Note that the amount you're eligible for also depends on the income you receive. There is an OAS pension recovery tax of 0. Surviving spouses and common-law partners of OAS recipients are entitled to a survivor pension. Spousal benefits can differ significantly based on your individual situation. Please refer to the Government of Canada website for more details. Ready to start saving for your retirement? Qtrade Investor has everything you need to manage your RRSP, TFSA or other self-directed investment accounts: low commissions, outstanding service, and powerful tools and research, all in an easy-to-use platform.
RRIF, for example, can easily be split but RRSP cannot until it converts to an RRIF so making deposit in your spousal name is something that you need to do much much earlier so that you can withdraw from each account. By deferring, you essential push an additional income until later when you may have a lower income.
However, you need to be careful as the future OAS income will be higher so you need to balance it all. Use your RRSP contribution room if you have some available. You can contribute to an RRSP until the end of the year in which you turn Last but not least, optimize your investments for income tax purposes. Ensure you have the right investments in the appropriate accounts.
For example, GICs and interest income are fully taxable whereas dividends tax and capital gains tax have different advantages. For a complete list of my holdings, please see my Dividend Portfolio.
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There is no undo! Cancel Delete. This will allow for higher monthly payments when you start to receive your pension. Using this deferral strategy benefits those who might be faced with the OAS clawback. OAS clawback for higher incomes. All articles. What is Old Age Security? July — 15 min read. Key takeaways.
OAS is a monthly benefit available to anyone 65 years of age or older. Share on.
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