How job changes can affect your taxes + MORE Mar 28th

Not sure how to make a retirement plan? Read on…

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How job changes can affect your taxes

– moneysense.ca

Landing a new job or being laid off from your current position can be life-changing—whether it’s an exciting transition, a tough stretch or a chance at a fresh start. But months after the dust settles, people often forget that job changes can also impact that year’s tax return. Experts break down common ways job changes can affect your return.

How a new job affects taxes

Getting a new job with a pay raise could bump you into a higher tax bracket. For the 2025 tax year, the federal tax rate is 14.5% for the portion of taxable income up to $57,375. Those who earn more than that amount pay a gradually increasing tax rate on their income above that threshold.

This means you might want to consider ways to reduce a potentially larger tax bill, such as contributing to registered retirement savings or donating to eligible charities to be able to claim a tax credit.

Stefanie Ricchio, a chartered professional accountant and TurboTax spokesperson, said new employees can also look into job-related deductions, such as claiming moving expenses if they moved at least 40 kilometres to be closer to their new employer…

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How can I plan to die with nothing?

– moneysense.ca

Ask MoneySense
Hello Allan. I’ve been reading your advice in Moneysense, the Financial Post, and many other media outlets for a while now. My accountant is unable to help me with my query, which is: Is there anyone or any software out there that can help me calculate how to “die with nothing?” I’m looking to start spending after decades of saving and it is actually quite hard to do!

—Jane

Hi Jane, you are up for one of the greatest retirement challenges, are you? Spending all of your money and dying penniless. It is a fantastic goal for those with just enough or more than enough money. It is a goal everyone should contemplate and one most people should pursue. After all, what is the value of money if you don’t use it?

Your comment “it is actually quite hard to do” is 100% correct for a number of reasons, and few people hit the bullseye.

This is what I often see as a financial planner: at age 55–60, you don’t know if you can afford to retire, so you work a little longer…

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