192
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 06 Apr 2024
192 points (98.0% liked)
Canada
7166 readers
271 users here now
What's going on Canada?
Communities
🍁 Meta
🗺️ Provinces / Territories
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Northwest Territories
- Nova Scotia
- Nunavut
- Ontario
- Prince Edward Island
- Quebec
- Saskatchewan
- Yukon
🏙️ Cities / Regions
- Calgary (AB)
- Edmonton (AB)
- Greater Sudbury (ON)
- Halifax (NS)
- Hamilton (ON)
- Kootenays (BC)
- London (ON)
- Mississauga (ON)
- Montreal (QC)
- Nanaimo (BC)
- Oceanside (BC)
- Ottawa (ON)
- Port Alberni (BC)
- Regina (SK)
- Saskatoon (SK)
- Thunder Bay (ON)
- Toronto (ON)
- Vancouver (BC)
- Vancouver Island (BC)
- Victoria (BC)
- Waterloo (ON)
- Winnipeg (MB)
🏒 Sports
Hockey
- List of All Teams: Post on /c/hockey
- General Community: /c/Hockey
- Calgary Flames
- Edmonton Oilers
- Montréal Canadiens
- Ottawa Senators
- Toronto Maple Leafs
- Vancouver Canucks
- Winnipeg Jets
Football (NFL)
- List of All Teams:
unknown
Football (CFL)
- List of All Teams:
unknown
Baseball
- List of All Teams:
unknown - Toronto Blue Jays
Basketball
- List of All Teams:
unknown - Toronto Raptors
Soccer
- List of All Teams:
unknown - General Community: /c/CanadaSoccer
- Toronto FC
💻 Universities
💵 Finance / Shopping
- Personal Finance Canada
- BAPCSalesCanada
- Canadian Investor
- Buy Canadian
- Quebec Finance
- Churning Canada
🗣️ Politics
🍁 Social & Culture
Rules
Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:
founded 3 years ago
MODERATORS
That is how the RRSP is designed to work. She got all those taxes refunded for decades so now she can pay a lower taxable amount than she would have earlier.
And if she’s using it for $500 a month, the taxes on that are going to be very low, not a “good portion”.
The article is written in a very misleading way. 10-20% could be seen as a "good" portion, but it will be returned in the next year since 6K a year will be in the lowest tax bracket.
Most banks default to 10% tax deducted at source. Clients can tell the bank to take more or less, but you're right, she should be getting back almost of it (if not all of it) when she files.
It raises her income, so she gets less OAS. You're right, but if she's poor, then she's gonna have a bad time.
OAS recovery doesn't start until $90,997 of annual income in 2024, so that's not a factor.
EDIT: It could reduce her GIS. The threshold for GIS recovery is $21,624, but from what she said, she also shouldn't have that much income, even with the RRSPs.
Yeah, sorry. I get OAS and GIS mixed up.
Understandable. GIS is automatically applied to an OAS applicant if they qualify, so a lot of people just think of them as the same program.
What’s the thresholds?
The bar is pretty high.