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All items tagged with: clawback

Helping Seniors: Understanding GIS Clawbacks

Posted: May 08, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, tax credits, knowledge bureau, Evelyn Jacks, guaranteed income supplement, old age security, clawbacks, income splitting, financial education, CE summits, Knowledge Journal, tax efficient income, claiming benefits, financial workships

Exactly when can a claim be made for Guaranteed Income Supplements (GIS)? Many seniors who qualify for Old Age Security may, in fact, be able to make a further claim for the GIS. But there is some income testing to be aware of. Astute tax and financial advisors can help, thereby providing invaluable advice.

Retirement Planning: Avoiding OAS Clawbacks

Posted: April 06, 2018 By : Knowledge Bureau Staff
Posted in: Strategic Thinking , tax preparation, Financial Literacy, CRA, OAS, Financial Advisor, knowledge bureau, Evelyn Jacks, retirement planning, evergreen explanatory notes, tax filing, old age security, tax courses, clawbacks, retirement income, CPP, tax education, CE summits, retirement benefits, financial workshops, online education

Are retired Canadians turning to you for help when they’ve been subjected to Old Age Security clawbacks? If you are a professional in the tax and financial services industry, its your job to provide valuable advice to pre-retirees on this complex issue, and help them avoid the Pension Recovery Tax that could take a chunk out of their retirement income.

Impacting Pre-Retirees: Notable CPP Changes

Posted: April 03, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, OAS, knowledge bureau, Canada Pension Plan, Evelyn Jacks, retirement planning, evergreen explanatory notes, old age security, tax courses, clawbacks, retirement income, CPP, tax education, retirement benefits, online courses, online campus, early pension, survivor pension, taxable income, income calculator, retirement and estate services, retirement income planning course

Did you know that there are more changes coming to the Canada Pension Plan in 2019? Most Canadians are unaware, and even those in the know find that the CPP planning process is quite confusing. There is opportunity here for tax and financial advisors to help bring their pre-retiree clients up to speed before the end of tax season.

Tax Tip: Avoid Clawback of Your EI Benefits

Posted: March 06, 2018 By: Evelyn Jacks
Posted in: Strategic Thinking , Financial Literacy, knowledge bureau, Evelyn Jacks, rrsp, tax courses, employment insurance, financial education, online education, employment benefits, EI Benefits, clawback, EI repayment, layoff, Ontario EI

Are you a high-income earner—perhaps an executive, or seasonal construction or oil rig worker—who may  suffer a loss of employment?  For the 2017 tax year, the base amount for EI repayment is $64,125.  The amount is indexed year over year and if you get caught with income over this, you’ll likely be unpleasantly surprised when you file your 2017 return .  Here’s why:

Employment Insurance Should Not Be Subject to Clawback

Posted: July 10, 2014
Posted in: Breaking News, Tax Planning , employment insurance, EI clawback

Of the 216 votes in our June 2014, 65% of KBR voters strongly voiced their opinion in our against employment insurance being subject to a clawback on the tax return.

Year End Planning with OAS Benefits

Posted: September 30, 2013
Posted in: Strategic Thinking, Think Tank, Investment & Retirement, Tax Planning , OAS clawback

In the final three months of 2013, seniors will receive an inflation-adjusted increased OAS benefit of $550.99 per month, which makes the total annual OAS benefits a total of $6,578.06.