In this episode of Ask TMFG, Carlo Cansino and John Iaconetti break down one of the most misunderstood, and costly, decisions in Canadian retirement planning: When to start CPP? They explain why the CRA’s calculators and standard guidance don’t tell the full story, and how CPP timing can quietly affect your taxes, Old Age Security, and overall retirement income for decades. You’ll learn the real trade-offs between taking CPP early, waiting until 65, or delaying to 70, including permanent benefit reductions, opportunity costs, tax bracket creep, and OAS clawbacks. They also discuss why government “break-even” math can be misleading, how lifestyle and health factor into the decision, and why average life expectancy doesn’t apply to individual planning. Most importantly, they show why CPP should never be looked at in isolation. Instead, it needs to be coordinated with your RRSPs, RRIFs, TFSAs, pensions, and tax strategy to maximize your total lifetime after-tax income, not just one benefit. If you’ve ever wondered whether you’re leaving money on the table or making a CPP decision that could cost you later, this episode brings clarity to a decision most Canadians are forced to make with incomplete information. Question for our listeners: Have you already chosen when to take CPP, and are you confident it fits into your overall retirement and tax plan? If you’re questioning whether you’re starting CPP at the right time and want clarity on how it affects your long-term retirement income, please schedule a meeting here: Schedule your meeting. Follow us on our social channels:LinkedIn: The McClelland Financial Group Facebook: https://www.facebook.com/tmfg.ca Instagram: https://www.instagram.com/themcclellandfinancialgroup_/

In this episode, Carlo and John talk about why RRSPs, despite being a core part of retirement planning, often end up causing more stress than peace of mind for many Canadians. They explain how taxes, forced RRIF withdrawals, Old Age Security clawbacks, and estate taxes can catch people off guard and make retirees afraid to spend their own savings. They share five practical ways to take control of your RRSP, including withdrawing more gradually, converting to a RRIF earlier on your own terms, using contributions strategically in high-income years, splitting income with a spouse, and slowly moving money into a TFSA using an RRSP meltdown strategy. By the end of the episode you will understand how these ideas work best when used together, helping you pay less tax, protect your benefits, and enjoy retirement with more confidence and less second-guessing. Question for our listeners: Have you ever looked at your RRSP balance and wondered how much of it is actually yours after tax, and how confident do you feel about turning it into income? If you would like guidance on building your Canadian retirement plan, please schedule a meeting here: Schedule your meeting. 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, Carlo and John break down one of the biggest misconceptions in Canadian retirement planning: the idea that you need $1.7 million, or more, to retire. They explain how these headline numbers create unnecessary pressure and often keep people working longer than necessary. You’ll hear why real retirement needs depend on lifestyle, monthly spending, location, and the income sources you already have. Carlo and John share real Canadian examples of couples retiring comfortably with far less than the media suggests, and explain how factors like CPP, OAS, pensions, a paid-off home, and Canada’s healthcare system significantly reduce the savings required. They also introduce the 70-80% income replacement rule, explore how different lifestyles lead to very different retirement targets, and outline a simple step-by-step process to calculate your own retirement needs using realistic numbers, not fear-based assumptions. If you want a clear, practical way to understand what retirement could look like for you in Canada, this episode will walk you through the key elements that matter most. If you would like guidance on planning for retirement, please schedule a meeting here: Schedule your meeting. Follow us on our social channels:LinkedIn: The McClelland Financial GroupFacebook: https://www.facebook.com/tmfg.caInstagram: https://www.instagram.com/themcclellandfinancialgroup_/