Retirement Tax Shock: Why Many Canadians Pay More Tax Than Expected
About this episode
This episode discusses why many Canadians face unexpected tax burdens in retirement and offers strategies for effective tax planning.
♦Retirement Tax Shock: Why Many Canadians Pay More Tax Than Expected♦ Most Canadians expect to be in a lower tax bracket in retirement. But many end up paying more tax than they expect. How do tax brackets change after age 65 and why can common assumptions about RRSPs and retirement income lead to higher lifetime taxes? Here are practical strategies to reduce tax over time, including how to use RRSPs, TFSAs, income timing and how to plan for a tax-efficient retirement. This might be a real eye opener for some people because I think a lot of people that do some basic tax planning are doing it all wrong. In my latest video, podcast episode, and blog post I'm going to give you tax planning made easy using tax brackets. Some basics of tax brackets, and briefly how tax planning is done, so you can get the concept. Then we're going to talk about why tax brackets for seniors are way different than you think – and how this completely changes tax planning. And how to plan for low tax through your retirement. You'll learn: Tax planning made easy using tax brackets. Why are tax brackets for seniors way different? What are the three main clawbacks on seniors? What are the actual effective…
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