Seniors - Financial Planning Checklist

There are many tax, investment and estate planning strategies available throughout an individual’s lifetime, but there are also some that are more relevant for seniors or that apply specifically to those age 65 and over. The following is a chart of commonly used strategies:

INCOME SPLITTING

TAX MINIMIZATION

GOVERNMENT BENEFITS

TAX CREDITS

TRUSTS

GIFTS

The information provided is an overview of certain strategies and considerations, and may not necessarily apply to your individual situation or needs. To further discuss the details and to determine whether any of these, or other, strategies are suitable, it’s crucial to consult with your qualified tax and legal advisors to ensure your personal circumstances and goals are properly accounted for.

(2022). Financial planning checklist for seniors. Royal Bank of Canada. https://www.rbcwealthmanagement.com/en-ca/insights/financial-planning-checklist-for-seniors