Retirement Taxes In Canada: A Complete Guide To Save Thousands
➡️ Our financial planning services: https://www.parallelwealth.com/planning
In this video I'll go through a complete Canadian retirement taxes guide. We'll cover how each different retirement income source is taxed, some strategies you can use to reduce your tax bill, and some key tax credits every retiree in Canada needs to know.
🎥 Video's mentioned:
➡️ LIRAs explained: • If You're Retiring With A LIRA, You Need T...
➡️ TFSAs explained: • TFSA Explained: EVERYTHING You Need To Kno...
➡️ Income splitting: • Save THOUSANDS With These Income Splitting...
➡️ Withdraw more than RRIF Minimum: • The Retirement Withdrawal Mistake Most Can...
➡️ Pension income tax credit: • This Tool Will 100% Lower Your Taxes In Re...
📙 Resources:
➡️ CIBC poll: https://www.cibc.com/content/dam/pers...
➡️ Age amount tax credit: https://www.canada.ca/en/revenue-agen...
➡️ Pension income tax credit: https://www.canada.ca/en/revenue-agen...
➡️ Medical expense tax credit: https://www.canada.ca/en/revenue-agen...
➡️ Disability tax credit: https://www.canada.ca/en/revenue-agen...
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If you have any questions about this video's topic or retirement planning in general, visit https://www.parallelwealth.com/ or use the links below to learn more about our services.
➡️Fee For Service Retirement Planning: https://www.parallelwealth.com/planning
➡️Retirement Income Program™: https://www.parallelwealth.com/invest...
➡️Parallel Wealth Masterclass: https://www.parallelwealth.com/education
Additional 3rd Party Links and Resources:
🔗️Retirement Income for Life: Getting More without Saving More (Second Edition): https://amzn.to/3tvIdVN
🔗️Free Credit Report with Borrowell: https://bit.ly/borrowellPWFG
🔗️CPP Calculator: https://research-tools.pwlcapital.com...
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TIMESTAMPS
0:00 - Intro
0:36 - Common retirement income sources
1:05 - CPP and OAS
2:34 - RRIF (RRSP)
5:21 - Employer pension plans
6:02 - Non-registered account
7:09 - TFSA
8:12 - Withholding tax challenge
10:00 - Strategies to reduce tax bill
17:33 - Common tax traps
19:25 - Key tax credits
19:57 - Get a plan!
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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.
The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.