Learn more about the Fundamental Retirement Plan: https://www.fundamentalwealth.ca/get-started

Fall is one of the most important times of the year for retirement tax planning. With only a few months remaining before December 31, retirees still have an opportunity to make strategic decisions that could reduce taxes, improve cash flow, and better position their investments for the year ahead.

In this episode of Retiring Canada, we go behind the scenes of our fall tax planning process and discuss some of the opportunities and mistakes we uncover when reviewing retirees' investment accounts and CRA information.

You will learn why unused capital losses can be valuable, how TFSA overcontributions and incorrectly applied tax payments can create problems, and whether it makes more sense to take RRIF withdrawals monthly or wait until year end. We also discuss how investment portfolios can be structured around retirement withdrawals and why your income, investments, and tax strategy need to work together.

We also explore the challenges that can arise when retirement assets are spread across multiple advisors or self-managed accounts. Coordinating capital gains and losses, investment income, asset location, withdrawals, tax withholding, risk and estate planning becomes increasingly important as your financial life becomes more complex.

This episode is for Canadian retirees and pre-retirees who want to be more proactive with year-end tax planning, reduce their lifetime tax bill, and create a more coordinated retirement strategy.

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EPISODE RESOURCES:

📊Work with Michael: https://fundamentalwealth.ca/get-started

💻Subscribe to the Newsletter: https://www.retiringcanada.ca/retirement-newsletter

👉 Download Our Latest Retirement Guide: https://www.retiringcanada.ca/retirement-guide

✏️Submit Your Question: https://www.retiringcanada.ca/submit-your-question

🌐 Retiring Canada Website: https://www.retiringcanada.ca

🎧Episode 77: The Canadian Retirement Tax Trap

🎧Episode 38: Year End Tax Planning for Retirees