Taxes and Retirement

Taxes and Retirement

Contributing to your Registered Retirement Savings Plan (RRSP) is a common tax tactic. But you need skilled financial planning to pinpoint the best time to begin one, the optimal amount to contribute, and how it will help throughout your career.

Your Financial Advisor can show you different strategies to reduce your lifetime tax bill.

Start by calculating the income you expect during your career. When it’s lower, you might defer RRSP contributions. Claim them when you really need that tax deduction, to drop you down into a lower tax bracket and save you a lot of money.

At retirement, it’s assumed your income and therefore your tax bill ̶will drop. However, if you expect to remain in in a high tax bracket as a retiree, you need to develop a different savings scheme. Chart your future goals and learn how to reduce your tax-time stress with good planning.

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