Roger and Linda, like many Canadians, have saved for years for their retirement. They took advantage of RRSPs and now have a substantial amount of savings. As Roger will turn age 71 this year, they need to decide on the best strategy for using their RRSPs for their retirement income needs.
With a new year comes new tax numbers. You really want to take advantage of everything you can in regards to your hard-earned money. The more you can write off against your earnings and the more strategic you can be – means the more you get back, which also means the more likely you will end up potentially in a lower tax bracket paying fewer taxes the following year.
Jennifer is age 70, lives in Ontario and is on disability, she owns a house, but the bathroom is the old school type and needs an upgrade since it’s not very accessible for someone with a disability. Jennifer decided to put in a walk-in bathtub to make her life easier, with installation and everything that ended up costing her $8000. With the Home Accessibility Tax Credit (HATC) she gets to claim the non-refundable tax credits on this tub and installation.
