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How Much to Retire in Canada? 4 Proven Ways to Reach Your Goal
Check out my website: www.blueprintfinancial.ca
Subscribe to this channel: blueprintfinancial.ca/youtube-subscribe
Canadians now believe they need a whopping $1.7 million to retire, according to BMO’s annual retirement survey. But is this really a reality? The number seems a bit high.
How much do I need to retire? is one of the most common questions that we get asked by clients and the answer I always give is… well, it depends on your unique situation, so let’s take a look.
Chapters:
00:00 Introduction
00:32 Avoiding Risk of Ruin in Retirement
02:39 The "Do Nothing" Retirement Strategy
03:53 Using Rules of Thumb for Retirement Planning
07:06 Use a Canadian Retirement Calculator
09:41 Comprehensive financial planning
16:33 The magic dollar amount
Link to the blog post: (Will Update)
Disclaimer: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Neither Christopher Liew nor Blueprint Financial provide specific investment recommendations. For investment advice, please consult a registered professional. This channel is not responsible for any investment actions taken by viewers based on these videos.
zhlédnutí: 59

Video

Leaving Canada? Your TFSA, RRSP, CPP & OAS Will Change Drastically
zhlédnutí 6KPřed 16 hodinami
Check out my new website: www.blueprintfinancial.ca Subscribe to this new channel: blueprintfinancial.ca/youtube-subscribe Are you planning to leave Canada? Well, if you don't manage your finances carefully, you might be throwing away thousands of dollars! In this video, I’ll break down how your TFSA, RRSP, CPP, and OAS are affected when you leave Canada. Whether you’re a retiree who is looking...
15 CRA Tax Benefits to Save THOUSANDS in Canada!
zhlédnutí 688Před dnem
Check out my new website: www.blueprintfinancial.ca Subscribe to this new channel: blueprintfinancial.ca/youtube-subscribe One of the quickest ways you can grow your bank account in Canada is by spending less on taxes. The government refunded over $30 billion to Canadians for the returns received from February to June in 2024. And only 18% of Canadians feel like they understand the tax credits ...
I Earned $500,000 from my Finance Blog (then Sold it)
zhlédnutí 663Před 21 dnem
Check out my new website: www.blueprintfinancial.ca Subscribe to this new channel: blueprintfinancial.ca/youtube-subscribe When I started the Canadian website wealthawesome.com back in 2019, my financial goal was to make $3,000 a month from the website and to have 30,000 readers a month. Well, I reached that goal and exceeded it by almost ten times! In this video, I’ll go over my wild adventure...
10 Reasons to AVOID Starting CPP at 60
zhlédnutí 424Před 21 dnem
Check out our website: www.blueprintfinancial.ca Subscribe: blueprintfinancial.ca/youtube-subscribe Are you planning to start your CPP at 60? You might want to reconsider. In this video, we'll uncover why delaying your CPP could be the best financial decision you make for your retirement. I’ll go over 10 reasons why taking your CPP at age 60 might be a mistake. Chapters: 00:00 Introduction 00:2...
Top 1% Income in Canada: How You Can Achieve It
zhlédnutí 182Před měsícem
Check out our website: www.blueprintfinancial.ca Subscribe: blueprintfinancial.ca/youtube-subscribe Want to become richer than 99% of all Canadians and become the top 1% in income and net worth? Find out the 4 different ways to do so here. Chapters: 00:15 Top 1% Income in Canada 01:58 Top 1% Net Worth in Canada 02:55 High-Paying Profession 04:18 Start a Business 06:30 Investing 08:47 Be Frugal ...
5 RRSP Withdrawal Strategies to Save MASSIVE Taxes! (RRSP Meltdown)
zhlédnutí 2,2KPřed měsícem
Check out our website: www.blueprintfinancial.ca Subscribe: blueprintfinancial.ca/youtube-subscribe Manage your RRSP withdrawals and save massive taxes using RRSP Meltdown strategies. Whether you're planning for retirement or already there, these tips will help you make the most of your RRSPs. Chapters: 00:58 Why RRSP Withdrawal Strategy is Crucial: Understanding the importance of planning your...
20 Small Business Tax Write-Offs to Save THOUSANDS in Canada!
zhlédnutí 63Před měsícem
Check out our website: www.blueprintfinancial.ca Subscribe: blueprintfinancial.ca/youtube-subscribe As a Canadian you ever feel like you're leaving money on the table when tax season comes around? In this video, we’re diving into the biggest tax write-offs you can claim in Canada as a small business owner, starting from the simplest to the most complex. By the end, you'll know exactly how to ma...
Do THIS to Build a $1 Million TFSA in Canada
zhlédnutí 339Před měsícem
Check out our website: www.blueprintfinancial.ca Subscribe: blueprintfinancial.ca/youtube-subscribe I break down strategies and tips to help you build a $1 million TFSA in Canada. The TFSA is one the most powerful wealth-building tools for Canadians, and it's important to use it wisely. This video will show you how! Chapters: 00:00 Introduction 00:23 2 TFSA Mistakes to Avoid 02:39 2 Realistic S...

