Description

Many retirees unknowingly leave money on the table because they don’t understand how pensions and tax credits interact. This workshop demystifies Canada Pension Plan (CPP), Old Age Security (OAS) and other government benefits. We’ll explain how CPP contributions continue if you work between 60 and 65. We’ll discuss OAS payment amounts and the Guaranteed Income Supplement for low-income seniors. Attendees will learn about the OAS recovery tax (“clawback”) and how deferring OAS can increase future payments. The second half of the session focuses on often missed tax incentives. We’ll review the Age Amount credit and the Pension Income Amount. Participants will see how pension income splitting with a spouse can reduce taxes but may partially reduce the Age Amount credit. We’ll also cover provincial credits for home renovations and accessibility adaptations and strategies like RRSP/RRIF withdrawal timing. The goal is to empower seniors to legally minimize taxes, maximize benefits and avoid surprises that could erode their retirement income. Presented by the Canadian Foundation of Economic Education (CFEE).