from your RRIF than you actually need, why your cashflow wedge should not be outside of your registered accounts, how to plan around an inheritance, RRSP and RRIF strategies if you are single, and much more. Later in the episode, Maria Dawes from Capstone Asset Management joins to discuss values-based investing, what it is, how to align your investing with your values and worldview, and the key questions to ask your advisor if this is something that is important to you. Chapters 0:00 Intro 0:16 Withdraw more from your RRIF than you need? 3:39 Does income splitting have to be 50/50? 7:10 Use spousal RRSP vs. collecting GIS 11:05 Why can't your cashflow wedge be outside your registered accounts? 15:45 Borrow from home equity to max out TFSA? 19:28 How to plan for inheritances 25:10 What is the benefit to lowering the OAS clawback threshold? 30:34 Should you delay OAS to avoid the clawback? 38:40 RRSP/RRIF strategies for singles 42:45 DB survivor benefit & spousal drawdown timing 48:39 What is values investing with Maria Dawes 56:13 What are you really paying in fees?
In episode 36 of Retirement Unpacked, Kyle and Peter break down why having zero tax years in retirement can be detrimental to your plan, how retirees can protect themselves against inflation, how to plan around large capital gains in retirement, the best timeframe to judge your investment returns, and much more. Later in the episode, Matthew Dennis joins to discuss the smith manoeuvre, the dangers of it, and when it makes sense for Canadians. Chapters 0:00 Intro 0:18 Why are zero tax years bad? 3:39 How to protect against inflation in retirement 12:37 Spousal attribution rules around non-registered accounts 19:57 Should I cash out my entire RRSP? 22:45 How to offset a large capital gain in your 70s 28:35 The best timeframe to judge your investment returns 33:14 Managing inflation in retirement 37:54 Offsetting rental property sale with RRSP 42:21 When should you consider life insurance? 50:52 When does the smith manoeuvre make sense? 57:37 How to free up funds in a LIRA
In episode 35 of Retirement Unpacked, Brett and Jon break down RRIF successor annuitant vs. beneficiary designations, if it makes sense to do an RRSP meltdown if you have a large RRIF,TFSA, and non-registered account, whether or not you can contribute to CPP after you retire, how to determine the jurisdiction of your pension and much more. Later in the episode, Gord Manzer joins to discuss the importance of organizing your financial world before you pass away, so your loved ones aren't left searching for documents, passwords, accounts, and other important financial details during an already difficult time. Chapters 0:00 Intro0:12 RRIF successor annuitant vs. beneficiary4:41 Why meltdown a large RRSP?11:10 Income splitting tax implications16:13 RRSP matching while withdrawing from RRIF20:18 Can you pay into CPP after retiring?23:04 How does principal residence exemption work?28:42 What is crystallization?34:12 How to determine jurisdiction of a pension39:33 Organizing your financial world before death46:24 Importance of saving outside of your RRSP
In episode 34 of Retirement Unpacked, Michael and Paul discuss when it doesn’t make sense to delay your CPP and OAS, strategies to reduce taxes both during your lifetime and at death, estate planning considerations for blended families, and much more. Later in the episode, Martin Goudreault joins to discuss why the shift from saving to spending can be challenging, and shares practical steps to help make that transition easier. Subscribe to our clips YouTube channel: https://www.youtube.com/channel/UCwY3ZvNc_qCU-WuIKh-aulA Chapters 0:00 Intro 0:33 When should you start CPP & OAS early? 3:40 How to pay less tax while alive 6:26 When is the my CRA TFSA number accurate? 8:57 How to avoid large tax on estate 12:50 Should you use whole life insurance to cover estate taxes? 16:05 Does an RRSP meltdown make sense at the highest tax bracket? 18:44 Why do I still owe taxes? 21:43 How to minimize estate taxes with RRIF drawdown 24:09 Should you draw more out of RRIF to income split? 26:30 Estate planning with a blended family 31:07 How to transition from a saver to a spender 40:43 Helping the next generation save in an FHSA
In episode 33 of Retirement Unpacked, Matthew and Kyle break down your options for large lump sums later in life, whether or not it makes sense to convert your RRSP before you retire, what rate of return you should use in your plan, how to coordinate RRSP and TFSA withdrawals from 60 to 65, and much more. Later in the episode, Mathieu Huneault joins to discuss a unique situation where it could make sense to contribute to a spousal RRSP if you're over 71. Subscribe to our clips YouTube channel: https://www.youtube.com/channel/UCwY3ZvNc_qCU-WuIKh-aulA 0:00 Intro 0:36 What to do with large lump sums later in life 7:45 Should I convert my RRSP before I retire? 11:40 What rate of return should I use in my plan? 16:20 Retirement planning with a holding company 20:32 In-kind donations with donor advised funds 24:34 Foreign pension planning 28:03 Planning around a small spousal RRSP and large RRSP 32:14 RRSP & TFSA withdrawals from 60 to 65 36:11 How to avoid tax installments 42:06 Cashflow wedge needed with a defined benefit plan? 45:46 Contributions to spousal RRSP after 71 51:38 How is the pension jurisdiction set?
