Smart Tax Strategies for Retirees: Avoid the OAS Recovery Tax
Old Age Security (OAS) is an income benefit that is paid to Canadians once they reach the age of 65. If your individual income is over $79,845 for 2021, you will have to start to pay back your OAS at a rate of 15% for each dollar over $79,845. This tax recovery is often […]
Avoid a huge $$$$ mistake. Check your beneficiary designations now!
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® In an article by Emma Davie in CBC News Canada, about a Halifax woman calling for more protections on RRSPs after husband’s sudden death, she reviews what can happen if you don’t have correct beneficiary designations on your registered plans. The […]
Registered Education Savings Plan (RESP)
My kids are 18 and 20, does setting up a new Registered Education Savings Plan (RESP) still make sense? A new client asked if it still made sense to set up a new RESP for his kids, who were aged 18 and 20. His ex-spouse already had an RESP for the children, but he wanted […]
RRSP Maturity Options: What You Need to Know
You don’t have to wait until you’re 71 to convert your RRSP. You can do it anytime before then, depending on what works best for your retirement income strategy. The key is choosing the right option based on your goals, cash flow needs, and tax situation. If you are turning 71 this year, you must […]
He Starts Now. She Waits. CPP and Retirement
A Barbell Approach to CPP That Just Might Work for You Too Ross and Rachel are a couple I’ve been working with for years. Rachel retired a while ago. Ross is planning to wrap up work at the beginning of 2026. He’ll have a fully indexed pension that covers their income needs pretty well—and they’ve […]
Should we take Advantage of our unused RRSP contribution limits?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® A common question that we receive every year prior to the RRSP deadline is should we take advantage of our unused RRSP contribution limits? Your RRSP deduction limit is how much you can contribute to your RRSP based on your prior […]
How Business Owners Can Boost Retirement Savings with an Individual Pension Plan (IPP)
As a Canadian business owner or incorporated professional, planning for retirement goes beyond relying on your business value. An Individual Pension Plan (IPP) offers a strategic retirement tool, particularly beneficial for high-income earners aged 40 and above. What is an IPP? An Individual Pension Plan (IPP) is a defined benefit pension plan registered with the […]
Preserving Wealth: Chapter Four, Tax Concerns, RRSPs and TFSAs
Authored by Jack Lumsden, MBA, CFP®, Financial Advisor, Assante Financial Management Ltd. For your FREE Copy of Preserving Wealth, CLICK HERE Uncle Wayne, with his wealth of financial knowledge, shared invaluable lessons on tax concerns, RRSPs, and TFSAs. Understanding these concepts can significantly impact your financial planning and retirement success. In this chapter summary, we’ll […]
Optimal Timing for Initiating Old Age Security Benefits
One of the pivotal questions frequently encountered by retirees is, “When should I start Old Age Security (OAS) benefits?” Should OAS be commenced at age 65, or would it be more advantageous to delay starting OAS to age 70? Understanding Old Age Security (OAS) Old Age Security is a monthly pension accessible to Canadian citizens […]
Simplifying the Timing of Canada Pension Plan (CPP) for Retirees
One question that arises often among retirees is, “When should we start taking CPP (Canada Pension Plan)?” Is it better to begin receiving benefits as early as possible or defer them longer? Understanding Canada Pension Plan (CPP) The Canada Pension Plan (CPP) is a government pension program that provides lifelong income starting at age 65. […]