October 30, 2019

Three tips to help retirees minimize their taxes and maximize their cash flow

When planning for your retirement, not only do you need to know how much to save but how your funds could be taxed. Unfortunately, not a lot of people know how their retirement funds are taxed. If you work part-time or full-time after retiring, there are tax credits you can claim. When you are working, it’s important to utilize the proper investment accounts based on your cash flow at the time. You can also save on taxes by pension splitting income with your spouse (if they are in a lower tax bracket). This will have the added benefit of keep certain government benefits.

“Don’t miss out on opportunities to claim tax credits or implement strategies that might save thousands of tax dollars annually.”

Read more: https://business.financialpost.com/personal-finance/taxes/three-tips-to-help-retirees-minimize-their-taxes-and-maximize-their-cash-flow

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