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Insights

Avoiding Tax Surprises with CPP and OAS Thumbnail

Avoiding Tax Surprises with CPP and OAS

Getting income taxes right in retirement can be stressful. While we are working, our employers generally do a good job of making sure our tax withholding matches our tax liability. But it is trickier in retirement. We have multiple income sources coming in, all with varying levels of income taxes withheld, and often times we have a negative surprise at tax time. In this video, I walk through a sample retiree's tax return and show how they ended up with a surprise tax bill at tax time. Then I talk about steps they can take if they want to get their tax withholding right, specifically for CPP and OAS.

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Should You Use RRSP or TFSA When You Are Close to Retirement? Thumbnail

Should You Use RRSP or TFSA When You Are Close to Retirement?

As you approach retirement, should you be putting money into your TFSA or into your RRSP? Many people preparing for retirement consider this question. The short answer is: it depends. In this video I am going to describe the TFSA and RRSP accounts and walk through different scenarios that compare the two accounts side by side, and at the end of the video I am going to give you some key takeaways as you consider this question for your own retirement savings.

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How Strategic Investment Withdrawals Can Save You Thousands In Retirement Thumbnail

How Strategic Investment Withdrawals Can Save You Thousands In Retirement

Are you nearing retirement and concerned about how much of your hard-earned savings will go towards taxes? The bad news is that you will almost certainly be paying income taxes throughout your retirement. In fact, it may be one of your largest household bills. The great news is that, with a bit of smart planning, you can manage that tax bill downward based on how and when you make withdrawals from your retirement accounts. In this video, I am going to walk you through an example of how you can strategically time the withdrawals from your investment accounts to lower your tax bill.

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Budget 2023 - Top Takeaways for Canadian Retirees Thumbnail

Budget 2023 - Top Takeaways for Canadian Retirees

The Minister of Finance tabled the 2023 Federal Budget this week in the House of Commons. The budget introduced a wide range of programs and changes that will affect Canadians. In this video, I want to focus on the changes that will specifically impact Canadian retirees and soon-to be retirees. We will talk about what the changes are, their impact, and planning opportunities to make sure that you are able to take advantage of any opportunities that they present.

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Should I Add My Kids as Joint Owners on My Accounts? Thumbnail

Should I Add My Kids as Joint Owners on My Accounts?

Are you approaching retirement, or in retirement, and wondering - when is it a good time for me to add my kids as joint owners on my investment accounts? Perhaps you want to smooth the process of getting those assets to your children later on, or you want to avoid the estate process, or possibly avoid taxes. While these may be noble intentions - adding adult children to investment accounts may carry consequences that you want to avoid.

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