Smart Tax Strategies for Retirees: Avoid the OAS Recovery Tax
It’s smart tax planning for retirees to arrange their income to avoid this clawback if possible. Some strategies to review are: Income split with your spouse/CLP (Common Law Partner) Tax effective non-registered investments Review the start date of your RRIF Use the younger spouse/CLP’s age for RRIF payments Use TFSAs Trigger large capital gains prior […]
Smart Tax Strategies for Retirees: 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.
Smart Tax Strategies for Retirees: Income Splitting
Income tax is one of the largest expenses any retiree has. A smart tax strategy to reduce a family’s overall tax burden is to split the income. This means to shift income from a spouse or common law partner (CLP) who is in a higher tax bracket to one who is in a lower tax bracket.
