Many Canadian Retirees Are Facing a Lifetime Tax Bill of Over $1 million

The results from over 10,000 reviews of the TriDelta Estate 100 planning tool shows that for many older Baby Boomers and retirees, they are facing a tax bill of more than $1 million over the rest of their lives.

Toronto, ON (PRWEB) April 18, 2008 -- The results from over 10,000 reviews of the TriDelta Estate 100 planning tool shows that for many older Baby Boomers and retirees, they are facing a tax bill of more than $1 million over the rest of their lives.

Since being launched just over a year ago, the results have shown the following:

Many Canadians don't realize how much of their registered assets will be taxed at death. Fortunately, with proper planning and some unique strategies, often much of this tax can be avoided

The key to minimizing these taxes starts with an effective strategy to time RRSP and RRIF withdrawals, and the new tax free savings accounts will be a big help. Some other strategies are ideal for 2008 because of the low interest rates and high dividend yields that we are seeing

Median Lifetime Tax Bill: $1,032,000        

The main culprit in the high tax numbers is Canadians passing away with large RRSP/RRIF balances. In many cases, Canadians will see 40% to 50% of these assets going to the government instead of their estate.

"Many Canadians don't realize how much of their registered assets will be taxed at death. Fortunately, with proper planning and some unique strategies, often much of this tax can be avoided," said Ted Rechtshaffen, CFP and President of TriDelta Financial Partners.

"The key to minimizing these taxes starts with an effective strategy to time RRSP and RRIF withdrawals, and the new tax free savings accounts will be a big help. Some other strategies are ideal for 2008 because of the low interest rates and high dividend yields that we are seeing," said Rechtshaffen.

The TriDelta Estate 100 is a free tool available at www.tridelta.ca. This tool helps those who are retired or close to retirement determine how much of an estate they will have -- essentially 'will I outlive my money, and if not, how much will be left over?' The other key question that is answered is 'how big will my lifetime tax bill be?'

TriDelta Financial Partners is a firm located in Toronto, Canada that works with many "Classic Canadian Retirees" to help them learn to enjoy life more. TriDelta Financial Partners is a financial planning firm whose financial planner and financial advisor specialists offer investment, mortgages, insurance, retirement planning, tax reduction strategies and estate planning solutions to Canadians.

TriDelta Financial Partners have access to the entire market for the best combination of products, ensuring that clients receive optimized financial planning and estate planning solutions to maximize their financial wealth and achieve financial peace of mind.

For further information: contact Ted Rechtshaffen, President and CEO, TriDelta Financial Partners, at (416) 733-3292

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financial estate tax planning canadian retiree

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