this post was submitted on 06 Apr 2024
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That is how the RRSP is designed to work. She got all those taxes refunded for decades so now she can pay a lower taxable amount than she would have earlier.
And if she’s using it for $500 a month, the taxes on that are going to be very low, not a “good portion”.
The article is written in a very misleading way. 10-20% could be seen as a "good" portion, but it will be returned in the next year since 6K a year will be in the lowest tax bracket.
Most banks default to 10% tax deducted at source. Clients can tell the bank to take more or less, but you're right, she should be getting back almost of it (if not all of it) when she files.
It raises her income, so she gets less OAS. You're right, but if she's poor, then she's gonna have a bad time.
OAS recovery doesn't start until $90,997 of annual income in 2024, so that's not a factor.
EDIT: It could reduce her GIS. The threshold for GIS recovery is $21,624, but from what she said, she also shouldn't have that much income, even with the RRSPs.
Yeah, sorry. I get OAS and GIS mixed up.
Understandable. GIS is automatically applied to an OAS applicant if they qualify, so a lot of people just think of them as the same program.
What’s the thresholds?
The bar is pretty high.