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Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differ.... More »
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Making the most of the pension tax credit + MORE Nov 29th
Ask MoneySense
I liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax cr.... More »
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If you’re someone near or at retirement, has a column like the one you’re now reading ever “finfluenced” any of your financial decisions? Increasingly, many Canadian investors are turning to a new generation of voices online, a trend that regulators are starting to watch more closely.
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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. Since most employees have deductions or credits to claim, most taxpayers get tax refunds.
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…
