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Guide: "How to draw down a $200k RESP over a 4 year university program" Let's say you front loaded your RESP, and years later you have $200k.... how do you get the money out? Thread👇

A nice perk if you’ve bundled your home and auto with TD insurance… you have access to unlimited legal advice from actual lawyers via phone.

I understand that likely nobody cares about this... but, this is now the only place on the internet that you will find this complete list of the OAS clawback thresholds for each year since it's inception. Trust me - this list does not exist anywhere else. I had to piece this together by looking up the actual year by year tax forms for the earlier years that can be found deep in the CRA archives.

If you had $50k available to invest, and you just had a child, what's the optimal way to fund your RESP to maximize it’s long term growth potential? This thread is a fairly deep look at that 👇 There are two typical answers to this question, but the real answer is deeper.

I heard this recently… "The TFSA and RRSP are identical if your tax rate when you contribute is the same as your tax rate when you make a withdrawal. The only difference between them is that you know what rate of tax applies to your TFSA investment, and you do not know what rate of tax will eventually apply to your RRSP." Not true. There are many differences between them: 1. With a RRSP you can eventually get a pension credit by transferring money into a RRIF and then withdrawing it when you are over 65. You will never get a pension credit due to a TFSA withdrawal. 2. You can use a RRSP (in combination with a RRIF) to split 50% of the income with a spouse once you reach age 65. You can't do this with a TFSA. 3. With a Spousal RRSP you can lower your taxable income, and then shift 100% of the future income to your spouse. You can't do this with a TFSA. 4. With a RRSP, when you die with a minor child, you can shift the tax away from the deceased’s final tax return and have it taxed in the child’s name by using the RRSP proceeds to purchase a ‘term-certain annuity’ that pays the income out in equal parts annually from their current age until age 18. You can't do this level of estate planning with a TFSA. 5. If you die with a minor who was disabled, you could roll the parent’s RRSP on a tax-deferred basis into a RRSP for the minor (no contribution room required) or into a RDSP for the minor (subject to $200k lifetime contribution limits). With a TFSA you don’t have these same rollover options. 6. If you die with an adult child, who has a disability, and also was financially dependent on the deceased, then the RRSP of the deceased can avoid being taxed on the final tax return by either: rolling it into the adult child’s into RDSP, RRSP, or by buying a life annuity for them. 7. US income in a TFSA is subject to non-recoverable foreign withholding tax, this withholding tax does not apply to RRSPs. 8. TFSA withdrawals create new contribution room as of January 1 the following year. RRSP withdrawals do not create new RRSP contribution room. There are many more differences as well. So while the accounts are often said to be comparable on the surface, if tax rates are the same on contribution as they are on withdrawal… when you dig into the details there are many nuances and differences. Also, I’ll just say that RRSPs are pretty cool for planning… so many tricks.

GUIDE: How to draw down a $100,000 RESP over a 4-Year Post-Secondary program Thread 👇

If you have foreign investment property… (ie. shares of Nvidia, Apple, Nestle, Toyota, ETFs, like VT, VTI, foreign rental properties, cash in foreign bank accounts, CDs, etc)…. …that exceeds $100k CAD in book value - in aggregate - … and you haven’t yet filed form T1135 to the CRA? Then you’ve already accrued $100 in penalties. And that amount ticks along at $25 per day. Get on it. ⏰ (for assets held in Canadian investment accounts, you only need to consider amounts inside non-registered accounts. All registered accounts (TFSA, RRSP, FHSA, RRIF, LIRA, LIF, RESP, RDSP) are excluded from this)

As of January 1, 2026, the cumulative TFSA contribution limit will be $109,000... but that's only relevant for those who were 18 in 2009 when the TFSA was introduced. Below is a table that shows the cumulative TFSA contribution amounts for ALL ages and birth years.

Counterpoint: It’s a lot of money.

Let's talk about buying a vehicle using funds inside of a RESP account. Thread 👇

You want to gift a property to a family member? Please… don’t sell it for $1. Gift it for nothing. Or sell it at fair market value. Selling it for $1 is the worst thing you can do. You still need to report the sale at fair market value…. And their cost base is now $1. Which means when they sell in the future they will have a massive capital gain. With a gift, you still report it as a fair market value sale, but at least they acquire it with a cost base equal to FMV. I repeat. Don’t “gift” with a very low purchase price on the sale contract.

When discussing front-loading RESP accounts, I will no longer be recommending a $16,500 RESP contribution in year 1 - not even as the low risk default. I also would not recommend $50k in year 1 (I never did). I’ve looked at this extensively lately and there are better options in most all simulations I’ve modelled. I’m working on a longer piece - which will go on the TIER blog when it’s ready - to update and expand on some of my previous writing on max funding RESPs…. Looking forward to getting it out soon!

