Man working on finances using a calculator, contained within a speech bubble on a blue background.

Ask MoneyTalk: What can I do now to protect my savings from getting taxed?

If you’ve been saving diligently in your RRSP over the years, you may not realize you have to pay tax — maybe a significant amount — when you retire and withdraw on those savings. Kim Parlee talks to Treva Newton, a Tax and Estate Planner with TD Wealth, about developing a plan for those taxes now, before it’s time to draw on your savings.

2021 Tax Checklist

Your tax filing may be different this time around because of the COVID-19 pandemic. One piece of advice: start estimating now whether you may owe money to the government.

Family / Your Business / Spend /Play /Travel

Seen on BNN

/* ----------------------------------------- */ /* View: MoneyTalk Life – Featured Article - start */ /* ----------------------------------------- */ .featured-story-block{ text-align:center; margin-top: 10px; text-decoration:none !important; display: block; font-weight:bold; } @media screen and (min-width: 768px){ .featured-story-wrap{ padding: 12px 20px 20px 0; } } .featured-story-image-container{ position:relative; } .featured-story-block-img{ display: block; margin: 0 auto; width: 100%; } .featured-story-date { margin-top: 10px; font-weight: 700; text-transform: uppercase; font-size: 18px; } .featured-story-cats{ text-transform:uppercase; color: #000; margin-top: 10px; font-size: 15px; text-align:center; margin-bottom: 20px; font-family: 'Open Sans', sans-serif; font-weight:700; letter-spacing: -0.5px; } .featured-story-excerpt{ font-size: 1.4rem; font-weight: 400; font-family: 'Open Sans', sans-serif; margin-top: 15px; } .featured-story-title { font-family: 'Open Sans', sans-serif; font-weight: 800; font-size: 2.7rem; line-height: 1.0; margin-top: 30px; } /* ----- reduce life homepage featured story title size on tablet/mobile ----- */ @media screen and (max-width: 767px){ .has-moneytalklife .featured-story-title{ font-size: 2.3rem } } /* ----------------------------------------- */ /* View: MoneyTalk Life – Featured Article - end */ /* ----------------------------------------- */ /* ----------------------------------------- */ /* View: MoneyTalk Life – Popular Stories - start */ /* ----------------------------------------- */ .most-popular-widget{ color: #000; margin-top: 10px; min-height: 572px; } @media screen and (max-width: 767px){ .most-popular-widget{ min-height:auto; } } .most-popular-widget-list{ margin-left: 0px; font-weight: 400; } .most-popular-widget-item { margin: 10px 10px 10px 30px; padding-left: 5px; } .popular-list-play-icon { border: 2px solid #ccc; color: #ccc; border-radius: 50%; font-size: 14px; line-height: 20px; padding-left: 5.5px; height: 23px; width: 23px; margin-left: 5px; } .most-popular-widget-item, .most-popular-widget-item a{ color: #000; font-size: 1.2rem; font-weight: 400; font-family: 'Open Sans', sans-serif; line-height: 1.15; } .most-popular-widget-title{ color: #000; font-weight: 700; font-family: 'Open Sans', sans-serif; font-size: 2.1rem; } .most-popular-widget-item a:hover{ /*opacity: 0.6;*/ } /* ----------------------------------------- */ /* View: MoneyTalk Life – Popular Stories - end */ /* ----------------------------------------- */ /* ----------------------------------------- */ /* View: MoneyTalk Life – Wide - start */ /* ----------------------------------------- */ .featured-mediatalklife-top-container-wrap{ /*margin-top: 10px;*/ } .featured-mediatalklife-top-container{ margin:0px; padding: 0px; } .featured-mediatalklife-top-container-wrapper{ border: 2px dotted #999; position:relative; display: inline-block; margin: 10px 0 0; -webkit-transition: all 0.2s ease-in-out; -moz-transition: all 0.2s ease-in-out; -ms-transition: all 0.2s ease-in-out; -o-transition: all 0.2s ease-in-out; transition: all 0.2s ease-in-out; width: 100%; } .featured-mediatalklife-top-container-wrapper:hover{ margin-top:5px; margin-bottom:5px; } .featured-mediatalklife-top-container-link{ display: inline-block; width: 100%; } .featured-mediatalklife-top-container-link-row{ display: inline-block; width: 100%; padding: 5px; } @media screen and (min-width:768px){ .featured-mediatalklife-top-container-link-row{ padding: 20px 20px 15px; } } .featured-mediatalklife-top-container-text{ padding-top: 10px; padding-left: 5px; padding-right: 5px; position:relative; height: auto; } @media screen and (min-width:768px){ .featured-mediatalklife-top-container-text{ padding-top: 0px; padding-left: 25px; padding-right: 0px; height: 245px; } } .featured-mediatalklife-top-container-title{ color:#000; font-weight: 700; font-size: 1.45rem; margin-bottom: 10px; line-height: 2.0rem; letter-spacing: -1px; /*display: -webkit-box; -webkit-line-clamp: 1; -webkit-box-orient: vertical;*/ overflow: hidden; max-height: 2.0rem; /* IE and Firefox fallback - no line clampin' support */ } @media screen and (max-width:767px){ .featured-mediatalklife-top-container-title{ line-height: 2.2rem; /*-webkit-line-clamp: 2;*/ max-height: 4.4rem; /* IE and Firefox fallback - no line clampin' support */ } } @media screen and (min-width:768px){ .featured-mediatalklife-top-container-title{ white-space: nowrap; text-overflow: ellipsis; } } .featured-mediatalklife-top-container-excerpt{ color: #000; font-size: 19px; line-height: 25px; margin-bottom: 30px; overflow: hidden; text-overflow: ellipsis; /*display: -webkit-box; -webkit-line-clamp: 5; -webkit-box-orient: vertical;*/ max-height: 155px; /* IE and Firefox fallback - no line clampin' support */ } @media screen and (max-width:767px){ .featured-mediatalklife-top-container-excerpt{ /*-webkit-line-clamp: 4;*/ font-size: 18px; line-height: 22px; max-height: 89px; /* IE and Firefox fallback - no line clampin' support */ margin-bottom: 70px; } } .featured-mediatalklife-top-container-cats{ text-transform: uppercase; color: #000; margin-top: 5px; font-size: 15px; font-weight: 700; letter-spacing: -0.5px; margin-bottom: 0px; position:absolute; bottom:20px; max-width: 55.5%; white-space: nowrap; overflow: hidden; text-overflow: ellipsis; padding-left:25px; margin-left: 42%; } @media screen and (max-width:767px){ .featured-mediatalklife-top-container-cats{ bottom:10px; max-width: 100%; padding-left:10px; padding-right:10px; margin-left: 0; } } .featured-mediatalklife-top-container-text a{ color:#000; } .featured-mediatalklife-top-container-img{ height: 245px; background-size: cover; background-repeat: no-repeat; background-position: center center; } @media screen and (max-width: 767px){ .featured-mediatalklife-top-container-img{ height: 200px; } } .featured-mediatalklife-top-container-img-mobile{ padding-left: 0px !important; padding-right: 0px !important; height: 200px; background-size: cover; background-repeat: no-repeat; background-position: center center; } .featured-mediatalklife-top-container-date { margin-bottom: 10px; font-size: 18px; } /* ----------------------------------------- */ /* View: MoneyTalk Life – Wide - end */ /* ----------------------------------------- */ /* ----------------------------------------- */ /* View: MoneyTalk Life – 4 Grid - start */ /* ----------------------------------------- */ .featured-mediatalklife-grid-row { padding:5px 0; } .row.featured-mediatalklife-grid-row { margin-left: -20px; margin-right: -20px; margin-bottom: 15px; } .featured-mediatalklife-grid-item{ margin-top: 30px; padding-left: 20px; padding-right: 20px; } @media screen and (max-width: 767px){ .featured-mediatalklife-grid-item{ margin-top: 20px; } } .featured-mediatalklife-grid-item-link{ display: inline-block; width: 100%; padding: 5px; } .featured-mediatalklife-grid-item-link:hover{ margin-top: -5px !important; margin-bottom: 5px !important; color: #4286f4 } .featured-mediatalklife-grid-item-img{ height: 125px; background-size: cover; background-repeat: no-repeat; background-position: center center; position:relative; } @media screen and (max-width: 767px){ .featured-mediatalklife-grid-item-img{ height: 200px; } } .featured-mediatalklife-grid-item-text{ padding: 5px 5px; position:relative; height: 148px; } @media screen and (max-width: 767px){ .featured-mediatalklife-grid-item-text{ height: auto; } } h3.featured-mediatalklife-grid-item-title{ color: #FFF; font-size: 1.3rem; line-height: 1.68rem; font-weight: 500; margin-bottom: 50px; display: -webkit-box; -webkit-line-clamp: 3; -webkit-box-orient: vertical; overflow: hidden; max-height: 5.04rem; /* IE and Firefox fallback - no line clampin' support */ margin-top: 3px; } .featured-mediatalklife-grid-item-cats{ text-transform: uppercase; color: #FFF; font-size: 15px; font-weight: 500; letter-spacing: -0.5px; margin-bottom: 0px; position: absolute; bottom: 0px; padding-right: 20px; -webkit-transition: all 0.2s ease-in-out; -moz-transition: all 0.2s ease-in-out; -ms-transition: all 0.2s ease-in-out; -o-transition: all 0.2s ease-in-out; transition: all 0.2s ease-in-out; -webkit-line-clamp: 1; -webkit-box-orient: vertical; overflow: hidden; max-height: 50px; /* IE and Firefox fallback - no line clampin' support */ } .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(5) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(13) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(21) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(29) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(37) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(45) a { background-color: #004026 !important; } .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(6) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(14) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(22) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(30) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(38) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(46) a { background-color: #efb211 !important; } .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(7) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(15) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(23) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(31) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(39) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(47) a { background-color: #529cbe !important; } .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(8) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(16) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(24) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(32) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(40) a, .featured-mediatalklife-grid-row .js-wpv-view-layout :nth-child(48) a { background-color: #8bc63e !important; } .featured-mediatalklife-grid-item-date { opacity: 0.8; font-weight:400; } /* ----------------------------------------- */ /* View: MoneyTalk Life – 4 Grid - end */ /* ----------------------------------------- */

Ask MoneyTalk: What can I do now to protect my savings from getting taxed?

Editors' Picks

2021 Tax Checklist

Ask MoneyTalk: How does a Registered Disability Savings Plan work?

5 ways to optimize your RRSP

Ask MoneyTalk: Help! I’m scared to begin drawing my retirement savings

How a master sommelier toasted the idea of incorporation

Seen on BNN