Throughout tax season, check in with clients to ensure they’re taking advantage of all credits and opportunities.
And when helping older investors, Standard Life suggests offering these four tips:
1. Consider pension-splitting opportunities: If a client is older than 65, she can create eligible pension income by transferring funds that are invested in non-registered GICSs to term funds or other annuity products. She can then split that income with her spouse, as well as review her estate planning options.
3. Carry forward RRSP tax deductions: Following RRSP contributions, your client can carry forward deductions—even if she’s older than age 71. If she’s expecting a lower marginal tax rate in future years, make sure all available tax deductions are used.
Read: Tax credits for seniors
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