For many individuals, retirement is something to look forward to as a well-deserved rest.
Unfortunately, one does not simply retire from paying taxes, and therefor also needs to plan ahead financially, and consider the taxation of amounts received upon retirement.
We offer a session aimed at discussing and explaining the tax implications of lump sum amounts received in various circumstances.
This session will address matters including, but not limited to, the following:
• The tax treatment of each type of lump sum covered by the Income Tax Act such as:
o Benefits received upon retirement from pension, provident and retirement funds
o Benefits withdrawn before, upon or after retirement from pension, provident and retirement funds
o Benefits received from employers (other than fund benefits)
o Transfer of benefits between funds
o Limitation on withdrawal amounts for certain funds
• The responsibility of the employer or fund for withholding taxes on lump sum amounts where applicable
• This session does not include detailed tax planning matters, neither will it cover investment or retirement planning matters.
