Many of us spend a lot of time worrying about things beyond our control, but that takes on a whole new meaning in retirement.  Our health, our income, market fluctuations, government policies can all be uncertainties. Faisal Karmali says though that retirement planning boils down to just two things you can truly control: your spending and your taxes. "You can mitigate some risks," says Faisal, "but you can't control everything. What you can control is what you spend and how much you pay in taxes."
 

Faisal warns the new government will likely bring with it some new tax policies and that could lead to "tax pain" for many Canadians. "There is going to be, in the short and long-term, some tax pain," he explains, underscoring the need for strategic tax planning in these uncertain times.
 

But what happens when you get that tax bill or notice of assessment, and it feels like you’ve paid too much?  Faisal argues, “the question that everyone should be asking is, how much unnecessary tax did I pay this year?" Often, people can’t answer that because there’s no strategy in place. As Faisal remarked, “there’s a difference between paying tax and paying the unnecessary amount of tax.”
 

Many Canadians simply go to their accountants for tax preparation, but that doesn’t always include a tax strategy.  The gap that exists between preparation and strategic tax planning needs to be filled by a wealth consultant, someone who can act as the quarterback to coordinate the various elements of your financial picture. Faisal says, “under that umbrella is tax, investments, and legal documents," emphasizing the importance of a collaborative team of professionals who work together for the client's benefit.
 

Faisal points out the difference between a “tax advisor” and a “tax preparer.” “A tax advisor is someone you go to for advice on demand, not for a full plan. It’s like going to a doctor for a prescription without discussing a comprehensive health strategy.”
 

This is why Faisal and the rest of the PKAG team advocate for a holistic approach, one where all the professionals work together. Faisal stresses how PKAG will be the quarterback of the team, helping the clients work closely with their tax advisors and wealth consultants to ensure that every element of their financial strategy is aligned and optimized.
 

For many, retirement will be a time of economic uncertainty and ensuring you’re not paying unnecessary taxes will be one of the biggest ways to protect your wealth.
 

As Dave Popowich likes to say, "nobody lives on pre-tax income. We all live on after-tax income." So, make sure your retirement strategy is set up to maximize what you keep after taxes.