Your biggest tax asset in retirement may be sleeping right beside you

Because Canadians can split certain kinds of income, your biggest tax asset may just be your spouse.

As I am discovering while I prepare annual tax returns for myself and my wife (who at 64 is one year my junior), moving from wealth accumulation to “decumulation” is more complicated than holding down a full-time job and investing for growth.

Strange new tax slips start to appear in your mailbox reporting OAS and CPP income and RRSP and RRIF withdrawals, plus there are new tax credits to digest.

You also learn that, because Canadians can split certain kinds of income, your biggest tax asset may just be your spouse.

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