Komentáře

  • @canpin
    @canpin Před 3 hodinami

    Its time to have our first woman president!

  • @canpin
    @canpin Před 3 hodinami

    #KamalaFoRPresident2024🇺🇸

  • @tommy1a1a
    @tommy1a1a Před dnem

    Very well explained. Well done!

  • @MySideHustleStash
    @MySideHustleStash Před dnem

    Blogging is a longggggg game that people dont understand 😂

  • @jimjackson4256
    @jimjackson4256 Před dnem

    You shouldn’t have to convert your rrsp into a rif but be able to leave it in your rrsp and withdraw money as needed not as mandated by the govt whether you need it or not. This seems fair to me and any political party which had this as a platform would get the vote of every Canadian with an rrsp. once you have a rif all your freedom is gone to make choice regarding your retirement income.

  • @Darmadont
    @Darmadont Před 2 dny

    Hi there! Thanks for making this video! I am curious about the implications if I am a Canadian PR planning to leave the country permanently at the end of the year? Would I still be considered a resident until my PR expires?

    • @Blueprint.Financial
      @Blueprint.Financial Před dnem

      Hey great question, I took a quick look at this from the government: www.canada.ca/en/immigration-refugees-citizenship/services/new-immigrants/pr-card/understand-pr-status.html It states that your PR status will remain valid even if you leave Canada permanently, as long as an official decision has not been made to revoke it, or you have not voluntarily renounced it. It's important to ensure your PR card is valid when you travel or have a PRTD if your card expires while you are abroad. But yeah I would confirm, maybe call the government line there to ask them exactly what you were thinking about doing.

  • @VladimirMik
    @VladimirMik Před 3 dny

    Very well explained! Thank you.

  • @SY-fz2sz
    @SY-fz2sz Před 3 dny

    Do you know if Spain taxes gains inside your RRSP? Also, with regards to witholding tax rates, is it 25% by default and you have to apply for the reduced rate, or will the financial institution automatically reduce the amount based on the tax treaty, if the treaty rate is lower? I'm referring again to Spain, which I believe has a 15% witholding tax rate for dividends based on the Government of Canada's non-resident tax calculator.

    • @Blueprint.Financial
      @Blueprint.Financial Před 3 dny

      hey I'm not sure of the exact Spain rules, a quick Google search indicated on this forum that the RRSP is taxable, but I wouldn't make big decisions based on a forum post. Either read the tax treaty, or consult with a cross-border tax professional: www.financialwisdomforum.org/forum/viewtopic.php?t=126045

  • @theteleporters7420
    @theteleporters7420 Před 5 dny

    SOLID tips 💸💸

  • @theteleporters7420
    @theteleporters7420 Před 5 dny

    Wealth Awesome was great! Learned a LOT from it. The video content is an awesome transition

  • @theteleporters7420
    @theteleporters7420 Před 5 dny

    Awesome tips, Chris!! I've seen several of your articles on CTV News - love the video content and diagrams 🙌

    • @Blueprint.Financial
      @Blueprint.Financial Před 5 dny

      Thanks for the feedback, and I'm glad you liked my CTV articles as well!

