Got our taxes filed for another year. Here in Canada we have to report income and "file our taxes," so the Government of Canada can make sure you have paid enough taxes for the prior year. The deadline is April 30th.
2025 was hubby's first full year of retirement, so it was going to be a "first" for us filing our taxes with only income from pensions and RRSP's. When you first retire that first year is a bit of a guessing game as to whether what you have planned and what actually happens aligns.
I am pleased to say it did align, sort of. The good news we didn't owe tax, but budget wise we did go slightly over budget with our expenses. Luckily we do have a cushion, so it wasn't the end of the world, plus we did pay for a couple of unexpected things.
What this means for 2026, is that we don't need to change how we do things. I will say I feel as though we are better off since we retired, and as yet I can't pin point how? Which I know is odd.
I will say I am fortunate that hubby was such a hard worker and I was a preplanner. This has made retirement financially easier on us. Though what is happening in the States is not making things easy up here, as every time a certain person opens his mouth we end up losing money 😡
So my advice for anyone thinking about retiring, plan well ahead if you want to retire. Research, research and research. Get rid of any debt before you retire, going into retirement not owing anything but your regular bills, is a god send in my opinion.
If you have any tips you want to share I would love that.
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