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.
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1. Contribute Fully to Your RRSP
Contributions to your Registered Retirement Savings Plan, or RRSP, are tax deductible. If you contribute fully to your RRSP, you’ll not only save more for retirement but save more in taxes.
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.
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2. Save Your RRSP Deduction Until Retirement
If you expect large retirement amounts, save the RRSP deduction until you’re ready to retire. This way, the RRSP deductions can help put you in a lower tax bracket.
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3. Contribute to Your Spouse’s RRSP
If you’re too old to be able to contribute to your RRSP, make contributions to your spouse’s plan. This will help you to still benefit from tax deductions.
Alternately, you can also save by not splurging on top things you should not buy in 2019.

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4. Contribute to a TFSA
If you’re a Canadian resident, you can contribute to a tax free savings account, or TFSA. Currently the maximum amount you may contribute is $5,500 per year, which is generally tax free.
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5. Apply for OAS
If you are 65 or older, a Canadian citizen or legal resident and have been living in Canada for at least 10 years of your adult life, you qualify for an Old Age Security or OAS pension, which is taxable. You can also qualify even if you don’t live in Canada anymore. Apply for the OAS six months before you turn 65.

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6. Investigate Social Security Arrangements With Other Countries
If you’re Canadian but have lived in another country and contributed to social security there, remember that Canada has social security arrangements with several other countries. You may be eligible for Canadian OAS as well as a foreign pension income from the country where you lived.
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And, if you're dreaming of living the good life after retirement, check out these 20 cheap and stylish global retirement spots.

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7. Apply for the GIS
The Guaranteed Income Supplement, or GIS, is based on your spouse’s and your combined income and is an additional pension payment for low-income Canadians. Find out if you qualify and if so, apply for GIS since it isn’t taxable.

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8. Apply for the Allowance
If your partner receives an OAS pension and GIS and you’re between 60 and 64 years old, you can apply for what is known as the Allowance, an additional amount paid to low-income seniors which is like an early pension. You must meet Canada’s residency requirements, though.

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9. Apply for the Allowance for the Survivor
If you’re between 60 and 64 years old, meet Canada’s residency requirements and your partner has died, you may qualify for the Allowance for the Survivor, which is another benefit payment for low-income seniors.

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10. Know Your CPP or QPP Benefits
During your working life, you most likely contributed to the Canadian Pension Plan or CPP, or, if you live in Quebec, the Quebec Pension Plan or QPP. This plan includes retirement and other benefits, such as a disability pension, death benefits and survivor benefits. Know which benefits you qualify for so you can claim them.

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11. Claim Your CPP or QPP Benefits
When you qualify for certain CPP or QPP benefits, claim them. The retirement pension, disability pension, survivor’s pension and children’s benefits, are monthly payments while the death benefit is a one-time payment to your estate.

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12. Use Your CPP Credits
The amount you’re entitled to on your CPP pension is determined by how many CPP credits you have. You and your partner build up these credits together but if you decide to split up, you can also split your CPP credits, even if only one of you paid into the CPP.

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13. Think Carefully Before You Set Up Your RRIF Early
It’s entirely possible to set up your Registered Retirement Income Fund earlier than the usual age of 71, to help supplement your income in your 60s. However, be sure that you want to commit to this because it’s difficult to reverse the process. Taking lump sums from your RRSP may be more flexible.

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14. Diversify Your Retirement Income
Some types of retirement income are taxable while others aren’t. If you get your income from a variety of taxable and non-taxable sources, you can lower the proportion of your income that is taxable.

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15. File Your Tax Returns
Even when you’re retired, you still need to file your tax returns every year. Some of your benefit payments will stop coming if there is no tax return on file.
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