Smart Tax Strategies for Retirees: The Four Types of Income in Retirement

Four types of Income 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 […]

Questions to Ask When Interviewing a Financial Planner

Questions to ask your Financial Planner

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Deciding on which financial planner to hire is a particularly important decision for families to make. The following are key questions that FP Canada has designed to help in the selection process. How to Interview a Financial Planner Financial planners can […]

Are Tax Free Savings Accounts Misnamed?

Tax free savings accounts

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® Ok, smarty pants, what about TFSAs? How do they fit in?” I added. Sandra glared at me and continued. “TFSA stands for Tax Free Savings Account. You don’t get any tax deduction for the money you invested into a TFSA; however, […]

What are the tax and withdrawal strategies for Retirement Income?

Tax Strategies

Excerpts from the Book – Preserving Wealth – written by Jack Lumsden, MBA, CFP® The following is an excerpt that describes retirement tax strategies. Tax and Withdrawal Strategies “This all sounds very complicated,” Mark commented. “How do you review the various tax strategies?” “First of all, you need a great accountant and CFP, and there […]