Retirement can be confusing with all of the various pensions and income supports available. In this video we look at Old Age Security (OAS) and the Guaranteed Income Supplement (GIS) and how to balance them with your CPP and RRSP to maximize the money you get.

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Understanding OAS and GIS in Canada: How to Avoid Claw Backs in Retirement

As Canadians approach retirement age, it is important to have a thorough understanding of the different government benefit programs available to help support seniors during their retirement years. Two key programs that many retirees rely on are the Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). However, it is crucial to be aware of the potential for claw backs if certain income thresholds are exceeded.

The Old Age Security (OAS) program is a monthly payment available to individuals aged 65 and older who have lived in Canada for at least 10 years. The amount of OAS payment depends on how long the individual has lived in Canada after the age of 18, and is subject to income testing. The Guaranteed Income Supplement (GIS) is an additional benefit available to low-income seniors who receive OAS.

While OAS and GIS can provide valuable financial support to retirees, it is important to be mindful of the income thresholds that can trigger claw backs. The government uses a formula to calculate the amount of OAS and GIS payments based on a retiree’s income level. If a retiree’s income exceeds a certain threshold, their OAS and GIS payments may be reduced or entirely clawed back.

To avoid claw backs and optimize your OAS and GIS benefits, here are some tips to consider:

1. Plan your retirement income strategically: Carefully plan your sources of retirement income to avoid exceeding the income thresholds for OAS and GIS claw backs. Consider income splitting with your spouse, keeping in mind that pension income splitting can help reduce your taxable income.

2. Utilize tax-efficient investment strategies: Invest in tax-efficient investment vehicles such as Tax-Free Savings Accounts (TFSA) and Registered Retirement Savings Plans (RRSP) to minimize your taxable income in retirement.

3. Monitor your income level: Regularly monitor your income level and be aware of how changes in your income could impact your OAS and GIS payments. Adjust your retirement income strategy accordingly to avoid claw backs.

4. Seek professional advice: Consult with a financial advisor or tax professional to develop a retirement income strategy that maximizes your OAS and GIS benefits while minimizing the risk of claw backs.

By understanding the OAS and GIS programs in Canada and being proactive in managing your retirement income, you can maximize your benefits and avoid claw backs. With careful planning and attention to income thresholds, you can enjoy a secure and comfortable retirement without the worry of reduced government benefits.