There are many “qualified plans” that allow contribution tax deductions for plan participants. Plans such as 401(k)s, 403(b)s, 412(e), SEPs and IRAs. The higher your effective tax bracket, the more valuable the tax deduction is. Keep in mind that some employer sponsored plans match part of your contributions, so it’s important to make contributions in these scenarios.
In Canada, subject to limits, you can deduct contributions made to Registered Retirement Savings Plans (RRSP), Registered Pension Plans (RPP) and Individual Pension Plans (IPP). The plans grow in a tax shelter and attract taxation on withdrawal.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
.JPG){kind=avatar}
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.