In this short video (In French), see how I helped this fictional client, Guy Thibodault – a 65-year-old business owner – obtain an additional 219 727$ during his retirement. Yes, over $200,000. You read that correctly. This significant increase in his purchasing power was made possible by implementing advanced withdrawal strategies.
Here is the strategy used:
1) We moved $100,000 from his business account to his RRSP.
2) We moved $100,000 from his business account to his TFSA (he will have $65,000 tax-free in his TFSA).
3) We delayed his Quebec Pension Plan (QPP) pension until age 72. This way, he became eligible for the maximum deferral increase of 58,8% as permitted under the current rules.
4) We started receiving his Old Age Security (OAS) pension at age 65.
5) We verified that he met the eligibility criteria for the Guaranteed Income Supplement (GIS). Guy will be entitled to $13,000 per year, tax-free, from age 65 to 71, for a total of $91,000.
6) We withdrew $19,000 per year from a RRIF tax-free (due to tax credits) without reducing his GIS benefit (by closing the RRIF account and completing the Service Canada form ISP-3041).
If you would like your situation to be analyzed, feel free to contact me for more information. I will work with you to identify opportunities that will optimize your purchasing power during retirement.
Time is on your side. By planning early, more options are available to you. You can find my contact information on my website: www.vinetgestionprivee.com, in the Free Consultation section.
I look forward to meeting you and enjoy watching the video!
Jean-François Vinet
Financial Planner and Investment Advisor
Disclaimer:
This is a hypothetical case study intended to illustrate certain withdrawal strategies.
The results have been simplified for ease of understanding.
Consult a professional before making any financial decisions.
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Jean-François Vinet is a Financial Planner and Investment Advisor with Assante Capital Management Ltd. The opinions expressed are those of the author and not necessarily those of Assante Capital Management Ltd. Please contact him at 514-475-1167 or book a virtual appointment to discuss your particular circumstances prior to acting on the information above. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.
AVIS DE NON-RESPONSABILITÉ IMPORTANTS
Jean-François Vinet est un planificateur financier et conseiller en placement chez Gestion de capital Assante ltée. Les opinions exprimées sont celles de l’auteur et pas nécessairement celles de Gestion de capital Assante ltée. Veuillez le contacter au 514-475-1167 ou prendre un rendez-vous virtuel pour discuter de votre situation particulière avant d’agir sur la base des informations ci-dessus. Gestion de capital Assante ltée est membre du Fonds canadien de protection des investisseurs et de l’Organisme canadien de réglementation des investissements.
