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How to Maximize Your Retirement Income - Retirement Income Taxes Explained

In this video, I talk about taxes on your retirement income. The rules around taxes can be confusing. Knowing how much to pay, when to pay, and how to make deductions can feel overwhelming, which is why most people seek out expert help when it's time to file taxes. If you live in Canada and are employed, you probably know you are paying a portion of your earnings as income tax to the government, but what about during retirement? A poll in 2019 found that 89% of Canadians did not fully understand how retirement income is taxed, and nearly 20% believed that the Canadian Pension Plan (CPP) was a tax-free benefit. Since most retirement income is still considered taxable, it pays to know in advance which of your income streams will be taxed and create a strategy to pay those taxes. Book your FREE Retirement Planning Consultation and check out our master class on Retirement Planning for an in-depth look into our planning process here: https://value.schillerandassociates.c... Prefer to listen to Podcasts? Check us out on Spotify or Apple Podcasts! https://open.spotify.com/show/1lg86Ec... https://podcasts.apple.com/us/podcast... Comment below with any questions or topics you’d like us to cover! And don’t forget to like and subscribe for the latest updates. Thanks for watching Your Canadian Retirement Specialist! Facebook:   / yourcanadianretirementspecialist   LinkedIn:   / schillerandassociates   Website: https://schillerandassociates.com/ Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.