[Verse 1] When you reach retirement age, there's planning to be done Pension income splitting helps when two becomes as one Section sixty point oh three lets spouses share the load Split that pension income, lighten up the tax code [Chorus] Plan ahead, save the day OAS clawback stays away Deemed disposition when you die Spousal rollover helps you fly Six oh point oh three for splitting Seventy five for rollover fitting Estate planning, don't delay Plan ahead and save the day [Verse 2] Old Age Security has a clawback trap to fear When your income gets too high, benefits disappear Keep your income under threshold, use your RRSP Withdraw strategically, keep more OAS for free [Chorus] Plan ahead, save the day OAS clawback stays away Deemed disposition when you die Spousal rollover helps you fly Six oh point oh three for splitting Seventy five for rollover fitting Estate planning, don't delay Plan ahead and save the day [Verse 3] Section seventy subsection five says when you pass away Everything you own is sold at fair market value that day But your spouse can take a rollover, defer the tax until They dispose or pass away, keeping money in the family still [Bridge] Graduated Rate Estates get special treatment for three years Lower tax rates help the transition, calm the beneficiaries' fears Testamentary trusts can split the income, spread it all around Twenty-one year rule applies, keep those tax savings sound [Verse 4] Charitable giving at your death can save your estate tax Donate appreciated assets, get the credit benefits back Family business succession needs a careful structured plan Freeze the value, gift the growth, pass it while you can [Chorus] Plan ahead, save the day OAS clawback stays away Deemed disposition when you die Spousal rollover helps you fly Six oh point oh three for splitting Seventy five for rollover fitting Estate planning, don't delay Plan ahead and save the day [Outro] From pension splitting to estate gifts Canadian tax law offers many shifts Plan your legacy, plan it right Keep your family's future bright
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