Prepare For A LARGE Tax Bill When You Retire

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Full video: https://youtu.be/R3Jh5wOu13w

When you retire, you need to expect a surprisingly large tax bill. During your professional career, typically you have one source of income, and tax is withheld accordingly. So when tax time comes around, you would have paid roughly the right amount of tax. When you retire, because you now have a number of income sources including CPP, OAS, RRSP, & pension income, not enough tax is going to be withheld at source. The solution to this is to either ask for more money to be withheld from each income source, or just have a plan so you can be prepared to pay the large tax bill come tax time.

If you have any further questions about this video's topic or any financial planning questions in general, I encourage you to find a certified financial planner in your area or book a consultation with us to get your retirement plan on track.  You can learn more about our services at https://www.parallelwealth.com/planning

Financial Resources I personally recommend:
Neo Mastercard – no annual fee and average 5% back! - https://join.neo.cc/parallelwealth
Investing Academy - https://bit.ly/ParallelAcademy
Free Credit Report with Borrowell: https://bit.ly/borrowellPWFG
Retirement Income for Life: Getting More without Saving More (Second Edition): https://amzn.to/3v5j2to
Get 1.65% on your savings at EQ Bank - https://join.eqbank.ca?code=ADAM1377
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DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Adam Bornn is not registered to provide investment advice and as such does not provide recommendations - those looking for investment advice should seek out a registered professional. Adam is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.
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