Episode 53: Three smart tax moves retirees should review before filing their return.

Published February 2, 2026

In this episode of Money Monday, Darren Devine, Financial Planner with Sun Life and President of Devine & Associates, outlines three practical tax-related considerations retirees should review before filing their tax return.

These aren’t last-minute tricks — they’re strategic decisions that can affect:

→ How much tax you pay over time
→ Which accounts you draw from first
→ Whether income is being taxed efficiently between spouses
→ How credits and deductions are being used

By reviewing these tax moves before filing, retirees can help reduce surprises, improve long-term efficiency, and ensure their financial plan and tax strategy are working together.

Not sure if you’re missing tax opportunities in retirement?

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Related Money Monday Episodes

If you’re reviewing your taxes this year, these Money Monday episodes may also be helpful.

Episode 26: RRIF Rules You Should Know

Understanding RRIF withdrawal rules is essential when reviewing taxable income and planning withdrawals before filing.

Episode 29: Keys to a Successful and Secure Retirement

Provides broader context on why tax planning remains an important pillar of retirement — not just something done once a year.

Episode 27: Does Your Investment Strategy Match Your Life Stage?

Helpful when evaluating whether your investments and income sources are still aligned with your current tax situation in retirement.

Episode 52: Do You Have a Written Plan — or Just “Good Intentions”?

Reinforces the importance of having tax strategies documented and coordinated as part of a written retirement plan.

Darren Devine, CFP®, CLU®

Financial Planner, Sun Life
President of Devine and Associates Financial Services Inc.

Tax planning isn’t just for April. For retirees, some of the best moves actually happen in January and February.

Hello, and welcome to Money Monday, where we help simplify your financial journey.
I'm Darren Devine, Financial Planner with Sun Life and President of Devine & Associates. I’ve been helping families across Ontario plan, protect, and enjoy their retirement for over 20 years.

If you’re retired, tax time can feel like something you deal with after the fact—your slips show up, you file, and hope for the best.
But a lot of the smartest tax moves actually happen before you file.

Here are three tax moves to think about early in the year:

  1. Decide if an RRSP contribution still makes sense. If you’re between 60 and 71 and still have earned income—maybe from part-time work, consulting, or a business—an RRSP contribution can sometimes reduce the tax on that income and help you keep more in your pocket.
    It doesn’t make sense for everyone, especially if you’re already in a very low tax bracket in retirement—but it’s worth checking before the RRSP deadline.
  2. Look at pension income splitting if you’re part of a couple. If one spouse has higher taxable pension or RRIF income than the other, you may be able to “shift” some of that income to the lower-income spouse on your tax return.
    The result?
    →You may both end up in lower tax brackets,
    →And you may reduce things like OAS clawback over time.
    It’s just paperwork—nothing actually changes in your bank account—but it can make a real difference on your tax bill.
  3. Be intentional about where big withdrawals come from. Planning a bigger expense—home repairs, a vehicle, helping kids, a special trip?
    Instead of taking it all from your RRIF and pushing yourself into a higher tax bracket for the year, it may make sense to use:
    →TFSA funds, where withdrawals aren’t taxable, or
    →Non-registered savings, if that’s more efficient for your situation.
    The right mix depends on your income level, benefits, and what else is happening that year.

You don’t have to sort this all out on your own.

A great starting point is to bring your most recent Notice of Assessment and your pension and investment slips to a planning meeting. From there, we can map out which moves make sense before you hit “file” on your tax return.

Thanks for tuning into Money Monday. Don’t forget to like and comment for more episodes filled with tips to help make your financial journey a breeze. Until next time, I'm Darren Devine, and you can always talk to us today at DevineAndAssociates.ca!

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