Embarking on retirement is a significant phase of life. To prepare effectively, one must be equipped with the right resources.
When it comes to estate planning, a will is undoubtedly a crucial document. However, there are downsides to distributing assets through a will, such as a probate tax that varies by province. Additionally, once your will is probated, it becomes public record, meaning anyone can look up how your assets were distributed.
The prospect of retirement conjures visions of leisure and relaxation. Still, for many, it's a journey into the uncharted – a phase without the well-defined structures of work and daily routines.
While designed to achieve certain goals, Canada's progressive tax system can lead to inefficiencies for couples with significantly different incomes. As retirees, it's essential to explore tax-reduction strategies to maximize your family's financial efficiency.
Retirement is a reward for a lifetime of work. Why does it so often lead to stress, anxiety, and uncertainty? As you move into this new phase of your life, you must have a plan that considers your financial, health, and social needs.
If an RRSP account was one of the savings vehicles you have taken advantage of to accumulate your retirement nest egg, you should understand how RRIFs work. RRSPs are designed to accumulate savings throughout your working life, and RRIFs are designed to pay income throughout your retirement years.
