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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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 »
U.S., Israel launch ‘massive and ongoing’ attack on Iran - The Globe and Mail Feb 28th
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How to read your investment statements Oct 16th
Failing to read your investment statements that arrive each month creates unnecessary risk and missed opportunities to catch errors, track progress, and stay aligned with your financial goals. Learning how to read your investment statement takes only a few minutes each month and provides important o.... More »
The return of The Wealthy Barber Nov 11th
The original version of The Wealthy Barber was released in 1989, and has since become one of the best-selling books of all-time in Canada with over 2 million copies sold. Its cultural impact rivals that of Canadian literary classics like Margaret Atwood’s The Handmaid’s Tale and L.M. Montgomery.... More »
“We’re well off in retirement. How can we pay less tax?”
– moneysense.ca
Ask MoneySense
Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporate investments). We currently augment our cash flow from our non-registered accounts as needed, cashing some stocks and declaring the capital gains. We also donate on average $30K–$40K every year to our preferred charities.
Both my wife and I are retired. My wife is 72 years old and I am 68. Our combined incomes are based on CPP, OAS, RRIFs and dividends (both from our non-registered investments portfolio and corporate dividends that we both get quarterly from a holding company that manages the corporate investments). We currently augment our cash flow from our non-registered accounts as needed, cashing some stocks and declaring the capital gains. We also donate on average $30K–$40K every year to our preferred charities.
The challenge that we have every tax year is to come up with the optimum balance from a tax efficiency perspective. We can increase or decrease the corporate dividends, capital gains and RRIF payouts at least for the next several years.
Any general guidance or accepted strategies would be helpful. It’s a nice problem to have, but it would be helpful to hear from a professional.
—Mike
Hi Mike, congratulations on your financial success and your desire to give to charity…
