Now that we have a basic understanding of the different sources of income in retirement, we can dive deeper into tax planning strategies. While tax strategies can be complicated at first, they eventually save you money in the long run if you plan correctly.
In this episode, Kris Dureau concludes his two part series on taxes in retirement by reviewing the three D’s of tax planning: Deduct, Divide and Defer. He offers insight into how you can create a strategic plan based on your individual situation alongside your advisor.
How retirement income planning may be complicated when first starting
The importance of working alongside an advisor or accountant when portfolio planning with tax saving strategies
The ins and outs of pension splitting
How you can use spousal loans as a strategic form of income splitting
Tax deferral through prescribed annuities
The withdrawal strategies that could minimize taxes
Taxes can have a much bigger impact on your retirement planning than first assumed. It is important to take a dive into your portfolio and understand how the different sources of income in retirement, government and personal can go into your planning process.
In this episode, Kris Dureau discusses a number of ways you can understand these income sources and plan for the tax implications you might have to deal with these. Through planning ahead, you can set yourself up to retire with ease and have no fear of losing a generous amount of your assets to taxes.
Most common types of retirement income and the tax challenges they present
How you can get further in-depth advice based on your personal circumstances
Retirement income basics
The three buckets of retirement income for Canadians and how they all play into your portfolio
Although inevitable, death is a scary topic that is sensitive to most of us. But when that dreaded time is around the corner for a loved one, wouldn’t you like to be fully supported with all the resources you may need to deal with the next steps?
In this episode, Kris Dureau is joined by The Caring Hearts Support Network, to detail their role in supporting those navigating end-of-life and bereavement. They offer support to the caregivers, the individuals, and the families at the end-of-life and throughout their grief journey. It is comforting to know that there are resources out there to help us or family members when the end may be close and we don’t have to face it alone.
The Caring Hearts Support Network Team shares:
Their experience in supporting people through their grief
The individual support they are able to provide for people based on their circumstances and how it has affected their life
Some outreach programs that can aid in your grieving process, no matter what stage you are at
How this network has connected individuals from all walks of life
There is no doubt that planning for retirement can seem like a complex process, and even thinking about it can be stressful.
Nowadays media, politicians, financial services, businesses – everyone has been talking about retirement. With so much information, it is easy to get overwhelmed. In this episode, Kris Dureau debunks eight popular myths about retirement that might be stressful to pre-retirees as they plan for their retirement.
Where and how retirement myths originate, as well as how they affect retirees
The importance of starting retirement planning at an early age.
The reasons why many people procrastinate about saving for retirement
Why retirement isn’t about having a specific amount, but about having an income that suits your lifestyle
Why you should continue to contribute to your CPP pension and old-age security
The difficulty retirees face in spending their money
Are you nearing retirement and wondering if right now is the time to step into it? During these uncertain times, having a thorough plan that incorporates market drops and recession is very crucial for your peace of mind.
However, if you have not had one of these plans done before retirement, there are still other things you can do to prepare yourself during tough times in the market. In this episode, Kris Dureau offers some tips that may ease the sting of leaving the everyday workforce.
The three choices for transitioning from a full-time job into retirement
Key tips on retiring during a recession
What to consider when deciding to work part-time during retirement
When is a good time to take the leap into retirement
Just the name Tax-Free Savings Account (TFSA) sounds wonderful, doesn’t it? You can set aside money tax-free throughout your lifetime and it is a great idea… If you don’t make some simple mistakes. We need to be aware of the regulations around these accounts to avoid any painful mistakes.
In this episode, Kris goes through six simple steps you can check off in order to have a tax-free savings account as a valuable tool that benefits you. Your TFSA is a registered plan that could help you save a certain amount of money each year and grow it tax-free.
Why you should name your spouse as a successor holder rather than a beneficiary of your TFSA
The reason you should not use your TFSA as a high-interest savings account
The importance of planning when to withdraw money out of your TFSA
Factors to consider when looking to make a big purchase
One of the biggest cornerstones to retirement income planning is knowing the Canada Pension Plan (CPP) and what your duties are associated with it. When planning for retirement, many people want to make sure they are setting themselves up for total security in their retirement.
When it comes to retirement, its common to have questions like how much will you receive as your pension based on your contribution, the process of how much money from your current job is going into your retirement, and many more.
In this episode, Kris Dureau talks about the things you may not know about your retirement, helping you better understand what to look forward to once you decide to take out your pension.
The reality of monthly payments once you start taking pension in your retirement
The meaning of Yearly Maximum Pensionable Earnings (YMPE)
Your monthly CPP payment estimates and how to find that information
Contributing to your CPP while being self-employed
Find out in this episode, as Kris Dureau explains how taxes, inflation, fees, and overreacting to the market impact our savings, income, and investments. He also unveils ways we can avoid making common mistakes and make better decisions with our money.
The importance of working alongside helpful and supportive financial advisors
Ways taxes, inflation, fees, and overreacting to the market impact our savings and investments
How to curb and overcome common wealth destroyers
The value of being aware of our emotions during times of volatility
The asset classes featured in this podcast are for illustration purpose only, this should not be viewed as a solicitation of buy or sell. Always talk to a professional before investing to know if the product is right for you. Past performance does not necessarily predict future results; each asset class has its own risks.