You retire only once. We do it every day.
Retirement isn't all about money; it's the capstone to your career and the commencement of a new chapter in your life. The fact that it happens only once is all the more reason to get advice from someone who has been there countless times.
We have seen that during the transition from working to retirement, everything changes, from family relationships to daily routines, and of course, your finances. We help you prepare for all that retirement has to offer by designing solutions customized to your needs and rooted in experience.
Click below to read our Case Study:
More Money Later, Less Tax Now
At 72 years old, a retired doctor was collecting rental income, investment income, CPP and employment pension, which were more than sufficient to support his lifestyle. He learned that he must also draw taxable income from his RRIF even though he had no immediate need for the funds.
The additional income from his RRIF put the retiree into a higher tax bracket, and he was more concerned with building up his legacy than with attaining liquid funds. If it were up to him, he would keep the capital invested for the benefit of his family and favourite charities down the road.
We helped the retiree by offsetting the tax deduction through an advanced strategy called an RRIF Meltdown. We set him up with an investment loan with a tax-deductible interest payment that was the same amount as his RRIF withdrawal. He used his withdrawal to make the interest payment, and used the proceeds from the loan to fund a non-registered portfolio.
Essentially, the strategy enabled the client to stay in a lower tax bracket while funding his estate plan. He is losing less money to taxes and saving more money for his future legacy.
"Having Darren as our advisor freed us from the financial details that simply took up too much time. Now we can spend those hours enjoying the lifestyle that our wealth continuously supports."
Retired Chief Information Officer