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
Before the year comes to a close, there are a number of things you want to consider concerning your registered accounts. These include your RESP, RRSP and RRIF accounts that you might want to pay closer attention to as the year comes to an end so that you can save going into 2023.
In this episode, Kris Dureau discusses what to look out for when investing in a down market and how it can actually benefit some of your accounts depending on your current situation.
What are Registered Accounts
The importance of having a TFSA
Some considerations for parents whose children just turned 15
Changes you might want to make in your portfolio prior to December 31st
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
To foster good financial habits for the future, it’s important for parents to talk to their children about money from an early age. You can start by simply opening a bank account for them or giving them a wallet/piggy bank.
In this episode, Kris Dureau will help you discover easy ways to educate your children about money and smart financial decision-making. Teaching them this discipline and the value of money could jump-start their journey towards being financially free adults!
How to help your kids develop a healthy money mindset
Why teaching delayed gratification from young age is so important
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.