Three tips to help retirees minimize their taxes and maximize their cash flow
Two-time heavyweight boxing champion and, later, grill aficionado George Foreman once quipped: “The question isn’t at what age I want to retire, it’s at what income.”
A new CIBC retirement poll out this week found that 74 per cent of respondents worry about having enough income in retirement. According to the poll, Canadians’ top anticipated sources of retirement income include: Canada/Quebec Pension Plan benefits (85 per cent), Old Age Security benefits (80 per cent), RRSPs (63 per cent), TFSAs (58 per cent) and income from a pension plan (53 per cent).
Yet the vast majority of those surveyed — 89 per cent — didn’t fully know how their retirement income is taxed, which may result in lost opportunities to claim various tax credits or implement strategies that might save thousands of tax dollars annually.