Tim Borody and Brad Smith are back in the studio during a frigid Ontario January to kick off the new year by tackling the "taboo" of asking simple financial questions. They dive deep into why true financial well-being isn't about knowing every nitty-gritty detail, but about gaining the clarity and confidence to make wise decisions—even if that means asking the same question every single year.

• The Myth of "Unlimited" RRSPs: Tim and Brad explain how the old advice of "just keep loading up" RRSPs can backfire, leading to forced withdrawals and higher tax brackets in retirement than during your working years.
• Understanding the RRSP/RIFF Meltdown: Learn the mechanics of a "meltdown" strategy—shifting assets from taxable RRSPs into tax-free environments like TFSAs to smooth out your lifetime tax bill and protect your estate.
• Creating Flexible "Pots" of Capital: Discover why having multiple pools of capital—rather than just one big RRSP—gives you the freedom to fund big-ticket dreams, like an Alaskan cruise, without losing half your withdrawal to the CRA.

As you look at your own retirement accounts this year, join Tim and Brad to see how a life-centered approach to tax planning can provide the contentment that comes from knowing you're in control of your financial future.

Tim Borody and Brad Smith are back in the studio for another episode of Your Life and Money to kickstart the new year with the energy and insight you need to make 2026 your best year yet. As they settle back in after a "chill" holiday season focused on family and recharging, they dive into why financial planning is never just about the numbers—it’s about aligning your money with your deepest values and priorities because, at Advice First, we know that life is not a rehearsal.

Kicking Off 2026 with Tim and Brad

• Market Resilience and the Value of Diversification: Tim and Brad reflect on the surprising strength of the 2025 markets and discuss why diversifying portfolios outside of the US into regions like Canada, Europe, and Asia may be the strategic move for 2026.
• Investing in Team Continuity and Succession: Brad shares the philosophy behind adding a new team member this year, emphasizing a long-term, 5-to-7-year mentorship process to ensure client families receive stable, high-quality advice for generations to come.
• A New Mission for Financial Literacy: Tim reveals his 2026 goal to release accessible social media videos and podcast segments that break down financial fundamentals, helping Canadians move past the fear of asking "simple" questions to make more confident decisions.

As we step into this new year, join Tim and Brad to discover how these new initiatives and strategic shifts can help you gain total clarity on your journey and answer the most important question: "How much is enough for the life you want to lead?"

Welcome back to Your Life and Money, the podcast where financial planning goes beyond the spreadsheets to focus on what truly matters: your life. Hosts Tim Borody and Brad Smith continue their Q&A series, tackling complex questions about budgeting, debt, saving for a first home, and optimizing government pension benefits.

Beyond the Budget: Saving, Buying a Home, and Maximizing Your Pension

• Cash Flow Clarity: Uncover the five essential categories you need to track to gain control of your cash flow and how simplifying your budget helps you redirect funds toward key goals like eliminating debt or building an emergency fund.
• The Homeownership Playbook: Learn how to strategically use specialized savings plans like the First Home Savings Account (FHSA) and the RRSP Home Buyers’ Plan (HBP) to accumulate a down payment, including the little-known details on how non-first-time buyers can reuse the HBP.
• The CPP/OAS Timing Trap: Delve into the pros and cons of taking Canada Pension Plan (CPP) and Old Age Security (OAS) benefits early versus deferring them, discussing the break-even math, and how working income or pension bridges factor into this crucial retirement decision.

Stop wondering if you're making the right financial decisions—this episode delivers the clarity and actionable advice you need to feel secure about your future