  • @uluvthislife3933
    @uluvthislife3933 Před 5 dny

    Hi, you got a nice video going on here. Thanks very much. I’m curious, however, I thought to become a non-resident for tax purposes you need to close out all your bank accounts. If this is the case, how are you able to maintain a bank account to host a TFSA while you are living abroad?

    • @Blueprint.Financial
      @Blueprint.Financial Před 5 dny

      As a non-resident, having a Tax-Free Savings Account (TFSA) or a Registered Retirement Savings Plan (RRSP) is usually acceptable as long as you're not contributing new funds to them while you're a non-resident. Bank accounts are secondary ties to Canada, not primary ties. Always consult with a tax professional to confirm. Here's a Sun Life article that gives an example of this: www.sunlifeglobalinvestments.com/en/resources/trust-gics-advisor-resources/tfsa-held-by-non-residents-max/

  • @fcantin66
    @fcantin66 Před 7 dny

    Lots of concrete examples to explain it well, thanks!

  • @Blueprint.Financial
    @Blueprint.Financial Před 10 dny

    Don’t forget to subscribe to our CZcams Channel: blueprintfinancial.ca/youtube-subscribe.

  • @phorn_khann
    @phorn_khann Před 10 dny

    Congratulations 🎉

  • @Blueprint.Financial
    @Blueprint.Financial Před 14 dny

    Don’t forget to subscribe to this CZcams Channel for more tips: blueprintfinancial.ca/youtube-subscribe

  • @Blueprint.Financial
    @Blueprint.Financial Před 16 dny

    What's your plan to reach a $1 million TFSA? Don't forget to subscribe to the CZcams Channel here: blueprintfinancial.ca/youtube-subscribe

  • @Blueprint.Financial
    @Blueprint.Financial Před 16 dny

    Which of these write offs will you use in your business? Don't forget to subscribe to the CZcams Channel here: blueprintfinancial.ca/youtube-subscribe

  • @Blueprint.Financial
    @Blueprint.Financial Před 16 dny

    Which of these RRSP withdrawal strategies do you plan on using? Don't forget to subscribe to this CZcams Channel here: blueprintfinancial.ca/youtube-subscribe

  • @Blueprint.Financial
    @Blueprint.Financial Před 16 dny

    Don't forget to subscribe to this CZcams Channel here: blueprintfinancial.ca/youtube-subscribe

  • @Blueprint.Financial
    @Blueprint.Financial Před 16 dny

    What CPP strategies have you decided to go with? Be sure to subscribe to this CZcams Channel here: blueprintfinancial.ca/youtube-subscribe

  • @Blueprint.Financial
    @Blueprint.Financial Před 16 dny

    Thanks for the support and kind words everyone! Follow the next chapter of my journey, subscribe to the CZcams Channel here: blueprintfinancial.ca/youtube-subscribe

  • @rateme6166
    @rateme6166 Před 18 dny

    insightful video and inspirational thank you

  • @cherylbartley2834
    @cherylbartley2834 Před 19 dny

    Great advice.

  • @cherylbartley2834
    @cherylbartley2834 Před 19 dny

    Good luck on your next journey, Chris. Your blog recommended Wealthsimple and I have two accounts with them and I am happy with their services.

    • @Blueprint.Financial
      @Blueprint.Financial Před 19 dny

      Thanks for the support Cheryl, I'm glad you like Wealthsimple, I love their new high interest savings account!

  • @divyv20
    @divyv20 Před 19 dny

    Hey Blueprint Financial ! I loved this video . I work with entrepreneurs like you who have under 1k subscribers to help them to grow to 50k subscribers in under 12 months with proper systems . I actually helped Chirag to achieve 92k subscribers in under 11 months . Could I do a free audit to see if I can help you do the same ? I just think it's really important that more people see your content and want to help you on that mission .

  • @jeffreypang911
    @jeffreypang911 Před 19 dny

    Thanks Chris! For anyone reading this Chris is a good friend of mine he has helped me so much with finances and stuff. Keep it up!!

    • @Blueprint.Financial
      @Blueprint.Financial Před 19 dny

      Thanks for all the support Jeff, glad to have you along for this new chapter as well!

