Stan and Patricia are clients of ours in their 60’s. They have been retired for a few years and recently came to us to consolidate and to solve some tax problems. Stan worked as a general manager for a car dealership for the past 20 years. Patricia was a VP at a large financial institution and has a decent pension.

Over their careers they have managed to accumulate a respectable nest egg as well as Patricia’s pension income. However they are concerned that they may not have enough funds to last their lifetime and leave some money to their heirs. Recently Patricia has had part of her OAS clawed back due to a high level of income from her Pension, CPP, OAS, RSP’s and investment income. Stan has had health issues in the past and they are worried about how this may impact their future financial situation.

We contacted Stan and Patricia’s accountant to determine their tax history and collaborate on several tax saving scenarios. Ultimately our goal was to reduce total taxable income and to shift as much income to Stan as needed. The best scenario saw Patricia recover all of her lost OAS income, lowered her marginal tax rate, and increased their after tax income while lowering income drawn from investments. Part of the above savings was used to implement a protection plan in the event either Stan or Patricia’s health fails.


• Holistic planning approach that works collaboratively with other professionals.
• Implemented changes that resulted in over $6,400 in annual tax savings.
• Reduced long term care risks
• Reduced management fees with consolidation of accounts.
• Established sufficient retirement income to last their lifetimes, and provide a legacy for their heirs.