♦Retirement Tax Shock: Why Many Canadians Pay More Tax Than Expected♦

Most Canadians expect to be in a lower tax bracket in retirement.

But many end up paying more tax than they expect.

How do tax brackets change after age 65 and why can common assumptions about RRSPs and retirement income lead to higher lifetime taxes?

Here are practical strategies to reduce tax over time, including how to use RRSPs, TFSAs, income timing and how to plan for a tax-efficient retirement.

This might be a real eye opener for some people because I think a lot of people that do some basic tax planning are doing it all wrong.

In my latest video, podcast episode, and blog post I'm going to give you tax planning made easy using tax brackets. Some basics of tax brackets, and briefly how tax planning is done, so you can get the concept.

Then we're going to talk about why tax brackets for seniors are way different than you think – and how this completely changes tax planning. And how to plan for low tax through your retirement.

You'll learn:

• Tax planning made easy using tax brackets.

• Why are tax brackets for seniors way different?

• What are the three main clawbacks on seniors?

• What are the actual effective tax brackets for seniors?

• How is tax planning very different with the actual effective tax brackets?

• Which is better for you - TFSA or RRSP?

• How can you plan for your retirement income to be taxed at only 22% or less?

• How does your financial plan become the GPS for your life?

🎓 Youth Corner with Sabiha Mukadam

Most people don't think much about banking until that first real paycheck arrives.

Suddenly, money is coming in, and just as quickly, it's going out.

In this episode, Sabiha explains how banking actually works, the difference between chequing and savings accounts, debit cards versus credit cards, and the simple habits that can help young adults build financial confidence from the start.

In this episode:

• What banks actually do

• How banks make money

• Why you need both a chequing and savings account

• How banking apps help you manage your money

• Debit cards vs. credit cards

• Common banking mistakes to avoid

• A simple plan for setting up your first accounts

Whether you're a student, a young adult, or a parent helping someone navigate their financial journey, this episode provides practical banking fundamentals everyone should know.

Learn more at Sage Collaborative Financial Planning.

The longevity movement is transforming how we think about aging—not as an inevitable decline, but as a challenge we can overcome with science, technology, and smart choices.

Many experts believe we're on the cusp of dramatically extending healthy lifespans.

I'm on a longevity and healthspan journey.

I'm not an expert in longevity, but I'm continuously learning, and it's all exciting. I'm simply passing along some of what I've learned.

I am, however, an expert in retirement planning. Living healthier for longer can have a huge impact on your retirement.

What kind of life do you want if you remain healthy for decades longer?

In my latest video, podcast episode, and blog post, you'll learn:

• Why science suggests we could add healthy decades to our lives within the next 10–20 years.

• How Peter Diamandis and the $101 million XPRIZE Healthspan are accelerating breakthroughs.

• The 9 key hallmarks of aging, with clear explanations and promising solutions.

• A close-up look at Lake Nona, Florida—a purpose-built longevity hub—and what it could mean for all of us.

• What we can do today to stay healthier for longer.

• An optimistic vision for a future of vibrant, extended healthspan.

Many people know they should think about financial planning, yet often put it off for years.

Not because they're irresponsible.

More often, it's because of common beliefs such as:

• "I'm not wealthy enough yet."

• "I can figure it out myself."

• "Once I make a plan, I'm done."

• "Planning will restrict my lifestyle."

In this episode, Sabiha Mukadam, CFP®, MBA, explores four of the most common financial planning myths she hears from clients and explains why financial planning is about much more than investments.

You'll learn:

• Why financial planning isn't just for wealthy people

• The hidden risks of the do-it-yourself approach

• Why your financial plan should evolve as your life changes

• How planning can create more freedom, not less

• The role a financial planner can play beyond managing investments

Whether you're just getting started or reviewing an existing financial plan, this episode offers practical insights to help you build greater clarity, confidence, and long-term financial security.

In this episode of Youth Corner, Sabiha explores why so many people feel behind financially—and why comparison and expectations often have more influence on that feeling than reality.

After more than 30 years in financial planning, she explains why this feeling is often driven by comparison and expectations rather than reality—and why financial confidence is something that can be built over time.

Key takeaways:

• Why feeling behind financially is more common than most people realize

• How comparison can distort your perception of financial progress

• Why uncertainty is a normal part of investing and financial planning

• How financial confidence develops through learning, experience, and informed decision-making

• Why there is no single financial timeline you're required to follow

Louise (not her real name) has far more money than she is ever likely to spend. She has always invested in equities and is comfortable with them. However, now at age 84, she is wondering whether she should invest more conservatively.

This is a case study about the "Multi-Millionaire's Dilemma."

Louise says:

"Many of my women friends have the same concern: Is my asset allocation suitable for me? Specifically, what proportion should I invest in GICs versus broad-market index ETFs? Tax efficiency is also a concern."

In my latest podcast episode you will learn:

• What is the "Multi-Millionaire's Dilemma"?

• How is Louise's situation similar to the "Multi-Millionaire's Dilemma"?

• What reasons might she have for investing more conservatively with GICs?

• What reasons might she have for staying invested in equities?

• How can understanding the odds of losing money and the potential for growth help her decide?

• What are the odds that her investments will be worth less at the end of her life?

• How much could they be down in a worst-case scenario?

• How much less is she likely to earn by switching from equities to GICs?

• How can she simplify her investments if she stays in equities?

I'm pleased to introduce the first podcast episode in Sabiha Mukadam's new series, Advice from the Sage Owl.

Sabiha has worked alongside me for many years helping clients build and maintain comprehensive financial plans.

In this podcast episode, she explores an important question:

What does money mean to you?

Key takeaways:

• Understanding your relationship with money is the foundation of a strong financial plan

• Money can represent security, freedom, love, respect, opportunity, or something entirely different

• Your money values influence your goals, priorities, and financial decisions

• Money is a tool to help you create the life you want—not the destination itself

For more than 20 years, Unconventional Wisdom has been where I share financial planning ideas, strategies, and lessons I've learned from helping Canadians build better financial lives.

Today, I'm excited to introduce someone who has been a key part of our team for the last 8 years: Sabiha Mukadam.

Many of you may not know Sabiha, but she works closely with our full-service financial planning clients and has become an important part of helping them build and maintain their financial plans.

Starting next week, Sabiha will be publishing new articles and videos every Tuesday, while my Thursday posts will continue just as they always have.

Sabiha shares the same planning philosophy that has guided my practice for decades, and I'm confident the advice she provides is the same type and quality of advice I give.

You'll see many of the same concepts and ideas discussed on Unconventional Wisdom, but through her own perspective, voice, and areas of focus.

In my podcast episode you'll learn:

• Why Sabiha decided to start writing for Unconventional Wisdom
• The role she plays with many of our full-service financial planning clients
• Why confidence with money rarely comes from waiting until you're "ready"
• What you'll find in her new Tuesday articles and videos, including Youth Corner and Advice from the Sage Owl
• How her practical approach helps people make better financial decisions without feeling overwhelmed