{"id":5337,"date":"2022-02-16T08:44:00","date_gmt":"2022-02-16T16:44:00","guid":{"rendered":"https:\/\/cedarrockfinancial.com\/?p=5337"},"modified":"2023-01-16T12:02:52","modified_gmt":"2023-01-16T20:02:52","slug":"2022-tax-tips-for-retirement","status":"publish","type":"post","link":"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/2022-tax-tips-for-retirement\/","title":{"rendered":"2022 Tax Tips for Retirement"},"content":{"rendered":"<div class=\"cta\" style=\"background-image: url('https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2022\/01\/Asset-4.png');\">\r\n    <button id=\"cta-close\" aria-label=\"Close CTA\"><\/button>\r\n    <div class=\"cta__content\">\r\n                    <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/retirement-planning-ebook\/\" target=\"_self\">\r\n                        <h2><strong>Download Our Free Retirement Guide today<\/strong><\/h2>\n        <span>Learn More<\/span><\/a>    <\/div>\r\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">This article was reviewed by <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/about-us\/chris-singer\/\" target=\"_blank\" rel=\"noopener\">Chris Singer, CFP\u00ae<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">It\u2019s that time of year again. You\u2019re coming down from the holidays and getting back into normal life again and two words snap you back to reality: \u201cTax Season.\u201d But never fear, we have got you covered for the 2022 tax season with some tips and tricks from our friends and tax experts who handle this very thing every year without worry.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">Whether you&#8217;ve just retired, or are planning to in the next few years, understanding what tax deductions are available to you based on your past year, and which pitfalls are most common is half the battle (and the other half is having a trusted team in your corner). So without further ado, let\u2019s dive into what the experts are sharing for the 2022 Canadian tax season!<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-the-top-mistakes-you-see-people-nearing-retirement-make-when-it-comes-to-tax-season\"><span class=\"s1\">What are the top mistakes you see people nearing retirement make when it comes to tax season?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">All of our experts agree on one big mistake they see regularly, and that\u2019s not planning for retirement early enough. Most people have an idea of what they want their retirement to look like, but don\u2019t think about how their income will change or what impact it will have on their taxes.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s2\"><b>Shannon van Tunen<\/b><\/span> <span class=\"s3\">(CPA, EA), Managing Partner at <a href=\"https:\/\/agtax.ca\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"s4\">Aylett Grant Tax LLP<\/span><\/a>, identified<a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/navigating-old-age-security-oas-in-canada\/\" target=\"_blank\" rel=\"noreferrer noopener\"> Old Age Security (OAS)<\/a> as a common issue. She mentions that most people \u201c[are not] aware of what their <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/a-guide-to-retirement-income-sources\/\" target=\"_blank\" rel=\"noreferrer noopener\">post-retirement income<\/a> will be.\u00a0 What will they receive from OAS, CPP (Canadian Pension Plan) etc. [They aren\u2019t clear on] when they should take OAS and CPP (Canadian Pension Plan), [and aren\u2019t] aware of OAS claw back threshold and planning around it.\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s2\"><b>Kevin Schindler<\/b> (CPA, CA), Principal and President of <a href=\"https:\/\/schindler-cpa.ca\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"s4\">KCS Inc.<\/span><\/a>, sees similar things with his clients and adds that \u201c[most people wait] too long to come to see their accountant,\u201d and \u201c[aren\u2019t aware] about all available tax credits\u2014specifically medical expenses, the cost of care at home or in a home, [and] the BC Renovation credit for seniors.\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s2\"><b>John Bowling<\/b> (CPA, CGA), Co-Founder and CFO at <span class=\"s4\">Float House<\/span><b>, <\/b>sums it up as \u201cTax season is just the fallout for what they did the prior year. Cashed in RRSP\u2019s without considering the real tax cost is one [thing we see a lot].\u201d<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">The big take away here is to plan ahead. Reach out to your financial planning team to <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/articles\/a-guide-to-retirement-income-sources\/\" target=\"_blank\" rel=\"noreferrer noopener\">understand all your income sources<\/a> and plan ahead to maximize your deductions. Retirement brings more changes with it than just what your week days look like, and by planning ahead and understanding what those changes will look like on your taxes, you&#8217;ll save a few headaches (and deductions) in your first years of retirement.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-are-the-top-tax-savings-opportunities-you-encourage-people-nearing-retirement-or-in-retirement-take-advantage-of\"><span class=\"s1\">What are the top tax savings opportunities you encourage people nearing retirement or in retirement take advantage of?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">Our panel of experts each have various tips that fall into the category of \u201cplanning ahead\u201d (are you seeing a trend emerging?). A big factor in preparing for retirement and getting the most out of your taxes is a plan for RRSP contributions. See our recent <a href=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/blog\/rrsp-guide\/\"><span class=\"s2\">Guide to RRSPs for Retiring in Canada<\/span><\/a> for more information on planning for retirement.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s3\"><b>Kevin Schindler<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s1\">Manage your tax brackets.<\/span><\/li>\n\n\n\n<li><span class=\"s1\">Make donations while you are still alive, consider donating publicly traded shares to avoid capital gains taxes and get a donation credit.<\/span><\/li>\n\n\n\n<li><span class=\"s1\">Pension income splitting and CPP sharing.<\/span><\/li>\n\n\n\n<li><span class=\"s1\">Pay into Spousal RRSP\u2019s until your spouse is over 71 to balance out RRIF\u2019s between the couple.<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s3\"><b>John Bowling<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s1\">Plan a year ahead: What will your base taxable income be and what can you do to take advantage of the low tax bracket (ie move RRSP out when in a low bracket)?<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s3\"><b>Shannon van Tunen<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s1\">RRSP contributions: reduces taxable income and defers taxes until money is withdrawn.