Andrew, 64, and Jennifer, 63, are about to retire, which means they're poised to shift their focus from accumulating assets to generating retirement income. By consolidating their accounts and getting the right advice, they can:
- Simplify the conversion and redemption schedules for their Registered Retirement Income Funds (RRIFs) so that as much money as possible stays in an account where it can continue to grow on a tax-deferred basis
- Maximize pension income-splitting opportunities to benefit from a spouse or partner's lower tax rate, which may apply to income from employer pensions and, over age 65, payments from an RRSP annuity or RRIF
- Discuss succession and estate plans for Andrew's business, and estate plans for the couple's personal assets - strategies might include using trusts to achieve income splitting and reduce probate fees, as well as using charitable giving or insurance to minimize taxes payable upon death
Seeing the big picture can help Andrew and Jennifer ensure they experience the retirement lifestyle they want, and achieve an equitable distribution of assets to their three children.
Benefits at every life stage
At all life stages, holding your banking, investing and credit accounts with one financial institution can help you avoid costly mistakes, such as over contributing to RRSPs, RESPs and TFSAs. A consolidated view of your finances provides the benefit of simplicity, giving you an "at a glance" understanding of where you are and the progress you are making towards your goals.
Consolidating all of your accounts with one financial institution can also save you time. You won't have to review and reconcile statements and messages from a variety of institutions every month.
Why choose CIBC?
A CIBC advisor has access to a comprehensive range of investment strategies and solutions that can help you achieve your financial objectives. With a complete understanding of your financial situation, an advisor can recommend customized approaches, refer you to CIBC specialists and empower you to make the best possible decisions for yourself and your family. Talk to a CIBC advisor today.