Canada Revenue Agency

Assuming they bridged their early retirement years from non-registered funds or smaller targeted draws, that account converts to a RRIF by age 71.

Once retiree B hits 71, the CRA forces them to pull out a minimum amount starting at age 72.

Five, three years of mandatory withdrawals, on top of growth in between, leaves that account sitting at roughly $1,186,000.

At age 75, the minimum withdrawal factor is 5.82%.

No escalation built in beyond cost of living.

Retiree B doesn't get that same stability.

Their RIF is on the CRA's clock, and that withdrawal factor keeps climbing every year, whether the market cooperated or not.

By age 80, that factor is 6.82%.

Well, how do you address the assignments?

Well, the assignments, CRA are still chasing these people that collected assignment dollars on a property they never took.

title on.

So I'm aware that CRA has gone back to builders

and

said, I want the list of everybody you sold to checking the registration name.

That's interesting.

That's real.

Thank you.

Chris? Well, I mean, I didn't want to out them, but those are all the messages that the CRA has been leaving me.

Good guess.

Anyone know the real news story that those are based on?

It makes you feel good.

People are happy with you in the short term until, as has been proven out, you send CRA years later to go retrieve a third of that money back from Canadians that apparently...

We're approved and no longer approved.

It's just there is sectors.

And then simplicity is, is the notion of how easy it is for people to actually navigate the system.

How complex are the rules? Is it costly to comply with them? Can the government, the CRA, administer them cost-effectively? Can people resolve disputes? And people are generally of the view that our system fails miserably on the simplicity grounds.

It is way overly complex.

And there's a link because The more departures you have from neutrality, like the more special features you introduce, special preferences, that requires rules to put boundaries around those preferences.

We are building a warehouse for your capital or for your funds, for your pool of funds, when we put policies in place, when we build policies for you.

So on page 44, all the tax-qualified retirement plans are a function of IRS code or CRA for Canada, which has only been around since 1913.

So the IRS has been around since 1913.

Wise men told us what would happen when a country gets an income tax, and we see the results in spades now.

They're illiquid.

We end up owing seven figures to the CRA, our equivalent of your IRS.

We have huge liquidity pressures, often holding real estate that's difficult to sell.

So What I see in practice is the estate planning piece, often those professionals aren't coordinating with the financial professionals and risk mitigating what happens if they're set in death or incapacity.