You need to understand how to get the most from government benefits such as: Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS).  John Stapleton, Open Policy Ontario and financial expert and journalist, Alexandra MacQueen explain what you need to know.  Most financial planning is aimed at middle or high income earners.  It usually does not apply to low income earners, can reduce government benefits and lower retirement income.

•the importance of the GIS and how to minimize the amount of claw backs from other sources of taxable income

•what counts as taxable income and what does not

•how income from an RRSP can reduce or claw-back benefits, while income from a TFSA which is non-taxable will not

•when to apply for CPP and when to draw down from an RRSP

•and, what’s new in 2021 such as the one-time $500 payment, 10% increase to OAS this fall if you’re over 75, RRIF rates going back up and CERB claw backs

This session is supplemented with a link to the plain language booklet, Low Income Retirement Planning (2021).  It’s important viewing and reading for anyone retiring on a low income and for those who provide financial advice.

Planning for Retirement on a Low Income