A Senior's Financial Planning Checklist for 2018

Feb 12, 2018 | Rachel Hammell


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Retaining and increasing your wealth means making use of tax, investment, and estate planning strategies. This article summarizes some common financial planning considerations for seniors.

 

Retaining and increasing your wealth means making use of available tax, investment, and estate planning strategies. Some of these strategies are only available after age 65. This handy checklist outlines some financial planning considerations for seniors in Canada; all references to a spouse in this article include a common-law partner. This is a summary list of a larger and more detailed article - click here to request the full article or details about any of the specific strategies. 

Income Splitting

  • Pension Income Spliting
  • Spousal RRSP Contribution
  • Pension Sharing

Tax Minimization Strategies

  • Forgotten RRSP Contribution
  • Tax-Free Savings Account Contribution
  • Use your Spouse's Age for RRIF Minimum Payments

Government Benefits

  • Old Age Security (OAS)
  • Canada Pension Plan (CPP)

Tax Credits

  • Age Amount Tax Credit
  • Pension Income Tax Credit

Trust Planning

  • Inter-vivos Trusts
  • Testamentary Trusts

Gifting

  • Gift Assets
  • In-Kind Donation of Publicly Traded Securities
  • Charitable remainder trust

Estate Planning

  • U.S. Estate Tax 
  • Estate Planning

This article summarizes some common financial planning considerations for seniors; some of these may work for you. For more information on any of these topics or to request the full article please get in touch with our office here.

 

This article may contain several strategies, not all of which will apply to your particular financial circumstances. The information in this article is not interested to provide legal, tax, or insurance advice. To ensure your own circumstances have been properly considered and that action is taken based on the latest information available, you should obtain profession advice from a qualified tax, legal, and/or insurance advisor before acting on any of the information in this article. 

Categories

Retirement Tax