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How your net income gets calculated for tax and OAS + MORE Feb 7th
Ask MoneySense
Appreciate your article on OAS (Old Age Security). Can you tell me how net income is calculated? For example, if I have $100,000 in pension income and $30,000 was deducted for income tax, is my net income $70,000? —Kevin
Calculating net income for tax and OAS purposes
I lik.... More »
I’m decades from retirement. Do I really need to contribute to my RRSP? + MORE Mar 15th
The biggest issue with contributing to an RRSP too early is the need down the road to withdraw the money for expenses other than retirement that come along, says experts.... More »
Can Canadian investors save tax when a stock’s company goes bankrupt? Dec 27th
Ask MoneySense
The company of a stock I own went bankrupt. Am I able to claim losses? If so, how?
—Jake
Can you save on tax when a company you invest in goes bankrupt?
The short answer is: it depends, Jake. But, I will outline the factors to consider to determine if and how you ca.... More »
Why GICs are a good addition to an RRSP or a TFSA + MORE Feb 8th
It’s tax time again, which means Canadians may be thinking about tax-smart ways to invest to reduce their tax burden next year. Chances are, you’ve seen and heard more about guaranteed investment certificates (GICs) in recent months than ever before, and there are concrete reasons why. Read on t.... More »
The best RRSPs in Canada for 2026 + MORE Jan 31st
Why should you open a registered retirement savings plan (RRSP)? This account type is often described as “tax-advantaged,” meaning it offers a tax-efficient way for savers and investors to build wealth for the future, usually for retirement. To maximize its potential, it helps to know the differ.... More »
Q. My father, who was born in 1945, left Canada to live in Thailand when was 26 years old. That was 50 years ago and he has never returned. If he comes back to Canada for one year to apply for his OAS, would he be eligible to receive a full pension? And would they be able to calculate his pension and pay benefits retroactively from his 65th birthday?
–Helen
A. The Old Age Security (OAS) pension is based on residency in Canada. It differs from the Canada Pension Plan (CPP), which is based on contributions by employees and the self-employed.
Canadian residents must have lived in Canada for at least 10 years after the age of 18, be 65 or older and be a citizen or a legal resident at the time their OAS application is approved.
Non-residents must have been a citizen or legal resident on the day they left Canada, be 65 or older and have lived in Canada for at least 20 years after the age of 18.
If an OAS applicant falls short of the residency years, they may still qualify if Canada has a social security agreement with another country where they live or lived…
–Helen
A. The Old Age Security (OAS) pension is based on residency in Canada. It differs from the Canada Pension Plan (CPP), which is based on contributions by employees and the self-employed.
Canadian residents must have lived in Canada for at least 10 years after the age of 18, be 65 or older and be a citizen or a legal resident at the time their OAS application is approved.
Non-residents must have been a citizen or legal resident on the day they left Canada, be 65 or older and have lived in Canada for at least 20 years after the age of 18.
If an OAS applicant falls short of the residency years, they may still qualify if Canada has a social security agreement with another country where they live or lived…
