Advertisement
It depends on what you consider 'best.' Here's what to consider
Q: Is there a best month of the year to retire?
—Dory Urbano, Vancouver
A: It really depends on how you define “best.” If you follow astrology, a consultation with the stars will tell you what’s best. If you play golf, I’d say April is best so you can plan your summer tee times unencumbered. But from a financial perspective, there isn’t really a best time to retire. That said, there are still a few factors to take into consideration. For instance, you’ll want to make sure you work long enough to qualify for the richest pension possible. And if you have a bonus or retirement allowance you might want to consider scheduling your retirement in December so that the bonus pays out in the following tax year, when you have no salary income. Whichever month you choose, I hope you have the best retirement ever.
Leave your question for Bruce Sellery » More expert answers: Do I qualify for the pension tax credit? » What can I hold in a non-registered account? » How to pay less tax on RRSP withdrawals »Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
You may be able to get some tax relief when the stock of a company you hold goes bankrupt....
This advisor isn’t losing any sleep over the markets. In fact, looking back at 2024 and forward into 2025,...
Those at or near retirement need to account for slightly higher tax brackets, as well as higher Basic Personal...
Certain social benefits cheques will be delivered this week, even while Canada Post ramps up its services after the...
Bank of Canada makes a big cut, U.S. inflation is up, Oracle ends a great year on a low...
Canada bank earnings remain on target, Dollarama’s expectations catch up to it, “insider selling” sets a new record, and...
Tax planning in Canada isn’t just for March and April. These smart tax moves need to be made before...
Hi,
I want to retire this year, December. This is my question. I have a large pay out of sick time that will be owed to me when I retire. Should my last day be Dec 31 or Jan 1 ? Would my payout of the sick time be on my 2021 or 2022 income? I don’t want to be placed into a higher tax bracket.
Due to the large volume of comments we receive, we regret that we are unable to respond directly to each one. We invite you to email your question to [email protected], where it will be considered for a future response by one of our expert columnists. For personal advice, we suggest consulting with a qualified advisor.