10 Ways To Remain Connected During Retirement

It’s no secret that retirement is often a time for taking stock of your life and planning for the next chapter. And while it’s also a time to relax and live a simpler life, it can be easy to feel disconnected from society. To help you avoid this, we’ve compiled some of the best ways to stay connected during retirement!

Here are our 10 suggestions: 

-Find hobbies that will keep you engaged with others 

-Learn to manage your finances better 

-Have an emergency fund in place 

-Connect with friends and family through social media 

-Take online courses in subjects that interest you or develop new skills.

-Take your hobbies offline 

-Maintain an active lifestyle 

-Volunteer or get involved with causes that you care about 

-Open a savings account for your grandchildren or nieces and nephews. 

-Learn to live without working!

A well thought out plan can help ensure your retirement is rewarding and fun. And if you’re looking for an expert to help start that process, please call the team at Chartered Accountants Professional Corporation. We’d love to help you get started on a new adventure!

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Title: How To Get The Most Out Of Your Seniors Benefits

The golden years of retirement can be filled with adventures, travel and new experiences - but it's important to remember that they are also a time of change. Like it or not, your retirement will affect your taxes, and understanding how this will happen can make the difference between paying too much and getting every dollar you deserve back.

The most useful retirement benefit for taxation purposes is the Old Age Security (OAS) benefit. While OAS is taxable, there is a lesser known benefit that allows pensioners to pay less tax on other retirement income. This is the Canada Pension Plan (CPP), and when it comes to taxes, it's a much better deal than OAS.

Here's how it works. In order to claim the CPP pension, you must collect your OAS in full prior to making your CPP application. This allows you to receive CPP and exclude both OAS and CPP from your income. For example, if you are single and collect $1,500 per month from your OAS, you will only be required to pay taxes on $1,000 in income. This has significant tax savings potential.

CPP is not the only benefit that pensioners can use to minimize their taxes. PRPPs, RRSPs, and RRIFs can also be used for tax purposes. If you are looking to get the most out of your benefits, contact us at Chartered Accountants Professional Corporation. We would love to help you maximize your retirement!

[/ARTICLE START]

Title: How To Get The Most Out Of Your Seniors Benefits

The golden years of retirement can be filled with adventures, travel and new experiences - but it's important to remember that they are also a time of change. Like it or not, your retirement will affect your taxes, and understanding how this will happen can make the difference between paying too much and getting every dollar you deserve back.

The most useful retirement benefit for taxation purposes is the Old Age Security (OAS) benefit. While OAS is taxable, there is a lesser known benefit that allows pensioners to pay less tax on other retirement income. This is the Canada Pension Plan (CPP), and when it comes to taxes, it's a much better deal than OAS.

Here's how it works. In order to claim the CPP pension, you must collect your OAS in full prior to making your CPP application. This allows you to receive CPP and exclude both OAS and CPP from your income. For example, if you are single and collect $1,500 per month from your OAS, you will only be required to pay taxes on $1,000 in income. This has significant tax savings potential.

CPP is not the only benefit that pensioners can use to minimize their taxes. PRPPs, RRSPs, and RRIFs can also be used for tax purposes. If you are looking to get the most out of your benefits, contact us at Chartered Accountants Professional Corporation. We would love to help you maximize your retirement!

[/ARTICLE END]

Title: How To Get The Most Out Of Your Seniors Benefits

The golden years of retirement can be filled with adventures, travel and new experiences - but it's important to remember that they are also a time of change. Like it or not, your retirement will affect your taxes, and understanding how this will happen can make the difference between paying too much and getting every dollar you deserve back.

The most useful retirement benefit for taxation purposes is the Old Age Security (OAS) benefit. While OAS is taxable, there is a lesser known benefit that allows pensioners to pay less tax on other retirement income. This is the Canada Pension Plan (CPP), and when it comes to taxes, it's a much better deal than OAS.

Here's how it works. In order to claim the CPP pension, you must collect your OAS in full prior to making your CPP application. This allows you to receive CPP and exclude both OAS and CPP from your income. For example, if you are single and collect $1,500 per month from your OAS, you will only be required to pay taxes on $1,000 in income. This has significant tax savings potential.

CPP is not the only benefit that pensioners can use to minimize their taxes.

Conclusion:

- CPPL is a lot better for tax purposes than OAS, especially if you have taxable income.

- You could save money by using your plan to pay down debt, and then using the pension to meet your financial goals. That way it will be present when you need it most.

- If you are considering taking on more debt, think carefully about whether or not a pension will be an appropriate debt solution. While they can be unsecured debts, they can also be extremely appealing to some people since the funds are guaranteed by the government.