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Thanks for your comment! You're correct that OAS eligibility isn't based on employment history. Whether you've worked, earn cash income, or receive CPP deductions isn't a factor for receiving OAS. It's mainly about age, residency, and citizenship. So, whether you earn cash or have CPP deductions doesn't affect it. However, taxes on OAS benefits can apply depending on your total income. Hope this helps clarify!
Learn as much as you can so that the control is always in your own hands and never use financial advisor otherwise you will likely not take the time and effort to learn. Knowledge is power !
Thank you for sharing your thoughts! It's empowering to educate yourself and take control of your retirement planning. Knowledge is indeed power. However, we believe that financial advisors can provide valuable expertise, especially with complex financial products like RRSPs and RRIFs. A combination of self-education and professional advice can help ensure a secure and well-planned retirement. Wishing you all the best on your retirement journey!
Even though can no longer contribute to your RRSPs after the year you turn 71 years old, you can deduct unused RRSP contributions up to the amount of your RRSP deduction limit. You do not have to claim the undeducted contributions in a single year.
@@user-sf2bx1dn3h At 71, taxable income usually comes from sources like RRSP withdrawals, pensions, and investments such as and not limited to dividends, capital gains, rental income. When you convert an RRSP to an RRIF, withdrawals are taxable. It's important to manage these withdrawals to minimize taxes.
