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Next Week: Special Federal Budget Report
Knowledge Bureau will publish a late edition of KBR on March 22 to cover the Budget. Be sure to join us for all the news and please share knowledge: a subscription to the Special Budget Report is free. Your friends and colleagues can sign in to reserve their copy now.
Tax Tip: Seniors Who Receive OAS Must Plan for Clawbacks
The full OAS Benefits to be reported as income by recipients on the 2016 tax return is $6,878.82. The amount will be less if you started receiving the benefits this year or could be more if you delayed starting beyond your 65th birthday. But, if you had unanticipated higher income on the 2016 tax return perhaps due to your investments, your annual Old Age Security (OAS) could be reduced or disappear entirely come this July. Worse, you could find yourself paying more in quarterly tax instalment remittances. Are you having that discussion with your tax specialist? It’s important to plan your summer cash flows. Here’s what you need to know:
Early Retirement? You Have Options When It’s Not Your Idea
Lost your job? That can be a very traumatic experience for some; a relief for others. In both cases, Employment Insurance (EI) benefits are a good first line of defence to pay for food and shelter. However, these benefits will be taxable. Worse, if you are a high-income earner in the year you leave your job, these benefits may also be subject to repayment. Therefore, some tax planning is in order.
