In retirement, there’s a tax-saving strategy called “topping up to bracket.” It’s used when funds in a Some investors wonder if they’ll come out ahead investing in a non-registered account instead of a Registered Retirement Savings Plan (RRSP). But thanks to the significant tax deduction and tax-deferred growth, RRSPs win out.
Read more…It’s tempting to count on an expected inheritance as money in the bank – but it doesn’t always work out so perfectly. Anyone’s parent or parents could encounter situations or challenges that jeopardize the legacy they wish to leave to their children.
Read more…To minimize OAS clawback, you need to reduce net income. During retirement, an effective strategy is splitting pension income. But several strategies, including the following, can be initiated before retirement arrives.
Read more…There are pros and cons to synchronizing your retirement start date with your spouse versus taking a staggered approach. Understanding the factors to consider will help you reach a decision that works for both of you. Read more…
Visions of retirement are quite different from person to person, but the financial planning to get there is similar for everyone. Here are five essential items on your pre-retirement to-do list. 1. Set the date Setting the date is the fun part — it gives you a specific day to look forward to! Even [...] Read more…
Canada’s tax laws allow you to split your Canada Pension Plan (CPP) or Quebec Pension Plan (QPP) benefits with your spouse, a strategy that’s well worth considering if one of you is in a substantially higher tax bracket than the other. “Pension sharing” moves pension income from the spouse in the higher tax bracket to [...] Read more…
Couples and individuals living on their own face different financial planning challenges — and opportunities — especially where retirement planning is concerned. Read more…
Determining how much money you need to retire involves more than math. And while calculators and guidelines abound on the internet, there are really only four key elements to consider. Read more…
All retirees share a goal to stretch retirement dollars and minimize tax, but the path toward that goal can be very different, depending on lifestyle, net worth, and other factors. Here are three real-world examples to give you some insights. Read more…
As your life evolves, managing financial priorities can get increasingly complicated. Should you pay down your mortgage or contribute to your RRSP? Or maybe your TFSA? And what about the RESP for the kids’ education? Find out how we can help. Read more…