Nine Tax Strategies to Pay Less Tax in Retirement
Income tax is one of the largest expenses any retiree has. The Fraser Institute Report indicated that Canadians paid 42.3% of income as taxes in 2024. Your goal in retirement should be to organize your income stream to: reduce the amount of tax you may have to pay preserve any government tax credits preserve government […]
The Three Estate Buckets
Annually with clients, we review how their estate will be distributed to their beneficiaries. We determine if there are any changes in their desires, or opportunities to save taxes and/or fees. In a recent webinar by Michael Kitces, Mathew Jarvis, a US Financial Advisor, shared a concept he uses with clients called the Estate Buckets. […]
What Do I Do if I Don’t want to be An Executor?
The question that arises occasionally from clients is: Can you turn down the role of an executor if you are named one? Why turn it down? You may not want to be the executor due to family conflict, or the job may be too much for you. So, can you turn the role down? The simple […]
What is the First Step to Creating your Financial Road Map for Retirement?
If you wish to create your own Financial Road Map for retirement, you need two things to start: You need to know where you are today, and Your best guess (estimate) of where you want to go. If you don’t know where you are today, you can’t create a plan to get where you want […]
Smart Tax Strategies for Retirees: The Four Types of Income in Retirement
Planning for taxes in retirement is like putting together a puzzle that is specific to each retiree. The type of income determines how it is taxed. Each year in retirement this must be reviewed to determine what is the best strategy that balances your current year’s income, and your long-term legacy plan. It is a […]
Smart Tax Strategies for Retirees: Take Advantage of Key Tax Credits
As a retiree, there are a few tax credits you should be aware of which may reduce your tax bill. Every dollar you save in tax means either more spending and/or preserving your wealth for you.
Retirement Income Planning
In a recent conversation, I was asked if there are any advantages to consolidate their investments and financial advisors as they approach retirement.
Smart Tax Strategies for Retirees: Tax Efficient Income Withdrawals
One of the most important decisions a retiree must make is how to create an income and cash-flow strategy from the financial assets they have accumulated over their lifetime.
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 […]
Smart Tax Strategies for Retirees I Keep Track of Health & Medical Expenses
A smart tax strategy during retirement is to keep track of your medical expenses and take advantage of any credits that may be available.