Retirement taxes explained: Withholding, clawbacks, and other surprises Sep 17th

How to go about securing the best return for your investment in Canada.

Latest News

OAS payment dates in 2025, and more to know about Old Age Security Oct 7th

If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS wo.... More »

'An insult': Wood manufacturer unimpressed by $12M investment in B.C. forestry in face of U.S. tariffs - CBC May 15th

'An insult': Wood manufacturer unimpressed by $12M investment in B.C. forestry in face of U.S. tariffs CBCSee more headlines & perspectives on Google News.... More »

The best high-interest savings accounts in Canada for 2025 + MORE Sep 22nd

Savings comparison tool Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance. Advertisement Why trust us MoneySense is an.... More »

Are you really ready to retire? Why many Canadians are struggling with retirement planning Mar 24th

Despite best intentions, many Canadians are not financially prepared for retirement. This reality is driven by a combination of factors: rising costs of living, growing debt levels, insufficient personal savings, and a lack of proper planning. Unexpected life events such as health challenges, job lo.... More »

The best GIC rates in Canada for 2026 Jul 21st

GIC comparison tool Find the best and most up-to-date GIC rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated rate of return based on the size of your balance. Why trust us MoneySense is an award-winning magazine, helping Canadians navigate m.... More »

Retirement taxes explained: Withholding, clawbacks, and other surprises

– moneysense.ca

Many working-age Canadians wonder what the impact of retirement will be on their tax situation. As you save and build wealth, it is important to plan for the eventual tax treatment of your retirement assets and income as you approach that transition.

Taxation in Canada

When you are working, your employer calculates the payroll deductions to come off your paycheque based on Canada Revenue Agency (CRA) payroll tables. If you have no other sources of income, nor any tax deductions or tax credits, you should probably have no tax owing and no refund at year-end.

In retirement, it works differently. Since you may have different sources of income with different withholding tax rates—or lack of tax withheld—it can make for an uncertain income tax outcome. Often, retirees end up owing tax. It is important to plan for this.

That said, the overall tax rate that a taxpayer pays tends to be lower in retirement. So, despite owing tax, the overall level of tax per dollar of income is typically less than when you are working…

Continue Reading On moneysense.ca »

Getting a return on your investment within Canada can be tricky – let us help! Visit our Investment page for the latest advice and articles.

Share