15 common-sense pieces of financial advice that are not hard to do. If you do them all, you will be further ahead than most of the people around you. 1. Don’t carry balances on credit cards. 2. Protect yourself and your family from catastrophic events. Insurance when appropriate is wise. Insurance when not appropriate can be costly. 3. Understand what you spend and what you make. Spend less than you make. Set up automatic savings during your working years. 4. Maintain flexibility so you can pivot if things don’t go exactly according to plan. Flexibility is underrated. 5. If you are paying a fee for something, make sure you are getting something of value in return. 6. If you have monthly subscription services that you haven’t used in the last 2 months - cancel them. 7. Your interests and priorities are different than those around you. Stop comparing yourself to others. 8. It’s ok to say “That sounds fun but I can’t afford it.” 9. Get a Will, Power of Attorney, and Personal Directive (Health Representation Agreement / POA for Personal Care). If your situation is not complicated, online providers are available at low costs and are completely legal. 10. Track your Net Worth over time. Saving increases Net Worth and so does paying down debt. Seeing improvement each year helps to keep you motivated. 11. Coffee likely won’t derail your financial plans, but spending too much on cars and housing might. 12. There’s power in simplicity. Take a minute to list all of your bank and investment accounts. If at the end of the minute you’ve missed or forgotten about an account, you probably have too many. 13. Name beneficiaries or successors on your registered accounts (RRSP/TFSA/FHSA/LIRA/RRIF/LIF) if it makes sense to do so. Don’t forget about your work plans. Don’t assume you’ve done it already, especially if you have accounts at discount brokerages. 14. Don’t forget about tax. RRSP and LIRAs have future tax associated with them when you eventually make withdrawals. There is future tax due when you sell your non-registered investments, real estate and other property outside of your principal residence if there are capital gains. Self employed individuals and business owners also need to remember about their upcoming tax bill on the income they earn. Don’t open yourself up to surprises that you can’t manage. 15. Good communication can solve a lot of financial issues when they are small problems. Poor communication and secrecy can turn small financial problems into big ones over time.

In high school I worked at McDonalds. It was my first job that was not me working on the grain farm for my family. I was paid minimum wage. When I was hired, they had told me that after 6 months I would get a raise. When 6 months came, it coincidentally was at the same time…

If you want to determine if someone is financially astute, a good way to do that is by asking someone if they have an opinion on RRSP accounts. Do that, and then listen to what they say. People who are upset and call it a scam probably at some point in time forgot/lost sight of the fact that they have to pay tax on the eventual withdrawal, and are now scarred by the surprise they felt when they remembered. People who speak in absolutes likely are only thinking from their own personal perspective, and not seeing the nuance involved in other situations. Singletons or childless folks discount the benefits available to couples and parents. Lower income households often don't think about their income tested benefits (both on contributions, and again withdrawals). Many only look at tax rates when contributing and withdrawing, and forget about the additional compounding value of the deferral itself.

Remember last year when CRA providing filing and payment extensions as a result of the capital gain inclusion rate change that never happened? Trusts (T3 returns) had an extension to May 1 (normal deadline is March 31) if a capital disposition was reported on the return. Well, I just had a client receive a Notice of Assessment finally in late Feb 2026 (!!!) for the T3 that was filed in April 2025 (before the May 1 extension date). The payment was remitted in late April, also before the May 1 extension date (but later than the typical filing deadline). Of course, arrears interest is on the assessment because the payment was "late". It took 1 hour and 1 minute on a phone call with CRA to get them to admit that the arrears interest should not have been levied.... but we couldn't request the reversal on the phone. We now need to complete form RC4288 to formally request the interest be reversed. Then upload it to CRA... then wait for the determination and result. Sharing in case this helps someone else.

Please help me, by letting me help you. I’m looking to test drive an RESP modelling tool I’ve been working extensively on lately. For the first five people (I wish I could do more, but.. time) who reply below, 👇, I’ll prepare a custom RESP schedule for them, for one of the following scenarios: 1. I just had a kid and my RRSP and TFSA are maxed out. How much should I contribute to the RESP? and when? 2. My RESP is now bigger than I expected it would be. Tell me the best way to take the money out over x years of post secondary. 3. I already contributed $16,500 in year 0 and have since been putting in $2,500 - is that still the best thing to do? 4. I’m a grandparent and my income puts me in the OAS clawback zone. What would it be worth to the overall family if I were to move some funds into a RESP for my grandchild? 5. I’m a low income senior, but I do have non-reg assets, what does an RESP have to offer me? If interested, just a heads up - I’d be looking for your honest answers to personal financial questions regarding your situation - if I’m going to take the time, I’d like it to be valuable. What I’d prepare would be unique to your responses. This won’t take much time, 6 to 15 questions that should be simple to answer.. In return, id ask that you provide feedback to a few questions that I have about what you like/dislike / room for improvement or otherwise general feedback on the value you’d received. Thank you for your willingness to participate! 🙏

Guide: "How to draw down a $200k RESP over a 4 year university program" Let's say you front loaded your RESP, and years later you have $200k.... how do you get the money out? Thread👇

If you knew with certainty that your effective marginal tax rate (income tax + benefits) in retirement would be identical to what it is today… would you save in a TFSA or a RRSP if you couldn’t fund both? (No split amounts. It’s an all or nothing question).

