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“We’re well off in retirement. How can we pay less tax?”
– moneysense.ca
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…
Here’s a round-up of news for Canadian investors this week.
BMO
Scotiabank
RBC
National Bank
EQ Bank
TD
CIBC
Laurentian Bank
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees.
go to site
featured
Registered GIC rate
Earn a guaranteed 3.30% in your RRSP when you lock in for 1 year.
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Best RRSP rates
See our ranking of the best RRSP accounts and rates available in Canada.
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Why trust us
MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999…
Canada’s income tax brackets for 2025, plus the maximum tax you’ll pay based on income
– moneysense.ca
As the year winds down, you may be wondering just how much tax you’ll be paying once you file your 2025 income tax return. Especially if you changed jobs or earned self-employment income, there may be a big difference between the taxes you’ve already remitted through payroll deductions or installments and your final settlement in the spring.Indeed, having a sense of your taxes owed or owing can inform strategies you can deploy right now to minimize your final bill or enlarge your refund, such as contributing more to your registered retirement savings plan (RRSP) or first home savings account (FHSA) or making a meaningful donation to a deserving charity sooner rather than later.
Featured RRSP Accounts
featured
EQ Bank
Build your retirement savings with 2.00% interest, tax-deferred contributions and zero fees.
go to site
featured
Registered GIC rate
Earn a guaranteed 3…
