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Watch Out For This Tax Issue In Your First Year Of Retirement!

Learn more about our services: https://www.parallelwealth.com/planning RRSP mini series:    • What Happens To Your RRSP When You Re...   Helpful website on Canadian Taxation: https://www.taxtips.ca/ Retirement income is a lot different than employment income. For most people, your employment income will have roughly the proper amount of tax deducted some come tax time, so there isn't too much change come tax time. For retirement income, because it's coming from numerous sources, there could be withholding tax on the different types of income. As a result, you could end up having more tax withheld than you actually will owe. While you will get a refund come tax time, this also means that your cash flow throughout the year will be less than it otherwise would have been. This is particularly important regarding your first year of retirement, so make sure you have an understanding that it's going to be a bit wonky! If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your savings plan on track.  You can learn more about our services at https://www.parallelwealth.com/planning or email [email protected] 6 ways to level up your financial plan: Personal Finance for Canadians for Dummies: https://amzn.to/308jzic Free Credit Report with Borrowell: https://borrowell.com/free-credit-sco... Open an EQ Bank Account: https://join.eqbank.ca?code=ADAM8851 Financial Calculator I use: https://amzn.to/3qiFf6m Financial Masterclass for Canadians: https://www.parallelwealth.com/master... 20% off an online Will at www.willful.co use promo code: PWFG OUTLINE 0:00 - Tax Issue In Retirement 0:46 - Client Scenario Rundown 1:45 - RRSP Conversion Issue 1:58 - Withholding Tax Compared To Tax Payable 2:52 - Effective Tax Rate 3:15 - Potential Solution 3:52 - Year 2 4:12 - RRIF Minimum 5:06 - Withholding Tax Rates 5:37 - Less Withheld In Year 2 6:16 - Tax Savings: Default vs. Meltdown 7:27 - Laddered Income This presentation is intended for information purposes only and does not constitute an offer to buy or sell our products or services nor is it intended as investment and/or financial advice on any subject matter. Every effort has been made to ensure the accuracy of its contents. Certain of the statements made may contain forward-looking statements, which involve known and unknown risk, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Returns are not guaranteed and past performance may not be repeated. ----------------------------------------- DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades. #retirement