Corporate investments for retirees Feb 15th

The “Big Five” Canadian banks offer investment funds and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Let’s explore the best place for you to invest.

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Corporate investments for retirees

– moneysense.ca

I’m not using my Canadian corporate company anymore. I’m 67, delaying CPP and OAS. I have $210K in my company that I need to take out. What is the best way to do this with minimal tax?

My accountant is working with me but really doesn’t think it’s the best strategy. He has a three-year plan to take out $70K per year, but the tax implications of that are high.

I also have money in my company in TD Direct Investing that I guess I would have to move into personal and that will trigger gains as well. My accountant has not talked about this.

With so many older Canadians with small companies retiring, this might be a good subject.

—Carol

Corporate investments for retired small business owners

Thanks for your question, Carol. I agree that it is a good one that applies to a lot of retiring business owners who have cash or investments in their company or in a related investment holding company.

The less cash or investments you have in a corporation, the more beneficial it may be to wind it down in a single year or over a couple years to simplify your financial affairs and reduce your ongoing accounting and legal costs…

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