6 Tax Tips Retirees Should Know Before 2025 (Save Thousands)

Donate to Calgary Children's Hospital. They do great work

Give non-registered account holding to kids upon retiring.

Great tips. Has the Pension Income Tax Credit ever increased? I seem to remember it has been $2000 for a while now and inflation has increased considerably. Givewise is a great idea. How many times are we aske to give to charities at the checkout? The main reason i don't is because I couldn't keep track of all those receipts so I just say, I always donate online which I do.

great video. Consider a tax strategy that donating in kind assets when your gains exceed $250K to be a more attractive mechanism to have those inclusions avoid the 66% inclusion rate. Ideally you could attempt to reduce GAINs above $250K back to the 50% inclusion rate.

With respect to contributing to the younger spousal RRSP. I assume they have to be earning an income or have RRSP contribution room for this to work?

Great advice as always Adam. And I have never heard of Give Wise. It certainly is something to check out

Give Wise is an interesting idea. Couple of questions.
Is there any advantage to donating shares vs selling shares and using proceeds to make a donation of the same amount?
Does 100% of the amount you donate to Give Wise go to the charity of your choice or do they take a % to cover their operating costs?

Who can afford to donate. Nobody

Could I donate my RRSP in my will to a charity? Do the charities get the shares in kind and tax free as well? Or does it only work in non-registered accounts?

I've transferred inheritance money directly into my children's (ages 22 andc24) accounts from abroad, and i transferred my 16 year old daughter's money to my account. 35k to each of us. Will we be taxed? If yes, how much?

I have 6 grandchildren, that is my charity.

The pension amount is a flat 15% on the first $2000. , so if you're in the lowest tax bracket then it's tax free money. Otherwise it's a $300 credit on your taxes, which is nice, but not tax-free.

The pension tax credit is applied automatically if you efile using programs such as Turbotax

All long term charities are corrupt. Gandhi new this and explained it well. They become invested in the persistence of the very problems they claim to help solve. They're also used as the political playthings of some of the most evil people to have ever lived. They have the charity make a dishonest claim. Then that dishonest claim is cited in billionaire-owned media to attack a legitimate person or business in the way of some ugly scheme.

Very good info,.. thx

Adam, have you ever done a segment on Defined Contribution plans? I cannot find one. If you haven't done one of Defined Contribution plans and how to convert them to RRIFS via a LIRA etc, could you?

My spouse has a DBP plan, and I know we can income split that. For the Pension Tax credit, can we each claim the credit? (so $2000 each?)

Great info-Thanks Adam

Adam, this is truly helpful on multiple levels! Thank you for giving a shoutout to GiveWise! It is through generous advocacy from Financial Advisors such as Parallel that many of these essential social programs are being supported. Using your expertise in helping Canadians to "Give Wisely" is an act of generosity in itself.

Another great video Adam. Question: is there an income threshold for claiming the $2000 pension tax credit. Thanks again for a great video.

Thank you Adams
How much of a donation ....is required.. .
for 4,600.00 tax credit?
Thank you ❤🎉