Drawings used to explain things look good as they are happening in the meeting, yet often like utter garbage afterwards without context. Any guesses as to what I was talking about?

I understand that likely nobody cares about this... but, this is now the only place on the internet that you will find this complete list of the OAS clawback thresholds for each year since it's inception. Trust me - this list does not exist anywhere else. I had to piece this together by looking up the actual year by year tax forms for the earlier years that can be found deep in the CRA archives.

If you want to determine if someone is financially astute, a good way to do that is by asking someone if they have an opinion on RRSP accounts. Do that, and then listen to what they say. People who are upset and call it a scam probably at some point in time forgot/lost sight of the fact that they have to pay tax on the eventual withdrawal, and are now scarred by the surprise they felt when they remembered. People who speak in absolutes likely are only thinking from their own personal perspective, and not seeing the nuance involved in other situations. Singletons or childless folks discount the benefits available to couples and parents. Lower income households often don't think about their income tested benefits (both on contributions, and again withdrawals). Many only look at tax rates when contributing and withdrawing, and forget about the additional compounding value of the deferral itself.

If you have foreign investment property… (ie. shares of Nvidia, Apple, Nestle, Toyota, ETFs, like VT, VTI, foreign rental properties, cash in foreign bank accounts, CDs, etc)…. …that exceeds $100k CAD in book value - in aggregate - … and you haven’t yet filed form T1135 to the CRA? Then you’ve already accrued $100 in penalties. And that amount ticks along at $25 per day. Get on it. ⏰ (for assets held in Canadian investment accounts, you only need to consider amounts inside non-registered accounts. All registered accounts (TFSA, RRSP, FHSA, RRIF, LIRA, LIF, RESP, RDSP) are excluded from this)

Tried to post a positive comment about a recent personal experience that was contrary to recent public opinion. Got attacked. Called a sellout, “how much did you get paid”, etc. For the record, nobody has ever paid me to say anything on here. But I took it down, life’s too short to deal with the negativity.

A nice perk if you’ve bundled your home and auto with TD insurance… you have access to unlimited legal advice from actual lawyers via phone.

Do you think a principal residence should be included on a net worth statement? I had someone try and make reasons why it maybe shouldn't be. The answer is yes, it should be. I can't believe I'm having to post this.

In 2023, Dan's Will left all RRSPs to his son, Justin. In 2025, he opened a new RRSP and named his daughter, Jane, as beneficiary on the account. He died in 2026. Who receives the 2025 RRSP proceeds?

Counterpoint: It’s a lot of money.

If a 95 year old married a 30 year old (for love, of course) that would open the doors to a reduction of the minimum withdrawal from 20% to 1.67%. I'm sorry for making you think about this.

I heard this recently… "The TFSA and RRSP are identical if your tax rate when you contribute is the same as your tax rate when you make a withdrawal. The only difference between them is that you know what rate of tax applies to your TFSA investment, and you do not know what rate of tax will eventually apply to your RRSP." Not true. There are many differences between them: 1. With a RRSP you can eventually get a pension credit by transferring money into a RRIF and then withdrawing it when you are over 65. You will never get a pension credit due to a TFSA withdrawal. 2. You can use a RRSP (in combination with a RRIF) to split 50% of the income with a spouse once you reach age 65. You can't do this with a TFSA. 3. With a Spousal RRSP you can lower your taxable income, and then shift 100% of the future income to your spouse. You can't do this with a TFSA. 4. With a RRSP, when you die with a minor child, you can shift the tax away from the deceased’s final tax return and have it taxed in the child’s name by using the RRSP proceeds to purchase a ‘term-certain annuity’ that pays the income out in equal parts annually from their current age until age 18. You can't do this level of estate planning with a TFSA. 5. If you die with a minor who was disabled, you could roll the parent’s RRSP on a tax-deferred basis into a RRSP for the minor (no contribution room required) or into a RDSP for the minor (subject to $200k lifetime contribution limits). With a TFSA you don’t have these same rollover options. 6. If you die with an adult child, who has a disability, and also was financially dependent on the deceased, then the RRSP of the deceased can avoid being taxed on the final tax return by either: rolling it into the adult child’s into RDSP, RRSP, or by buying a life annuity for them. 7. US income in a TFSA is subject to non-recoverable foreign withholding tax, this withholding tax does not apply to RRSPs. 8. TFSA withdrawals create new contribution room as of January 1 the following year. RRSP withdrawals do not create new RRSP contribution room. There are many more differences as well. So while the accounts are often said to be comparable on the surface, if tax rates are the same on contribution as they are on withdrawal… when you dig into the details there are many nuances and differences. Also, I’ll just say that RRSPs are pretty cool for planning… so many tricks.