retirement
Loopholes Tagged "retirement"
Plain-English guides to Canadian legal rights and workarounds related to retirement.
Senior Property Tax Deferral — Defer Your Property Taxes Until You Sell Your Home
Several provinces allow seniors to defer payment of annual property taxes — with interest accruing at low rates — until the home is sold or transferred, preserving cash flow in retirement.
Pension Income Splitting (T1032) — Cut Your Retirement Tax Bill in Half
Retired couples can allocate up to 50% of eligible pension income to the lower-earning spouse simply by filing Form T1032 — reducing taxes, avoiding OAS clawback, and unlocking the pension income tax credit.
OAS Deferral Strategy — Permanently Boost Your Old Age Security by up to 36%
Canadians can delay collecting Old Age Security past age 65, earning a permanent 0.6% boost per month deferred — up to 36% more at age 70.
CPP Enhancement & Maximising Lifetime Benefits
The enhanced CPP since 2019 — and CPP2 since 2024 — now replaces up to 33% of lifetime earnings, and delaying your CPP start to age 70 increases every cheque by 42% permanently.