Old Age Security (OAS) is a pension that’s separate from CPP and is given to Canadians over 65. Here aresome other differences:CPPIt does not start automatically; you must apply for it. To qualify for CPP, you must: be at least 1 month past your 59th birthday intend for your CPP t...
Let’s say you’re getting retirement income from your RRSP, as well as CPP and OAS payments. And you’re also selling vintage fashion on Etsy. Your income each year will look like this: Example RRIF + OAS + CCP + Etsy = Retirement Income Suppose your Etsy store does really...
“They should be able to split all their RRIF and LRIF income on their tax returns,” he said, and recommended they look into splitting their CPP. “This will help them avoid having OAS clawed back.” Article content He suggests their best strategy is to try to keep each of thei...
Deciding whether to defer OAS is a personal decision and should be based on your unique financial situation. The Government of Canada recommends considering factors like: Whether you plan to keep working after age 65. Your health. Your retirement plans. Whether your spouse or partner wants to ap...