Here’s the tax secret: Income layering of all your income sources in retirement can help you get a better after-tax result, and help you preserve your capital for the future, too.
To everything there is a season, and for many, understanding the tax consequences of death on personal and family net worth is a crowning achievement that allows for a powerful wealth transition. This type of preparedness, unfortunately, is rare.
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Wondering if we’ll ever get summer this year? Here’s something to ponder if you’re stuck at the cottage in the rain. . .the six laws of a long and happy life. This, by default, means the need to avoid life’s sure end for as long as possible. How and why do people die in Canada? According to a study by Kathryn Wilkins for Statistics Canada entitled, “Predictors of Death in Seniors,” there are some remarkable findings related to education, income and lifestyle:
There are many sources of tax exempt income of which most people are unaware. Here’s the tax secret… As a general rule, exempt income sources are not entered on the Canadian tax return at all. If you reported these amounts in error, you may contact the tax department to have them removed. The most common types of exempt income are the following…