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Most Canadians hold some investments outside of RRSPs and RRIFs, where taxes can easily impact the growth of those assets. Tim Cestnick, managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians, says there are two things in particular that will determine how much tax you pay annually on your non-registered investments: portfolio make-up and portfolio turnover.

"Canadians are starting to recognize the impact taxes can have on a portfolio," Mr. Cestnick writes. "I'm here to tell you that focusing on after-tax returns is so important when investing outside an RRSP or RRIF that it could mean the difference between having plenty in retirement, and moving in with the kids or performing on a street corner to make ends meet (and unless you're Bono, performing on a street corner is not likely to get you far)."

Mr. Cestnick discusses strategies to keep the tax collector away from your money in this discussion. Mobile users can join the discussion by clicking here.

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