I have seen the rise and fall of RRSP programming. I saw investors pour money into RRSPs trying to maximize every tax deduction and save for retirement. Today investors are wondering whether it is still a good idea. Remember, it is a tax deduction today, not at retirement. Here are some of the...
Read PostRetirement Mistake No.25: Not Taking Back Your OAS Claw
You work your whole life and retire at 65. Then, because you worked so hard, the Government keeps the pension that you were promised. It hardly seems fair. So, how can you stop this? The answer is the Old Age Security (OAS) program.Old Age Security (OAS) It may take a little planning. The...
Read PostRetirement Mistake No.24: Missing Pension Income-splitting Opportunities
Learning about the Federal budget every year can save your tax dollars every year. If you are earning income from a pension plan and having tax taken off at source, you may be paying too much tax.Tim from Coquitlam, a retired fireman, has a pension plan that deducts tax based on the pension...
Read PostRetirement Mistake No.23: Overlooking a Powerful One-Two Tax Punch in Retirement
Don’t Just Buy a Mutual Fund–Combine Corporate Class and T- SWPAs mentioned in the previous chapter, some companies allow you to set up a T-SWP tax-advantaged withdrawal program. You can also switch between investments without triggering tax. Now you get the best of both worlds,...
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