Individual Tax and Corporate Tax Rates
When we provide advice to clients, it is important to understand your tax rate so that we can provide you with the best personalized guidance. This information can help us determine whether your contributions should go into your TFSA (Tax Free Savings Account) or your RRSP (Registered Retirement Savings Plan) during your earning years. Alternatively, we will consider how we can maximize your current tax bracket in retirement by drawing down your assets in the most efficient manner.
- How does your CPP (Canadian Pension Plan) / OAS (Old Age Security) amounts factor into your retirement cash flow needs?
- How can you avoid or minimize the effect of OAS claw back?
- When should you start taking your CPP and how will it affect your income needs over time?
Through our comprehensive planning process we address these questions and more. As always, reach out to us with any questions. We are here to help.