AskTMFG The Podcast

In this episode of the AskTMFG Podcast, Carlo Cansino and John Iaconetti break down how the order you claim CPP, RRSP withdrawals, and Old Age Security can significantly impact your lifetime retirement income. They walk through the key factors behind each decision, from how life expectancy and health influence CPP timing, to how RRSP withdrawals can be used strategically in low-income years, and how OAS fits into the picture with its fixed start age and potential clawbacks. The focus isn’t on choosing one benefit over another, but on coordinating all three in a way that reduces taxes, improves income efficiency, and protects long-term outcomes, especially for couples navigating survivor benefits and changing circumstances. 👉 Watch the full episode on YouTube: https://youtu.be/onKp9ET0R8w Question for our listeners:Have you thought about how the order in which you draw your income could impact how much you actually keep? 👉 If you’d like help building a more tax-efficient retirement income strategy, we’re offering a complimentary portfolio analysis: https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Carlo Cansino and John Iaconetti challenge the idea that a pension alone is the safest path to retirement. They walk through seven different assets, from TFSAs and RRIFs to real estate, GICs, annuities, life insurance, and dividend-paying stocks, and explain how each one can offer more control, flexibility, and in some cases, even more security than relying on a single pension source. The focus isn’t on replacing pensions entirely, but on building a mix of income sources you actually control, so your retirement isn’t dependent on one promise. 👉 Watch the full episode on YouTube: https://www.youtube.com/watch?v=ZJuh18-uTPE Question for our listeners:Have you realized how much of your retirement income is something you fully control? 👉 If you’d like help building a more diversified retirement strategy, we’re offering a complimentary portfolio analysis:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti explore a shift that’s happening quietly among Canadian retirees: Why many are moving away from relying solely on RRSPs. While RRSPs have long been a cornerstone of retirement planning, the reality is that they’re built on tax deferral, not tax elimination. And for many retirees, that can lead to higher taxable income later in life, including the risk of triggering OAS clawbacks. The conversation breaks down why this is becoming a growing concern, and how alternative accounts like TFSAs, group RRSPs (VRSPs), and even FHSAs are being used to create more flexibility and better tax outcomes in retirement. They also introduce the concept of tax diversification, using multiple account types strategically, to help manage income, reduce lifetime taxes, and adapt to changing financial conditions over time. Ultimately, the episode highlights that retirement planning isn’t about replacing one account with another, but about building a structure that gives you more control over how and when you draw income. 👉 Watch the full video episode:https://www.youtube.com/watch?v=8nCeSDOlanQ Question for our listeners:Are you relying on a single retirement account, or do you have flexibility built into your plan? 👉 If you’d like help reviewing your retirement strategy, we’re offering a complimentary portfolio analysis:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti walk through a common retirement question many Canadians are asking: “If I’m 60 with $1.5 million saved… am I actually ready to retire?” They explain why reaching a savings milestone doesn’t automatically translate into retirement readiness, and how the real challenge is turning that number into sustainable, after-tax income. The conversation breaks down how different income sources, such as CPP, OAS, and investment withdrawals, work together, the impact of taxes across RRSPs, TFSAs, and non-registered accounts, and how withdrawal timing can affect long-term outcomes. They also explore key risks that can affect a retirement plan, including early withdrawal pressure before age 65, market volatility (sequence-of-returns risk), inflation, and the possibility of OAS clawbacks. Ultimately, the episode highlights that retirement success is rarely about the number itself; it’s about how income, taxes, and risk are structured over time. 👉 Watch the full video episode on YouTube to see how to evaluate if your savings can support your retirement: https://www.youtube.com/watch?v=PnrxZMbbHg0 Question for our listeners:If you had to turn your savings into monthly income today, would you know where to start? 👉 If you’d like help reviewing your retirement strategy, we’re offering a complimentary portfolio analysis:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti walk through a simple 5-minute test Canadians can use to pressure test their retirement plan. They explain why common retirement rules, like the 4% rule, a target savings number, or replacing 70% of your income, can be helpful starting points, but often leave out the details that actually shape retirement outcomes. The conversation covers five key areas of retirement readiness: income sources, timing gaps, taxes, market risk, and vulnerability in the first few years of retirement. The key takeaway? Retirement readiness is not just about how much you’ve saved; it’s about how clearly your plan is built to work in real life. 👉 Watch the full video episode on YouTube to learn how to test your retirement plan more effectively: https://www.youtube.com/watch?v=cZ7_9psZNnQ Question for our listeners:If you tested your retirement plan today, would you feel clear on how your income actually works? 👉 If you’d like help reviewing your retirement strategy, we’re offering a complimentary portfolio analysis:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down one of the most common financial mistake Canadians make after filing their taxes. While most people treat tax season like the finish line, they explain that your tax return, Notice of Assessment, and refund can actually become powerful tools for planning the year ahead. They walk through five practical moves Canadians can make right after filing to avoid missed opportunities and make smarter financial decisions moving forward. The conversation covers how to use your Notice of Assessment, how to think strategically about a tax refund, why adjusting tax withholdings matters, and how revisiting your RRSP strategy can improve long-term results. Filing your taxes may feel like the end, but it’s often the best starting point for better financial planning. 