Retirement Tax Shock: Why Many Canadians Pay More Tax Than Expected

♦Retirement Tax Shock: Why Many Canadians Pay More Tax Than Expected♦

Most Canadians expect to be in a lower tax bracket in retirement.

But many end up paying more tax than they expect.

How do tax brackets change after age 65 and why can common assumptions about RRSPs and retirement income lead to higher lifetime taxes?

Here are practical strategies to reduce tax over time, including how to use RRSPs, TFSAs, income timing and how to plan for a tax-efficient retirement.

This might be a real eye opener for some people because I think a lot of people that do some basic tax planning are doing it all wrong.

In my latest video, podcast episode, and blog post I'm going to give you tax planning made easy using tax brackets. Some basics of tax brackets, and briefly how tax planning is done, so you can get the concept.

Then we're going to talk about why tax brackets for seniors are way different than you think – and how this completely changes tax planning. And how to plan for low tax through your retirement.

You'll learn:

• Tax planning made easy using tax brackets.

• Why are tax brackets for seniors way different?

• What are the three main clawbacks on seniors?

• What are the actual effective tax brackets for seniors?

• How is tax planning very different with the actual effective tax brackets?

• Which is better for you - TFSA or RRSP?

• How can you plan for your retirement income to be taxed at only 22% or less?

• How does your financial plan become the GPS for your life?