Help for retirees living the RRSP ‘tax nightmare’ GlobeMoney
Taxes are the enemy of serenity in retirement. “Our RRSPs have become a tax nightmare,” a Globe and Mail reader said in a recent e-mail that echoes dozens, maybe hundreds, of others I’ve received over the years.
Daryl Diamond, a Winnipeg financial planner who specializes in retirement, suggests totalling up the amounts received from all your sources of income and then estimating your taxes owing. The easiest way to make sure you have that amount ready after filing your taxes is to save gradually through the year.Your Retirement Income BlueprintThe Globe reader who complained about taxes is Timothy O’Brien of Portland, Ont.
Mr. Diamond noted that people can pay their income taxes quarterly, but he finds that clients consider this an annoyance. His preferred approach is to estimate taxes for the year and then devise a plan to pay the amount owing.
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