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Planning Your Retirement


The Tax TRAP:

After working so hard all these employment years and paying so much money in taxes you want to retire comfortably. Unfortunately, most Canadians do not plan it right and end up paying too much taxes even in retirement years.


What are my income sources in retirement years?


Most Canadian retire with these income streams.
Government funds – CPP, OAS – Fully Taxable
RRSP – Fully Taxable
Non-Registered (open) – Tax preferred
As we see different Income Streams are taxed differently. Therefore, you need to optimise your retirement Income and should have a retirement plan in place. A Financial Advisor is required to assess your situation and recommend the required plan.


Should I incorporate life Insurance in my Retirement Plan?


Yes, you should. Life Insurance is a very effective tool to supplement your retirement income. An over funded life insurance policy with significant cash values can generate retirement Income for you in a tax efficient way. You can even get a collateral loan against a life insurance Policy. The loan can be settled at death and the beneficiary can get the proceeds after deduction of loan from death benefit.

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