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How do you take RDSP withdrawals? Jun 17th
Registered disability savings plans (RDSPs) were created in the 2007 federal budget, and the first accounts were opened in December 2008. It took a while for financial institutions to offer them and, even now, you cannot open RDSPs everywhere.
Most Canadians with RDSPs have only ever deposi.... More »
How to build a credit history while renting in Canada + MORE Oct 2nd
Being a young adult may afford you the freedom to live on your own. But for most people, that means renting a space—more than 80% of individuals aged 25 to 29 are renters. What’s more, younger Canadians who live in urban areas make up the largest group of renters, according to a study by RBC.... More »
The best high-interest savings accounts in Canada for 2024 Nov 19th
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Find the best and most up-to-date savings rates in Canada using the comparison tool below. Plus, use the filters to assess your estimated return based on the size of your balance.
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This millennial has $100,000 in savings and wants to leave Toronto to buy a cheaper house. With help from parents, is it possible? + MORE Jun 12th
“After looking at all these properties, my boyfriend and I realize that we have to be realistic and find a place further out,” Vanessa said..... More »
What does the average wedding cost in Canada? + MORE Dec 26th
“But you’re getting married! You have to!” That empty statement is on the other end of everything from wedding cakes to bachelorette parties, lace veils, engagement photo shoots and selfie stations. It seems that from the very minute you are betrothed, everyone and their mother (perhaps especi.... More »
Are single seniors unfairly penalized at tax time?
– moneysense.ca
Q. I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually. I keep only about $200 a year out of that for myself. Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income tax, although nothing else had changed in my money situation. Is this due to the social benefits repayment and, if so, can I have OAS payments stopped? Or am I going to have to pay the social benefits recovery no matter what I do?
I also am in receipt of online payments totalling around $7,000 annually, which the CRA has included in my world income. This does not seem right to me, and I would appreciate your professional opinion.
–Karen
A. Karen, you’ll be subject to the social benefits repayment no matter what you do.
If your income is high enough to trigger a clawback of Old Age Security (OAS) payments, based on the income you’ve reported on your tax return, the physical payments are normally stopped…
I also am in receipt of online payments totalling around $7,000 annually, which the CRA has included in my world income. This does not seem right to me, and I would appreciate your professional opinion.
–Karen
A. Karen, you’ll be subject to the social benefits repayment no matter what you do.
If your income is high enough to trigger a clawback of Old Age Security (OAS) payments, based on the income you’ve reported on your tax return, the physical payments are normally stopped…
