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Dec 19, 2019 · These 6 best strategies will give you an idea of the flexibility you have to minimize your tax with effective tax planning. These ideas are most effective if you plan for them at least 5 or 10 years before you retire. 1. Plan to retire in a low tax bracket with the right mix of RRSP and TFSA.
Feb 14, 2023 · If you do have taxable accounts, it is important to try to allocate the most tax-efficient investments to the accounts that will owe tax. This might mean holding investments in a non-registered or corporate account that generate no income, return of capital or eligible Canadian dividends.
If you receive pension income, you can reduce your total tax bill by allocating up to 50% of that income to your spouse. The amount of tax savings can vary widely, and it depends on a number of factors—like the difference in your marginal tax rates—but the savings can be significant.
Nov 13, 2023 · Registered retirement income fund (RRIF) withdrawals are fully taxable and added to your income each year. You can leave a RRIF account to your spouse on a tax-deferred basis. But a large RRIF...
Mar 24, 2023 · You can invest money from a lump sum in an IRA or HSA, among other tax strategies. Here are some common ways to lower taxes on a large windfall.
Oct 23, 2023 · Withdrawing from various types of retirement accounts in the right order can make a difference. Pension income splitting can help you pay less tax. TFSAs are a tax-efficient place to keep money in retirement.
Nov 27, 2023 · If you discover that you can’t afford RRSP repayments or don’t want to put a dent in your retirement account, consider using money from a savings account instead, such as the Tax-Free Savings Account (TFSA).