<\/span><\/li>\n\n\n\n<li><span class=\"s1\">TFSA contributions: there are no current tax savings but any income is tax free.<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-a-common-misconception-you-hear-from-your-clients-nearing-or-in-retirement-when-it-comes-to-taxes\"><span class=\"s1\">What is a common misconception you hear from your clients nearing or in retirement when it comes to taxes?<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">We all have an idea of what we want our retirement to look like. For some, it\u2019s spending days in the garden and entertaining family and friends. For others, it\u2019s taking an RV up the Alaskan highway and making every stop on the way. And for others, it means simply scaling back how much they work to meet their goals while staying mentally and physically active.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">Whatever your retirement dream is, it\u2019s always easier to achieve when you have a plan that you\u2019ve discussed with your financial team ahead of time. Here are some common misconceptions our accounting experts hear from their clients regularly that you can start to discuss with your own team.<\/span><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/cedarrockfinancial.com\/tmp\/staging\/wp-content\/uploads\/2002\/01\/CedarRock-TaxTips-Blog-Feb-1.jpg\" alt=\"\" class=\"wp-image-5347\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\"><b>John Bowling<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s2\">Refer to your purpose in life. You may not need millions in the bank per se. <\/span><\/li>\n\n\n\n<li><span class=\"s2\">Transferring your home to the kids, and now losing the primary residence exemption on any gain often outweighs the small probate fee and now the house is a family asset of the kids, opening up other issues.<\/span>\n<ul class=\"wp-block-list\">\n<li><span class=\"s2\">i.e. separation or the death of a child, and the house goes to someone unintended.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\"><b>Shannon van Tunen<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s1\">You cannot contribute to an RRSP after age 71\u2013most people do not understand that if you have a spouse under the age of 71 you can contribute to a spousal RRSP even if you are over 71.<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\"><b>Kevin Schindler<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s1\">All regular fees paid for full-time care in a nursing home or for specialized care in an institution are eligible for medical expenses including: food, accommodation, nursing care, administration fees, maintenance fees and social programming and activity fees!<\/span><\/li>\n\n\n\n<li><span class=\"s1\">You cannot claim the disability credit simply because you have a disability.&nbsp; You must have an impairment in physical or mental functions that is severe and prolonged, and that requires you to get assistance with the functions of daily living: dressing, eating etc.<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-is-your-biggest-piece-of-advice-for-people-nearing-or-in-retirement-when-it-comes-to-their-tax-planning\"><span class=\"s1\">What is your biggest piece of advice for people nearing or in retirement when it comes to their tax planning? <\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\"><b>John Bowling<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s2\">Budget well in advance. <\/span><\/li>\n\n\n\n<li><span class=\"s2\">What is your plan for [your] home? [Will you] use it for medical\/care home?<\/span><\/li>\n\n\n\n<li><span class=\"s2\">Consider insured inheritance well before you get too old for affordable insurance. Don&#8217;t cancel insurance policies, consider letting the kids pay the premium and make them beneficiaries. Again what is your purpose in life?<\/span><\/li>\n\n\n\n<li><span class=\"s2\">And the biggest thing, GET YOUR WILL IN ORDER early. Do not procrastinate and think of as many what if&#8217;s as you can. Have an end game for your will too. You don&#8217;t want your inheritance going to a lawyer trying to track down relatives in different countries who may have passed already.<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\"><b>Kevin Schindler<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s2\">Get professional advice\u2014someone to review all of your assets and their taxability, as well as your future gifting wishes per your will in order to develop a short-term plan and a long-term plan.<\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\"><b>Shannon van Tunen<\/b><\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span class=\"s2\">Plan for your retirement.&nbsp; Many people do not have a retirement plan in place.<\/span><\/li>\n\n\n\n<li><span class=\"s2\">Being realistic about your cash needs after retirement.<\/span><\/li>\n\n\n\n<li><span class=\"s2\">Pay attention to your tax brackets. Will you be in a higher tax bracket after retirement so taxes paid on RRSP withdrawals will be higher than current taxes?<br><\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">The biggest takeaway from our team of accounting experts is this: have a plan in place for your retirement\u2014and review (and revise) it regularly with your financial team.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"take-the-stress-out-of-tax-season\"><span class=\"s1\">Take the stress out of tax season<\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">Hopefully understanding some of the common issues that retirees face at tax season, and reviewing some great tips on what to keep an eye out for, has made you more comfortable with your 2022 filing.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span class=\"s1\">Don\u2019t worry if the idea of tax season still sends shivers down your spine, experts like your financial planner or the accountants we\u2019ve shared are always here to make tax season easy for you\u2014if may seem crazy, but this is what they love to do! The important thing is to involve the experts on your planning team early.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article was reviewed by Chris Singer, CFP\u00ae. It\u2019s that time of year again. You\u2019re coming down from the holidays and getting back into normal life [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14,15],"tags":[],"class_list":["post-5337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement-planning","category-tax-planning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2022 Tax Tips for Retirement - Cedar Rock Financial<\/title>\n<meta name=\"description\" content=\"What are the top mistakes you see people nearing retirement make when it comes to tax season? 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