  • @glorialuk1378
    @glorialuk1378 Před 20 dny

    Well done Christopher. Congratulations!!! I am one of your ardent fans and have opened accounts with Questrade, EQ Bank and Wealthsimple after reading your articles. I have also reached out to you for financial advice and you have promptly responded. I was truly grateful for your insights and tips. I wish you all the best in your new endeavors.

  • @nuuandq
    @nuuandq Před 20 dny

    Such a powerful and amazing story! Great luck on your journey.

  • @JasonLai19
    @JasonLai19 Před 20 dny

    Thanks for sharing the journey Christopher. Wishing you continued success!

    • @Blueprint.Financial
      @Blueprint.Financial Před 19 dny

      Thanks for the support! I'm looking forward to creating videos again for you.

  • @easterntechartists
    @easterntechartists Před 22 dny

    Only if you're poor. Typical for most Canadians under Socialism

  • @danielhicks2777
    @danielhicks2777 Před 23 dny

    I'm going to take mine at age 60. I'm 40, have a paid off house and have about $300000.00 in my investments. In twenty years, I should have a couple million in my retirement. So for me, the cpp will not be much of a big deal compare to other people who have no investments.

  • @simonrockwell4254
    @simonrockwell4254 Před 23 dny

    Terrible advise... Age 65 is the only age that gives no benefit .... Do the math ... I have and so have others. Unless of course you plan to live to 90+, And lets be honest, how many ppl that have the income to support themself until 70 are watching this channel?

  • @leiye93
    @leiye93 Před 23 dny

    Disagree. Using your example 640, 1000, 1420 (from 60, 65 and 70). By the age 75, you will draw 115,200, 120,000, 85,200 in total respective, which assume you will live to 75.

    • @Blueprint.Financial
      @Blueprint.Financial Před 23 dny

      Yes that is correct, the breakeven age from delaying from 60-65 is around age 75, and the breakeven from delaying from 65 to 70 is at about 81-82 years of age

  • @debbielockhart7762
    @debbielockhart7762 Před 23 dny

    I will never understand the mindset of people worrying about OAS clawback. OAS is basically seniors welfare. If you are doing so well that clawback is even a possibility, then who the hell cares? I personally think the clawback levels are set ridiculously high. I don't think anyone earning over $50-$60k in retirement needs (or should receive) our welfare. I would FAR rather see OAS payments be larger and going to people who actually need it. I most likely won't need it, and I certainly wouldn't be trying to manuever and juggle things to try to get something that I clearly don't need.

    • @Blueprint.Financial
      @Blueprint.Financial Před 23 dny

      Hey Debbie, I do agree that the OAS clawback threshold is pretty high, but since we don't control the OAS clawback levels, it's my approach that it's the best option to try to optimize for it, and if all that takes is to shift some money withdrawal amounts around, why not try to maximize your retirement income? If you really don't need the money, you can always give it to charity, or your beneficiaries.

    • @EdwardBernardson
      @EdwardBernardson Před 9 dny

      @@Blueprint.FinancialTactful response.

  • @AltaHangman
    @AltaHangman Před 25 dny

    Something I never see mentioned is that if you are a federal government employee your federal government pension is reduced at aged 65 by the amount of your CPP. So if you wish to collect CPP at all you need to start collecting it at aged 60. Also note that if you do choose to collect CCP at aged 60 your government pension will be reduced by an amount equal to what your CPP would have been had you waited until to aged 65 to collect it. I hope this makes sense, if not perhaps you can do some digging to make sense of my comment.

    • @Blueprint.Financial
      @Blueprint.Financial Před 23 dny

      I understand what you're saying, see www.canada.ca/en/treasury-board-secretariat/services/pension-plan/plan-information/public-service-pension-glance.html and www.canada.ca/en/treasury-board-secretariat/services/pension-plan/retired-members/reaching-age-65-pension.html For reference

    • @debbielockhart7762
      @debbielockhart7762 Před 23 dny

      So what? It is always meant to just be a bridge benefit. If you collect at 60, then your payments will permanently be low, and you will be getting a lot less money over time after that bridge ends than if you delay.