👉 Watch the full video episode on YouTube to learn how to make smarter financial decisions after tax season: https://youtu.be/cZ7_9psZNnQ Question for our listeners:Have you ever used your tax return as a planning tool, or do you usually move on once you file? 👉 If you’d like help reviewing your retirement strategy, we’re offering a complimentary portfolio analysis:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down the popular retirement concept "Retirement Levels". While these frameworks can be a helpful starting point, Carlo and John explain that they often oversimplify one of the most complex financial decisions Canadians will face. Two people can have similar savings, appear to be in the same “level,” and still experience completely different retirements. That’s because retirement readiness isn’t just about how much you’ve saved; it’s about how your plan is structured. They walk through the key factors that retirement levels often miss, including where your income actually comes from, how much your plan depends on market performance, and how taxes can significantly impact your spendable income. The conversation also explores how different account types, like RRSPs, TFSAs, and non-registered accounts, affect your withdrawals, why sequencing matters, and how overlooking these details can lead to unnecessary tax costs or income instability. Retirement planning isn’t about hitting a number; it’s about building a plan that can last. 👉 Watch the full video episode on YouTube to understand how to structure your retirement beyond “levels”: https://www.youtube.com/watch?v=pWLOoqHo2Yk Question for our listeners:Are you measuring your retirement by a number, or by how your plan actually works? 👉 If you’d like help reviewing your retirement strategy, we’re offering a complimentary portfolio analysis to evaluate your income sources, tax exposure, and long-term sustainability:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode of the AskTMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down one of the biggest financial decisions Canadians face in retirement: choosing between a lump sum pension payout (commuted value) or a guaranteed monthly pension. While many people think this decision is simply about taking money now versus receiving income later, it actually determines who carries the risk in your retirement plan. A monthly defined benefit pension provides predictable lifetime income and removes market risk, while a lump-sum transfer offers flexibility, estate-planning opportunities, and the potential for higher long-term returns. The episode also explores a key factor many retirees overlook: interest rates. Because commuted values are heavily influenced by interest rates, two employees with identical pensions who retire in different years may receive very different lump sum offers. Carlo and John walk through the major considerations when evaluating this decision, including LIRA and LIF rules, investment risk, tax implications, OAS clawback exposure, and how each option can affect your long-term retirement income. Choosing between a lump sum and a monthly pension is often irreversible, making it one of the most important financial decisions retirees will ever make. 👉 Watch the full video episode on YouTube to understand how the lump sum vs. pension decision can reshape your retirement plan: https://www.youtube.com/watch?v=20xI7lIjPMQ Question for our listeners:If you were offered a pension payout today, would you take the guaranteed income or the lump sum, and why? If you’d like help reviewing your pension options, we’re offering a complimentary portfolio analysis to model both scenarios and evaluate how each impacts your retirement plan:https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the AskTMFG Podcast, Financial Advisor Carlo Cansino explores an important question many Canadians face as the RRSP deadline approaches: should you still be contributing to your RRSP after age 55? While RRSPs are often seen as a go-to tax strategy, Carlo explains that the decision becomes more nuanced as retirement gets closer. In your late 50s, RRSP contributions shift from being primarily about saving to managing future taxes and retirement income. Using a simple example, he shows how a $30,000 RRSP contribution on a $130,000 income could generate an immediate $12,000 tax refund. But because RRSP withdrawals are fully taxable, those savings today may simply defer taxes rather than reduce them, especially if retirement income from pensions, CPP, and Old Age Security keeps you in a similar tax bracket. Carlo also walks through six key filters he uses with clients before recommending a contribution, including your current tax bracket, how long your income will remain high, how retirement income sources stack together, and whether a TFSA might provide more flexibility. The key takeaway: the RRSP deadline can create pressure to act, but for Canadians approaching retirement, the real question is whether the contribution improves your long-term tax plan — not just this year’s refund. 👉 Watch the full video episode on YouTube to learn how to evaluate whether an RRSP contribution still makes sense after age 55: https://www.youtube.com/watch?v=Hy95ljV6T2k Question for our listeners:Are you contributing to your RRSP because it’s part of a strategy, or simply because the deadline is approaching? If you’d like help reviewing how RRSP contributions fit into your retirement tax plan, we’re offering a complimentary portfolio analysis to review your situation and identify opportunities to optimize your plan 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the AskTMFG Podcast, Financial Advisor John Iaconetti breaks down three common investing mistakes that can quietly increase the taxes you pay and reduce your retirement income over time. They start with market timing: pulling money out during downturns or waiting for the “right” moment to invest. While it may feel safer in the short term, missing just a handful of the market’s best days can significantly reduce long-term growth. Over time, that gap can