Category: Government Benefits

The Pre-retirement Check List

You have done the hard part and made it to your ‘50s in better financial shape than where you were at a decade ago. If you have children, they are now launched, and their financial dependency on you has hopefully decreased. If you did not have children, you probably used the additional cash flow to hammer away at your mortgage and build up your assets.

Now as you look at your options for retirement you are wondering, “can I do this early or am I looking at the traditional age of 65 to make it happen?”

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The Disability Tax Credit

The disability tax credit (DTC) is a non-refundable tax credit that those with disabilities, or the people who support them, can claim to reduce the amount of income tax owed. Individuals may claim the disability amount on their annual income tax return once eligible for the DTC.  

The purpose of the DTC is to provide for tax equity by allowing some relief for disability costs since these costs are unavoidable expenses.

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What is Old Age Security (OAS) and what can you expect from it?

The OAS program is part of the Canadian Government’s largest pension plan and it is funded from general tax revenues, such as income tax and GST. We do not pay directly via employer and employee contributions like we do with CPP.

As of the 2nd quarter of 2020 the maximum monthly OAS payment is $615.53; payments are adjusted quarterly based on inflation.

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