Thomas C. Chan Financial Service

Are you planning to retire soon or already have? Then reducing taxes is an essential part of creating a successful retirement plan. Lessening your tax doesn't have to be knotty, just as you follow these steps. () Under Canada's tax scheme, earning $50,000/year from each of the retired couples will reduce your tax than earning $100,000/year. Your income may flatten by contributing to a Spousal RRSP, where a higher-income... spouse provides to the lower-income spouse's RRSP. /- If you're a pensioner, alloting up to 50% of your income to your spouse, may lessen your tax bill. The amount of tax savings depends on your marginal tax rates and other factors. Lessen your expenses may help you withdrawing funds for a lesser amount from Registered Retirement Income Fund (RRIF) or Life Income Fund (LIF)that requires minimum annual withdrawal or TFSA (withdrawals aren't taxed at all) / Leaving your kids a legacy like buying property, set up a trust fund or buying life insurance is a smart way of lessening your tax while assuring them they get those assets. - () Since no top age limit to TFSA contributions, continue giving to TFSA as they're not tax-deductible while income and gains from them are tax-free. Same as withdrawing money from TFSA, which is not taxable. Paying taxes is unavoidable, but if you're following these ways in reducing your after-retirement tax, you can absolutely maximize them! Plan today for a better tomorrow. Let's talk.

The future is very uncertain. Anything can happen now, tomorrow or even the day after. Having yourself prepare will keep your future worry-free while help you achieve your goals. Financial Planning is a way to achieve your life's goal through careful financial control. Everyone needs to take financial planning seriously to safeguard our futures. As Allen Lakein has famously said, "Failing to plan is planning to fail." How will financial planning help you anyway?... #financialplanning #financialplanningandanalysis