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With WealthBar, Mark & Penny are able to enjoy their perfect retirement in Vancouver with their family. How can WealthBar help you?
Mark and Penny live in Toronto, but own a condo in Vancouver that they’ve been renting for a few years. To be closer to family, Mark and Penny wants to sell their Toronto condo and retire to Vancouver. They also had a couple of RRSP accounts scattered around different financial institutions.
We helped them create a plan to sell the Toronto condo and move to their Vancouver condo. Mark and Penny had an option to defer capital gains accrued while they were not living in their Vancouver condo, but instead, we helped them offset them with a lump sum deposit into their RRSP accounts. Mark had substantial room in his RRSP and this was a way to reduce and redistribute the capital gain taxes from his condo sale. This way, Mark and Penny won’t compromise their nest egg, while keeping their tax bracket low in retirement.