Paying Your Income Taxes in Retirement
When making the transition from your working years to retirement, a common concern or question that comes up is, “How do I pay my taxes in retirement?” I had this conversation with two clients recently as many retirees are unsure of how taxes work in retirement. Key Takeaways: As a retiree, you pay your income […]
Seven Strategies to Withdraw Corporate Assets for Retirement
A great strategy that many owners of Canadian-controlled private corporations (CCPC) use to build up retirement savings is to invest within their corporation using the benefit of the tax deferral between their personal income tax rate and the small business income tax rate. At retirement business owners may end up with investment assets within their […]
How Business Owners can increase their Retirement Savings by Investing within their Corporation.
A great strategy many owners of Canadian-controlled private corporations (CCPC) use to build up retirement savings is to invest within their corporation using the benefit of the tax deferral between their personal income tax rate and the small business income tax rate. Why invest with your CCPC? Investing within your CCPC offers the potential to defer […]
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 45% of income as taxes in 2019. 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 38 Blog Posts from 2021
I would like to thank all of you who have visited our blog and website. Below I have sorted the 38 blog posts I wrote last year by topic of interest to make the content easier to find. Some of the articles are good, some are ok, and some are…… Feel free to forward them […]
Should I transfer the ownership of my house or investment account into joint ownership with my children to avoid probate fees?
Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® A common question we receive is, “Should I transfer the ownership of my house or investment account into joint ownership with my children to avoid probate fees?” This type of ownership is called joint tenancy with survivorship. This means both parties […]