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The best TFSAs in Canada for 2024 + MORE Jan 9th
Tax-free savings accounts (TFSAs) are more than a simple tax-sheltered savings account. TFSAs allow Canadians to hold cash, guaranteed investment certificates (GICs), stocks, bonds, exchange-traded funds (ETFs) or mutual funds within a structure backed by the government. Any interest made during you.... More »
Can I afford that mortgage? Here’s how much you can safely borrow to buy your first house + MORE May 1st
Talk to a mortgage broker and do a personal budget assessment before you start house hunting, expert says..... More »
Best FHSAs in Canada: Where to get the new first home savings account + MORE May 8th
First home savings account (FHSA) highlights
The FHSA is a type of registered account that allows you to contribute up to $8,000 annually, up to a lifetime limit of $40,000, to save for the purchase of your first home.FHSAs became available on April 1, 2023. However, availability is currently limite.... More »
The best high-interest savings accounts in Canada for 2023 + MORE Jun 26th
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The best high-interest savings accounts in Canada for 2023
Here are the accounts offering the highest interest rates and lowest fees.
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The best high-interest savings accounts in Canada for 2025 + MORE Jun 4th
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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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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…
