Tax In Retirement

Retirement is a time of change. The only good thing about your new, and likely lower level of income is the lower marginal tax rate (MTR) that goes along with it. Fortunately, thanks to opportunities to reduce tax that are only available to seniors and retirees, there’s a good chance your after-tax income in retirement will be higher than you expect.

However, you won’t realize those gains without developing a tax strategy that:

• Manages changes to your MTR
• Uses tax credits for seniors
• Effectively income splits with your spouse or partner (if applicable)

This section of the ProsperiGuide website, Tax in Retirement, will look at these issues more closely.

CRA: Changes to your taxes when you retire or turn 65 years old
Revenu Québec: Seniors