Understanding the OAS Clawback

Seniors don’t take kindly to the clawback of their OAS (Old Age Security) especially in these inflationary times, but this can happen, especially if there was an unusual receipt of income during the past calendar year.  Here’s what you need to know to explain the consequences for 2025 and 2026:

Is the tax system doing enough to recognize the real and increasing costs of elder care? You may be surprised at the answer as we conclude our analysis of the question this week, reviewing tax credits available to the vulnerable and their supporting individuals.

Tax and financial advisors can take an important role in the financial education of young Canadians. As we approach Financial Literacy Month this November, it’s important to revisit the role of financial educator. It’s a critical piece of family wealth management that prepares heirs for their future financial responsibilities and brings peace of mind to their parents, too.

Tax is a trigger for affluent families. They seek credible, trusted, and expert solutions to their investment strategies and expect to work with professionals who can increase returns with tax efficiency.

Richard Yasinski is a DFA-Tax Services Specialist and a Certified Financial Planner (CFP) who offers financial planning on the cutting edge. “What makes our firm unique is that we focus on not just financial planning, but tax planning, estate planning, education planning – all aspects of personal financial planning that I think everyone should be interested in.”

The prescribed interest rates for October 1 to December 31, 2015, remain unchanged on overdue taxes and tax overpayments, and for calculations of taxable benefits and shareholder loans. However, the interest rates on PLOI – Pertinent Loans or Indebtedness –have been reduced this quarter.

Service Canada has just announced the fourth quarter rates for Old Age Security.