Financial Planning: Tax Planning
Tax Planning is important before and during retirement.
Before retirement there may well be
tax planning opportunities to reduce current taxes thereby making additional funds
available for current investments.
There are also plans that can be put in
place that will reduce taxes paid in retirement. However such planning is best done
pre-retirement.
After retirement there are also a number
of planning opportunities. Non-registered investments in particular offer opportunities
for lower taxes and less claw backs for Old Age Security payments. The lack of early Tax
Planning can reduce flexibility and options in retirement.
Estate tax planning can minimize income
and probate taxes on death. We recommend a "tax fire drill" to determine what
income and probate taxes would be payable under current conditions. This exercise may well
present some planning opportunities to reduce taxes. |