In episode 32 of Retirement Unpacked, Brett and Peter break down fee-for-service vs. ongoing financial planning, the assumptions behind your CPP estimate, how to reduce large capital gains in retirement, renting vs. owning in retirement, probate planning, and more. Later in the episode, Paul Grenier joins to discuss growing vs. protecting your wealth in retirement, and why striving for more doesn’t necessarily give you greater peace of mind. Subscribe to our clips YouTube channel: https://www.youtube.com/channel/UCwY3ZvNc_qCU-WuIKh-aulA Chapters 0:00 Intro 0:45 Fee-for-service planning vs. ongoing financial planning 6:00 Clarification around CPP estimates 10:19 What Safeguards Exist With Canadian Investment Firms? 17:00 Nominal vs. real dollars 20:36 How to meltdown large capital gain in retirement 25:35 Renting vs. buying a condo in retirement 33:43 Cashflow wedge planning when you have a pension 39:30 Probate planning 44:45 RDSP planning in retirement 50:38 Growing vs. protecting wealth in retirement 59:31 Dangers of chasing higher returns to meet goals
In episode 31 of Retirement Unpacked, Adam and Gord break down if it makes sense to delay your OAS, what happens to CPP if you retire early, the pros and cons of renting vs. holding onto your house in retirement, when income splitting is beneficial, and much more. Later in the episode, Peter Filippakis joins us to discuss what future changes to OAS could look like and how you can plan ahead if those changes are a concern. Subscribe to our clips YouTube channel: https://www.youtube.com/channel/UCwY3ZvNc_qCU-WuIKh-aulA Chapters 0:00 Intro 0:24 Does it make sense to delay OAS? 3:20 Delaying OAS when you've lived in Canada less than 40 years 5:00 Retiring at 55, what happens to CPP? 8:41 Delaying CPP is pushing me into OAS Clawback 11:53 Renting vs. holding onto the house in retirement 15:36 Should you pay cash for cars? 19:00 When is income splitting beneficial? 21:59 Do you need insurance to cover your debt? 25:00 Trigger to use your cashflow wedge 28:30 Potential changes to OAS 35:09 - Upsizing in retirement
In episode 30 of Retirement Unpacked, Kyle and Mathieu break down what age you should think about starting an RRSP meltdown, whether there's a need for a cashflow wedge if you don't need the money, how couples should plan around long-term care costs, planning considerations for singles, and much more. Later in the episode, Gord Manzer joins to discuss how AI is impacting retirement planning, and whether you should be trusting it for financial advice. AI's impact on financial and retirement planning: https://money.ca/managing-money/retirement/should-canadians-trust-ai-for-retirement-planning Subscribe to our clips YouTube channel: https://www.youtube.com/channel/UCwY3ZvNc_qCU-WuIKh-aulA Chapters 0:00 Intro 0:19 What age should you start an RRSP meltdown? 4:08 Can you move RRSP/RRIF investments to other accounts? 6:00 Do you need a cashflow wedge if you don't need the money? 10:19 Planning for long-term care if only one spouse needs it 15:47 Can you pause CPP to start an RRSP meltdown? 19:41 Planning considerations for single retirees 24:10 Putting your kids on cottage title to avoid tax 28:22 What income qualifies for income splitting? 32:39 Is TFSA transferred tax-free to beneficiaries upon death? 34:32 Start CPP early to pay down mortgage? 40:12 Should you trust AI for financial and retirement advice? 48:55 RRIF/LIF minimums with private credit & equity investments
In episode 29 of Retirement Unpacked, Adam and Matthew break down whether delaying OAS is actually worth it, if one spouse should start CPP early when both have the max benefit, how to think about the RRSP meltdown in the real world where markets are volatile, and whether carrying a joint universal life policy through retirement makes sense. Later in the episode, Kyle Martins joins to discuss the process of transferring your investment accounts from one institution to another, and how it's a lot easier than you might think. FP Canada's rate of return assumptions Subscribe to our clips YouTube channel 0:00 Intro 0:10 Should you delay OAS? 2:56 If both spouses have max CPP, should one start early? 6:12 Retiring at 60: Do you have to keep contributing to CPP? 8:51 When should you replenish cashflow wedge? 13:09 RRSP meltdown with volatile markets 21:47 Does savings in US dollars change withdrawal strategy? 24:34 Should you retain joint universal life policy through retirement? 29:26 Should you have debt, should you get term insurance? 33:43 Bank says I can't withdraw more than the RRIF minimum 35:57 If you only have CPP & OAS, will you qualify for GIS? 39:37 How to transfer accounts between institutions 44:04 Successor vs. beneficiary on a TFSA
In episode 28 of Retirement Unpacked, Brett and Michael break down if children receive any CPP benefit if their parents pass away, when spousal loans make sense, why it's normal to be nervous heading into retirement, if there is any reason to convert your RRSP to a RRIF before 71, and much more. Later in the episode, one of our planners, Paul Grenier, joins to discuss how OAS calculated if you haven't spent a full 40 years in Canada by age 65, and what the effects of delaying are. Chapters 0:00 Intro 0:25 Do children receive any CPP benefit if parents pass away? 2:11 When do spousal loans make sense? 8:51 75% stocks/25% guaranteed return for cashflow wedge? 12:35 Is it normal to be nervous entering retirement? 18:27 Is QPP an option on PWL calculator? 19:46 Any reason to convert RRSP to RRIF before 71? 27:46 Actual dividend amount or grossed up amount for corporations? 30:10 Capital gains consequences if put on house deed? 40:50 OAS calculation when you haven't spent full 40 years in Canada 45:48 Spousal RRSP to RRIF transfers
