Legally shifting income from the higher-earning spouse to the lower-earning one, reducing the household's combined tax bill. For Ontario couples with $1M+ in retirement assets, income splitting is one of the most powerful and accessible tax planning tools available.

For affluent Ontarians, understanding and planning for this rule is one of the most important elements of a comprehensive wealth plan. Failing to account for it can leave your estate and your beneficiaries, facing an unexpected and potentially enormous tax bill.

Not all investment income is created equal in the eyes of the CRA. A dollar of interest income, a dollar of eligible Canadian dividends, and a dollar of capital gains are taxed very differently. For retirees drawing from a significant portfolio, those differences add up to thousands of dollars every year.

Whether your retirement is 2 years away or 10, this checklist will help you identify what's in order, what still needs attention, and what conversations to have with your advisor before you make the leap.

Ontario's long-term care system has changed dramatically in recent years. Wait times are long, publicly funded options are limited, and the cost of private or semi-private care has escalated significantly. For those who want choice, comfort, and quality of care in their later years, the financial requirements can easily exceed $10,000 per month or more.