Tag Archives: Taxes

Preparing For Taxes in Retirement, Part 2 (Ep. 65)

March 8, 2023Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthFinancial Advisor, financial planner, Green Private Wealth, Income Sources, Kris Dureau, Portfolio Planning, Retirement, Saving Taxes, Savings, Taxestheridelifeworkandwealth

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.

Kris discusses:

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
And more

Resources:

Preparing For Taxes in Retirement, Part 1 (Ep. 64)

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Preparing For Taxes in Retirement, Part 1 (Ep. 64)

February 22, 2023Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthFinancial Advisor, financial planner, Green Private Wealth, Income Sources, Kris Dureau, Portfolio Planning, Retirement, Saving Taxes, Savings, Taxestheridelifeworkandwealth

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.

Kris discusses:

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
And more

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Traveling to the USA? Here’s How It Might Affect Your Taxes (Ep. 60)

December 30, 2022Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthCanada, financial planning, Income Taxes, IRS, Kris Dureau, Podcast, Retirement, Tax Planning, Taxes, Travel, USAtheridelifeworkandwealth

Many Canadians pack their suitcases as it gets colder and fly off to warmer places in the USA. While that sounds like a wonderful idea, it is important to know the tax implications of your trip.

In this episode, Kris Dureau provides a brief overview of tax-related nuances you need to keep in mind as a frequent traveler to the USA.

Kris discusses:

The importance of consulting an accountant who is experienced in cross-border taxation
How the length of your stay affects your tax situation (Substantial Presence Test)
Insights into taxation on US-sourced income
And more!

Resources:

Internal Revenue Service (IRS) Official Website

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Offsetting Taxes From Your RRSP: Facts About The RRSP Meltdown Strategy (Ep. 56)

October 26, 2022Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthBenefits, Estate Planning, Kris Dureau, Retirement, Retirement Savings Plan, RRSP/RRIF Meltdown Strategy, Saving Money, Taxes, Three Hats Financialtheridelifeworkandwealth

The RRSP meltdown strategy has been saving our clients’ tax dollars for many years now, allowing for more savings and tax benefits.

In this episode, Kris Dureau unpacks the benefits and risks of this strategy along with ways you can reduce taxes during your retirement income in your early golden years.

Kris discusses:

How to save money when taking out your RRSP
How to avoid paying large amounts of taxes when withdrawing from your retirement savings plan
Techniques to save money during your retirement years
The role of these RRSP strategies when it comes to your estate planning
And more!

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6 Things To Avoid With a Tax-Free Savings Account (Ep. 55)

October 12, 2022Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthKris Dureau, Retirement, Savings, Tax Planning, Tax-Free, Taxes, TFSA, Three Hats Financialtheridelifeworkandwealth

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.

Kris discusses:

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
And more

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Investing While Owning a Small Business with Gary Armstrong, CPA, CGA (Ep. 54)

September 28, 2022Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthDividends, Investments, Kris Dureau, Portfolio, Small Business, Taxes, The Ride, Three Hats Financialtheridelifeworkandwealth

You want to invest your money and we want to help you do so, but you have a small business. So, what are your options now? Do you invest through your personal assets or your corporation?

In this episode, Kris sits down with Gary Armstrong from Green Private Wealth to discuss what both of these routes can offer you. They talk about things to consider before making this decision such as taxes, returns on investments, and how much cash you should have as liquid assets within your company and in your personal portfolio.

Gary and Kris discuss:

How to identify investment risks as a young entrepreneur
What redundant assets entail and how you can use them for investments
The tax implications of each investment route
And more

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About Gary Armstrong:

Gary Armstrong is a chartered professional accountant and certified general accountant (CPA, CGA) with a specialization in taxation through the In-Depth Tax Course offered by CPA Canada. Before joining Green Private Wealth Counsel, Gary worked for almost ten years at a local accounting firm that focused on personal and corporate tax services for individuals and businesses of all sizes. Before that, Gary worked in 2 different large international accounting firms providing general accounting and US personal tax services.

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Celebrating 50 Episodes: Take A Walk Down Memory Lane With Us (Ep. 51)

August 3, 2022Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthCottage, CPP, Family, Inflation, Kris Dureau, Life letters, Market, Most Downloaded, Podcast, Taxes, Three Hats Financialtheridelifeworkandwealth

The Ride: Life, Work and Wealth has officially been running for 50 episodes. To celebrate, Kris Dureau is going through his top 6 most downloaded episodes, giving you an idea of what each one entails.

This week, Kris details why each of these releases was such a hit, followed by important takeaways each one had to offer, giving you a crash course on his podcasting journey.

Kris gives an overview of:

What you should consider before making a big career decision
How to keep the cottage in the family and make sure you are saving on taxes
Insight on when you should take your CPP payment
Why it is vital to write your life letters
And more!

Resources:

Our Top 6 most downloaded episodes:
The episode with the most engagement – How to Write Your Life Letter
51 Questions To Ask Parents Before It Is Too Late

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15 Quick Tips to Secure Your Finances Now and in the Future (Ep. 47)

June 2, 2022Finance, Financial, Investing, The Ride: Life Work and WealthDebt Management, Estate Planning, financial planning, Financial Tips, Investments, Kris Dureau, Personal Finance, Taxes, The Ride: Life, Three Hats Financial, Work and Wealththeridelifeworkandwealth

Financial planning is not just about securing your tomorrow. It’s also about living a better today.

In this rapid-fire style episode, Kris Dureau walks you through 15 quick-hit tips to help you get a better handle on your finances, both now and in the future. Investments, tax planning, wealth transfer, debt management —Kris covers it all!

Kris discusses:

Accounts you should regularly contribute money towards
Steps you can take to weather market volatility
How to keep your finances organized (for you, your family, and your advisor)
Often-overlooked financial planning areas
And more!

Resources:

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Tax Filing Best Practices with Gary Armstrong, CPA, CGA (Ep. 46)

May 18, 2022Finance, Financial, Investing, The Ride: Life Work and WealthCGA, CPA, CRA, Credit, Deduction, Income Tax, Investments Canada, Kris Dureau, Tax Filing, Tax Mistakes, Taxes, The Ride: Life, Three Hats Financial, Tips, Work and Wealththeridelifeworkandwealth

Tax season and tax filing season can be stressful if you are not well prepared.

Learn how to make things easier when filing your taxes next year in this episode of The Ride: Life, Work and Wealth with Gary Armstrong, chartered professional accountant and certified general accountant at Green Private Wealth Counsel – Harbourfront Wealth Management.

This week, Gary provides some best practices for you to put into practice when filing your taxes next year. He unveils key components you need to be aware of to ensure a smooth and efficient process.

Gary discusses:

Why you shouldn’t file your taxes too early
The difference between credits and deductions
Changes in tuition credits
What fees you can deduct from your portfolio
What you should know about income tax on foreign properties
The truth about accessing the CRA as an accountant
And more!

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About our Guest:

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The Four Wealth Destroyers (Ep. 45)

May 4, 2022Finance, Financial, Investing, The Ride Podcast, The Ride: Life Work and WealthEmotions, Inflation, Investments Canada, Kris Dureau, Money Mistakes, Retirement, Savings, Taxes, Three Hats Financial, Volatility, Wealth Destroyerstheridelifeworkandwealth

What reduces wealth — do you know?

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.

Kris discusses:

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
And more!

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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.

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