translate into hundreds of dollars per month less in retirement income. Next, they tackle chasing hot stocks and headlines, whether it’s tech, AI, cannabis, crypto, or whatever is dominating the news cycle. By the time most investors hear about the “next big thing,” much of the growth has already happened. Overconcentration in trendy investments not only increases risk but can also create unnecessary tax consequences, especially in non-registered accounts. The third mistake is buying based on past performance. Just because a fund or company was a top performer over the last five years doesn’t mean it will stay there. In fact, data shows that only a small percentage of top-performing funds remain leaders in the following period. Building a portfolio around yesterday’s winners can lead to poor diversification, higher volatility, and avoidable tax triggers. Through a simple example, taking $20,000 out of an RRSP during a market drop, they show how small emotional decisions can compound into meaningful losses, potentially reducing retirement income by hundreds per month. The key message: successful investing isn’t about being smarter or predicting markets. It’s about staying disciplined, diversified, tax-aware, and aligned with a long-term plan. Small decisions, done consistently, can have a massive impact on your retirement lifestyle. 👉 Watch the full episode to see how these three mistakes might be affecting your retirement plan, and what to do instead: https://www.youtube.com/watch?v=vbjmIFoqblQ Question for our listeners:Have you ever made an investment decision based on fear, headlines, or past performance? How did it impact your long-term results? If you’d like a second opinion on how your portfolio is positioned, we’re offering a complimentary portfolio analysis to help you identify gaps and opportunities: https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Financial Advisors Carlo Cansino and John Iaconetti break down what Canadians need to know about retiring abroad and how it can change the way the CRA taxes your income, investments, and retirement withdrawals. They explain the difference between being a factual resident and a non-resident, how departure tax can apply, and what happens to RRSPs, RRIFs, CPP, OAS, and TFSAs once you’re living outside Canada. The conversation also highlights the impact of withholding taxes, tax treaties, and planning strategies such as NR5 elections and Section 217 elections. The key takeaway: retiring abroad doesn’t eliminate your Canadian tax obligations; it changes them. Understanding the rules ahead of time can help protect your retirement income and avoid costly surprises. 👉 Watch here the full episode on YouTube to learn how a move abroad could affect your retirement plan. Question for listeners:If you’re planning to retire outside Canada, have you considered how your residency status could impact your taxes and retirement income? If you’d like help reviewing how a move abroad could impact your retirement plan, we’re offering a complimentary portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/?hl=en

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti uncover a common mistake Canadians make with joint GICs that can quietly lead to unnecessary taxes and estate planning issues. They explain how GIC interest is fully taxable in Canada and why holding a GIC “joint with rights of survivorship” doesn’t automatically mean the tax is shared between both owners. In many cases, the person who funded the GIC is the one taxed on the interest, which can lead to higher-than-expected tax bills over time. The episode also touches on probate planning, how joint GICs can help assets pass smoothly to a surviving spouse, but why probate avoidance alone isn’t a complete strategy. Without proper planning, families may reduce paperwork but increase lifetime taxes. The key takeaway: joint GICs can simplify estate transfers, but they aren’t automatically tax-efficient. Knowing who pays the tax and how these accounts fit into your broader financial plan can help protect more of your money. 👉 Watch the full video episode on YouTube to understand how joint GICs really work and avoid costly mistakes: https://www.youtube.com/watch?v=9RdycuvGzjo&t=11s Question for our listeners:Do you hold any GICs jointly, and do you know who’s actually paying tax on the interest? If you’d like help reviewing how your GICs and other non-registered assets fit into your overall plan, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_

In this episode of the Ask TMFG Podcast, Carlo Cansino and John Iaconetti expose the often-overlooked reality of RRSP withdrawals in retirement and why they can create major tax surprises for Canadians. They explain that many retirees who diligently saved for decades are shocked to learn that every RRSP and RRIF withdrawal is fully taxable as income, often leaving them in higher tax brackets than expected. Using a Canadian-specific lens, they walk through the biggest RRSP withdrawal traps, including Old Age Security clawbacks, mandatory RRIF withdrawals at age 71, and limited income-splitting options between spouses. These rules can quietly erode retirement income, force unnecessary withdrawals, and increase lifetime taxes, even for disciplined savers. The discussion then shifts to solutions, outlining how early, strategic RRSP withdrawals, careful timing during lower-income years, and gradual TFSA conversions can significantly reduce taxes and protect government benefits. The key takeaway is clear: retirement success isn’t determined by how much you saved in your RRSP, but by how intelligently you withdraw it. Proper planning can mean the difference between losing thousands to taxes and keeping more of your retirement income working for you. 👉 Watch the full video episode on YouTube to understand the hidden RRSP traps and learn how to build a tax-efficient retirement withdrawal strategy: https://www.youtube.com/watch?v=Dva6raI850I Question for our listeners:Have you planned how you’ll withdraw from your RRSPs in retirement, or are you assuming taxes will naturally be lower once you stop working? If you’d like help stress-testing your withdrawal strategy and identifying hidden tax risks, we’re offering a free portfolio analysis 👉 https://tmfg.ca/portfolio-analysis/ Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_