Picture This…
Imagine you’re sitting across from a trusted advisor, and three envelopes are placed in front of you:
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The first envelope contains a cheque for $1,000,000
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The second holds $900,000
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The third, $800,000
Which would you choose?
Most people instinctively reach for the biggest number.
But what if:
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The $1,000,000 is fully taxable
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The $900,000 is partly taxable
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The $800,000 is tax-free
Now, which cheque would you pick?
Suddenly, the $800,000 tax-free cheque is the clear winner.
The Lesson: Bigger Isn’t Always Better
When it comes to investing for your future—especially as an entrepreneur or business owner in North Durham—it’s not just about how much you accumulate. It’s about how much you keep after taxes.
The Tax Trap in Retirement
Most traditional retirement plans—like the Canada Pension Plan (CPP), Old Age Security (OAS), Registered Retirement Savings Plans (RRSPs), and employer pensions—are fully taxable.
While these are valuable sources of income, relying solely on them can lead to an unpleasant surprise: a significant portion of your hard-earned savings may go to taxes.
Many entrepreneurs and professionals maximize their RRSPs to reduce taxes today, not realizing that every dollar—and all the growth—will be taxed later.
When retirement arrives, they find themselves facing large tax bills just to access their own money.
Building a Tax-Efficient Retirement Plan
As a long-time advisor with BGIP, my first step is to listen. I want to understand your goals, priorities, and vision for the future.
With that in mind, I create a personalized plan that:
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Incorporates a TFSA (Tax-Free Savings Account):
Enjoy tax-free growth and flexible, tax-free withdrawals when you need them most. -
Outlines a Clear Income Plan:
Combining RRSPs, TFSAs, government and employer pensions, and non-registered savings to create multiple income streams—each taxed differently. -
Maximizes Flexibility:
Multiple income sources give you more control and options, so you can manage your tax burden and keep more of your money.
The Result?
A higher quality of life in retirement.
More peace of mind.
Less money lost to taxes.
Take Action: Secure Your Financial Future
Book a free consultation today.
