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hi my name is adam welcome to the channel thanks for joining us today today we're going to talk about inheritances and we've had a lot of these questions lately so i thought i'd fire out an email and i'm going to break this into two categories in this video category one is people that are getting closer to retirement so i'm gonna call you 45 50 plus so you know you have a good financial footing already and all of a sudden you have an influx of cash what'd you do with it the other category will be younger generation you know 20 to 45 range people that still have maybe kids at home have a mortgage have debts have a lot of financial activity going on or maybe you haven't even got there yet maybe you're in your early 20s trying to figure out how to navigate a big chunk of money so we'll go through all that in this video so let's first talk about retirees or people that are getting close you know 5 10 maybe even 15 years if you're on a good financial footing you get a inheritance it could be from a family member a friend whoever it doesn't really matter but you have an influx of cash now in this cash the amount that you get will obviously change what you do with it if you get 50 000 you might go buy a new vehicle or whatever you know a short-term purchase if you get a million dollars like we've had a few clients have then it changes the game and you know 100 200 that number and the impact it has on you is going to be different for every person so i'm just going to lump everything together but there's three key things that you should look to do when you get an inheritance again whether it's fifty thousand or five million dollars these are the three things you should look at if you're getting close to retire the very first thing you should do is obviously fund your retirement if your retirement is not already funded this is a great opportunity to kind of lump up your money get that moving forward for you maybe get an early retirement maybe your five years from retirement inheritance comes in and you're able to retire a bit early so obviously that would be the best pitcher but look at your rsp you know if you're making a bit of money again in canada we receive inheritances tax-free okay so any amount that you get will be a tax your amount but if you're working especially if you're getting close to retirement you may be in your prime earning years making a lot of money and paying a lot of taxes so if you have rsp room shuffle some of that inheritance money into your rrsp to write down your tax bill get a nice tax refund and get more money...