Financial Planning 101: Income Splitting

This is the first in a number of videos exploring investing and retirement planning strategies.We're starting with Income Splitting. It's a simple but extremely effective way to reduce taxes currently and in retirement. Why does income splitting work? Who does this apply to? Should I being doing this now or in retirement?Watch the video to find out!#financialadvice #financialplanning #retirementplanning #retirement #investingIf you have questions, topic ideas or want to discuss your own investments please reach out, we'd love to hear from [email protected] Splitting Basics and Progressive Tax System [00:00:46]: Explanation of income splitting, progressive tax rates, and the goal of keeping both spouses in lower tax brackets.Asset Splitting and Equalizing RRSPs [00:02:19]:Discussion on splitting assets in retirement and aiming for equal-sized RRSPs for both spouses.Spousal RRSPs as a Strategy [00:02:30]:How higher-earning spouses can contribute to spousal RRSPs to optimize retirement income and tax benefits.Limitations and CRA Rules on Income Splitting [00:04:40]:Clarification on what types of income can be split, age restrictions, and the importance of personalized planning.Charitable Donations and Donating Stock [00:05:21]:Tax-saving benefits of donating stock instead of cash to charities, including a client example.Upcoming Videos and Donor-Advised Fund Announcement [00:06:24]