A financial planner can show you how to take advantage of the tax, investment and estate planning strategies available to you.
Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) retirement benefits are generally paid to people 65 years or over who have contributed to the plan. You can start to receive CPP or QPP at any time now, but the longer you wait (up to age 70), the higher your monthly payment will be.
The amount of Old Age Security (OAS) you receive is based on how long you have lived in Canada after age 18 and may be partially or fully clawed back if you earn above a certain amount. If you are still employed or expecting other sources to offer significant income at this point of your life, you may want to postpone taking your OAS
Your Registered Retirement Savings Plan (RRSP) may represent a significant source of income once you retire. While you can convert your RRSP to a Registered Retirement Income Fund (RRIF) at any time before you turn 71, it’s important to keep in mind that once you do, you are obligated to take a minimum payment from it every year.
If you’re able to hold off converting at this time, you may want to continue contributing to your RRSP and putting off the conversion—and your mandatory annual withdrawal.
If you have a pension plan through your employer, you may have several options when it comes to when you will receive the money, how much you will receive, and how your spouse and children may be affected. Understanding what your options are will help you make the best decision for your individual circumstances.
When you turn 65, you can start enjoying certain tax benefits that come into play at this age. You can also continue to make use of tax advantages that will apply for the next 6 years.
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