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• Get ride of your debt. 
• Don't enter into a car loan before entering into retirement. Pay cash for cars.
• Evaluate your insurance. Maybe you don't your life insurance, etc.
• Determine how you are going to pay for healthcare. Most Canadians pay these extra expenses out of pocket.
• Update your estate plan (will, power of attorney, document your digital assets(logins, etc).
• Determine your retirement age.  (Will need to line up with your retirement plan!)

Tax Rates

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In Ontario, the portion of your income that is not taxed comes from the basic personal amount (BPA), which applies at both the federal and provincial levels.

For 2025, the basic personal amounts are:

• Federal BPA: $15,000 (gradually reduced for incomes over $173,205)
• Ontario BPA: $11,865

This means that the first $15,000 of your income is not subject to federal tax, and the first $11,865 is not subject to Ontario provincial tax.

Retirement Budget

Figure out how much you need monthly once you retired.

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