Tax and Benefits Analysis: Example For Retirees Under Age 65

Before age 65, and after children are over age 17, the number of government benefits available will decrease. This makes planning around government benefits less important and puts more focus on income tax rates.

During this time, it can sometimes make sense to plan strategic withdrawals from registered assets like RRSPs, RRIFs and LIFs while tax rates and government benefit clawback rates are lower.