You will have a lot more tax saving opportunities after you retire than before.
If you get a salary, you may have limited tax deductions or tax saving strategies. When you retire, it is completely different.
You can essentially determine the amount of income you will be taxed on once you retire. You can decide:
- How much you withdraw from your investments.
- How much you withdraw from your RRSP vs. TFSA vs. non-registered.
- How tax-efficient your investments are.
- When you start your RRIF, work pension and government pensions (CPP and OAS).
These 6 best strategies will give you an idea of the flexibility you have to minimize your tax with effective tax planning.
Planning With Ed
Ed Rempel has helped thousands of Canadians become financially secure. He is a fee-for-service financial planner, tax accountant, expert in many tax & investment strategies, and a popular and passionate blogger.
Ed has a unique understanding of how to be successful financially based on extensive real-life experience, having written nearly 1,000 comprehensive personal financial plans.
The “Planning with Ed” experience is about your life, not just money. Your Financial Plan is the GPS for your life.
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