Winning and iStock_000005363862SmallLosing the Tax Game

Play the Game

Without a doubt, taxation will be one of your greatest expenses in retirement. Many of the things you are doing in your accumulation years in the run up to retirement are laying the groundwork for costly tax traps; traps that can cost you hundreds of thousands of dollars in retirement income.

To help clients learn more about navigating the tax system, we have developed “The Retirement Tax Game”. The game’s heroine Mary has a variety of recurring income streams (CPP, OAS, 60% of her deceased husbands pension), an RSP, a savings account, and a house she would like to live in for as long as possible.   Can you successfully fund 30 years of Mary’s retirement plans by controlling how much she takes from each account every year and determining the best time to sell her house?

Emeritus Financial