Programs & Courses

Tax Efficient Retirement Income Planning (New Features)

Investment & Retirement, Succession & Estate Planning, Tax Planning

By: Evelyn Jacks, Walter Harder

Tax Efficient Retirement Income Planning (New Features)

PROGRAM: Retirement and Estate Services Specialist

To marry tax and financial planning competencies in order to help clients adequately fund tax-efficient income requirements by accumulating, growing, preserving and transitioning wealth through three phases of retirement:  pre-retirement, in-retirement and post-retirement.

Content Description and Key Concepts:

This leading edge program is designed to provide structure and process for advisors interested in specializing in tax efficient retirement income planning. This is a skillset in great demand by the baby boomer demographic—the most affluent generation in our history—who seek credible, trusted, and expert solutions to their complex retirement planning requirements, and view tax erosion as the biggest threat to their wealth.  In fact, with recent tax changes that introduce a high income tax bracket, this is true.

This course allows advisors to develop a consistent process for multi-generational planning that looks at tax efficiency of both income and capital left for spouses and heirs, using cutting edge tools to predict how sustainable savings will be and what can be done through income averaging, income splitting and tax deferral.

Certified Skill Sets:

This course covers a holistic retirement income planning process which will result in the student acquiring the knowledge to do:

  • A proper assessment of client vision and goals for retirement and engage them in a consistent process for addressing the three trigger questions that cause financial decision-making:  life events, financial events and economic events.
  • Establish a strategic “real wealth management plan” based on client needs for tax efficient income as well as after-tax capital preservation, growth and transition;
  • Help a family plan savings and withdrawal strategies in three phases of retirement planning – pre-retirement, in-retirement and post-retirement.

Specific skillsets include:

  • Use a financial assessment tool around which to structure the client's pre- and post-tax retirement income needs and monitor ongoing results on a projected Net Worth Statement.
  • Do a proper assessment of client vision and goals for retirement and engage them in a consistent process for addressing the three trigger questions that cause financial decision-making:  life events, financial events and economic events.
  • Establish a strategic “real wealth management plan” based on client needs for tax efficient income as well as after-tax capital preservation, growth and transition;
  • Establish action plans for a long term tax efficient retirement income planning approach around the three specific phases of retirement planning.
  • Be conversant with recent tax changes relating to personal taxation, in particular related to public pension planning options, the integration of work life into retirement life, and planning to avoid clawback zones.
  • Plan with pre-retiring employees in negotiating severance, planning to maximize RRSP rollover opportunities and properly plan income splitting with the spouse.
  • Plan a 20 year retirement income plan that minimizes capital encroachment in order to preserve as much savings as possible for uncertain futures, but in addition, averages down taxes on many layers of income sources that will be earned by a couple in retirement.
  • Through a variety of “Advisor Think Tanks”, and case studies demonstrate the customization of a retirement income plan and responses to specific questions pre-retirees have, like “Do I have enough?”  “When should I take my CPP pension benefit?”  “What should I do with my severance package?”
  • Provide post-retirement guidance to survivors and plan for the most advantageous asset transfer opportunities

Final Grade Calculations for this Course:

Quizzes 25%
Case Studies 50%
Final Exam 25%
Passing Grade 60%
Honours Achievement 90%

 


CE Credits

CE Credits
Knowledge Bureau 30 CPE credits
IPBC 30 CE credits
PBA 30 CPE credits
AIC 12996 - LC - 30 hours
ICM 7419 - LC/AS - 30 hours

Table of Contents

Chapter 1:
Methodology: Tax Efficient Retirement Income Planning
Chapter 2:
First Steps: Helping Clients Envision the Plan
Chapter 3:
Tax Changes Relating to Retirees
Chapter 4:
Managing Government Income Sources
Chapter 5:
Managing Canada Pension Plan
Chapter 6:
Planning with Tax-Assisted, Self-Funded Sources
Chapter 7:
Foreign Pensions and Non-Registered Accounts
Chapter 8:
Tax-Efficient Retirement Income Planning for Employees Part 1
Chapter 9:
Tax-Efficient Retirement Income Planning for Employees Part 2
Chapter 10:
Planning for Post-Retirement and Survivors

What Graduates Say

The detailed approach to the tax efficient retirement income planning thought process, as well as the online tools were easily understood and very effective. What I liked best about this course was the understanding of the implications of tax on household income. The calculators were particularly helpful in this area. Great tools. I also really appreciated the inclusion of "Strategic Philanthropy". This is an important area to discuss with clients, and one that Canadians generally need to be educated on. The Knowledge Journal was execellent, very comprehensive and a wealth of information that I will use in the future. Study group was very effective. Allowed us to share knowledge, understanding and client experiences to enhance the information provided. Joan M., ON
I would like to say that this is an outstanding course. I really appreciated the interactions between this course and the tax concepts that are part of my everyday toolkit. Also it is valuable for me to have some knowledge of financial planning so I can steer my tax clients in the right direction and answer planning questions as they arise. There were quite a number of issues that were dealt with in the course that were of immediate use to me. I have had a few clients ask me about whether they should apply for CPP at 60 or wait until 65. Thanks to the course I know exactly what to tell them. Another issue is the recovery of tax on US property sales. It was nice to see the snowbird issues dealt with. These were presented as part of a larger picture but they are also stand-alones that people in my position can make immediate use of whether they are doing comprehensive retirement income planning or not. Martin H.
The course was well structured and logical in its progression. Every advisor who considers themselves a "planner" should take this course. Maria K., AB