Do retirees need to pay for private health insurance? Plus, Globe Advisor’s Best of 2022: Top Strategies for RRSPs and TFSAs

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Are you a retiree interested in discussing what life is like now that you’ve stopped working? Globe Investor is looking for people to participate in its Tales from the Golden Age feature, which discusses the realities of retirement living.

The Canadian tax rules indicate it is the province of residence on Dec. 31 of each year that will determine which province will collect the provincial income tax and the effective tax rate of the individual as each province sets their own tax rates and credits. The determination of which province an individual is a resident is based on where their most significant residential ties exist.

It’s possible that all of your significant residential ties are in Nova Scotia, with the exception of the location of your spouse, whom you’ve indicated is in a care home in New Brunswick or, alternatively, it’s possible that most of the ties are still in New Brunswick.

 

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