The Internet is rife with tips on how to save for retirement but what not everyone tells you is that once you’ve retired, tax may become one of your biggest expenses. However, there are ways to prevent the taxman from taking all your retirement savings. Here are some retirement tax tips to help you keep more of your nest egg.
1. Contribute Fully to Your RRSP
It's really never too early to start thinking about how to make the most of this time. Here are 12 costly mistakes that can ruin your retirement. And as you're thinking about your future, consider investing in these items that will save you hundreds over time.
2. Save Your RRSP Deduction Until Retirement
Plus, don't miss 20 surefire ways to retire at 50. And until then, if you're considering a career shift, here are the highest paying in-demand jobs in Canada.
3. Contribute to Your Spouse’s RRSP
4. Contribute to a TFSA
Plus, make your nest egg go even further by living in one of these cheapest cities to live in Canada.
5. Apply for OAS
6. Investigate Social Security Arrangements With Other Countries
And, if you're dreaming of living the good life after retirement, check out these 20 cheap and stylish global retirement spots.