FP Answers: Can I retire at age 43 on $48,000 annually?

Let’s look at: RRSP withdrawals, claiming the Capital Cost Allowance , the cash dam strategy and a combination of the first three, as well as switching your mortgage to a line of credit , selling your home and renting an apartment.Article content

You also risk dying with too much money, so we should bring some of that future income into today so you can enjoy a comfortable lifestyle. You need to understand the CCA “recapture” rules. If the building hasn’t depreciated in value by the time it’s sold, you have to add back the amount of CCA claimed. If you claimed CCA in 2022 and then sold the building in 2023, you’d have to add the $26,000 CCA claim to your income. If you’re still in the same tax bracket, you’d pay an extra $6,000 in tax.Article content

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