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If you're retiring with a non-registered account, you need to watch this. For some Canadian retirees, non-registered accounts can actually become a tax liability if you are not going to spend the money. This is why it can be a great planning opportunity to gift the money to your loved ones while you're still living, and can be a great tool to create generational wealth. For other retirees, these accounts actually become a part of your RRSP meltdown, and coordinating withdrawals between your accounts amd is crucial to pay the least amount of tax. We'll discuss all of this in this video.
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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.
The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.
TIMESTAMPS:
0:00 - audrey-louise beauséjour Intro
0:31 - Non-registered can be a liability?
2:14 - Non-registered to TFSA transfer
3:36 - Building generational wealth
6:10 - Tax liability
7:48 - Incorporating with RRSP meltdown
