Thanks Barbara! Yes and on my website there is a calculator to figure out a rough idea of what your tax rate would be and then what amounts you can ask to withhold! Thanks for the support! Joe
Hi Esiza! Thanks for the question! The good news is that your CPP and OAS income is protected from creditors if you file for bankruptcy. You'll continue receiving your payments without interruption. Not only are CPP and OAS payments creditor-proof, but RRSPs and other registered plans are also federally protected. Additionally, many provinces offer further protection for retirement savings, ensuring your financial security remains intact under the Bankruptcy and Insolvency Act (BIA). Great question and thanks for the support - welcome to the channel!
CPP is a function of how much you contributed, which comes directly from taxable wages. So it would depend on how the bankruptcy affected your employment.
But we don’t all die young. I’ll take the guaranteed return of CPP all day long. I have enough to bridge the gap, the 42% inflation adjusted return from 65-70 is hard to beat. If you need the money or you don’t expect to live very long, or you have a DB pension, go for it. Others should strongly consider deferring.
Hey Garmin! I can understand the appeal of getting money right away. However, I would have to agree with David. If you have no health concerns and your parents have longevity its often best to take the strategic risk of deferring your CPP and OAS to 70 as the increases are substantial. That said, most Canadians take it early :) Thanks for the great comment and welcome to the channel!
@@D0NKY I have one as well. Most DB Pension are adjusted to CPI, just like CPP. I'm taking it in 2 months at 61. I'll collect $41,000 before age 65. And guess what, I'll get $10,000/ year for every year after that. CPP is adjusted every year for the CPI that's about 2% on average..so over 10 years that's 20%. At 0% I'll collect $100,000 before you collect a dime at 70... the actual amount is greater, probably $120,000. If I die at 70, I've collected 120k. If you die at 70, you get nothing. Remember it's YOUR MONEY administered by the government
Great video!
Thanks so much for the kind words and welcome to the channel!
People also need to remember to figure out how much tax to have taken off. I found the government doesn't calculate that for you when you apply.
Thanks Barbara!
Yes and on my website there is a calculator to figure out a rough idea of what your tax rate would be and then what amounts you can ask to withhold!
Thanks for the support!
Joe
Deos bankruptcy effect CPP or OAS benefits?
Hi Esiza! Thanks for the question!
The good news is that your CPP and OAS income is protected from creditors if you file for bankruptcy. You'll continue receiving your payments without interruption. Not only are CPP and OAS payments creditor-proof, but RRSPs and other registered plans are also federally protected. Additionally, many provinces offer further protection for retirement savings, ensuring your financial security remains intact under the Bankruptcy and Insolvency Act (BIA).
Great question and thanks for the support - welcome to the channel!
CPP is a function of how much you contributed, which comes directly from taxable wages. So it would depend on how the bankruptcy affected your employment.
Take CPP at 60, take OAS at 65, we all die.
But we don’t all die young. I’ll take the guaranteed return of CPP all day long. I have enough to bridge the gap, the 42% inflation adjusted return from 65-70 is hard to beat. If you need the money or you don’t expect to live very long, or you have a DB pension, go for it. Others should strongly consider deferring.
Hey Garmin!
I can understand the appeal of getting money right away. However, I would have to agree with David. If you have no health concerns and your parents have longevity its often best to take the strategic risk of deferring your CPP and OAS to 70 as the increases are substantial.
That said, most Canadians take it early :)
Thanks for the great comment and welcome to the channel!
You ate the marshmallow right away.
@@Imsosmrt1999 I have a DB pension. Why would that make a difference for me to take it early?
@@D0NKY I have one as well. Most DB Pension are adjusted to CPI, just like CPP. I'm taking it in 2 months at 61. I'll collect $41,000 before age 65. And guess what, I'll get $10,000/ year for every year after that. CPP is adjusted every year for the CPI that's about 2% on average..so over 10 years that's 20%. At 0% I'll collect $100,000 before you collect a dime at 70... the actual amount is greater, probably $120,000. If I die at 70, I've collected 120k. If you die at 70, you get nothing.
Remember it's YOUR MONEY administered by the government
Brawo Gomernment Canada. This mobey is just enaugh to pay a rent One Bedroom in Toronto Tich Country Ccanada and poor Retirees. O' Canada
Bull sh. INFLATION RATE 3% . JUST LAS TEN YEARS RENT INCTRASED 100 %. where is your 3% inflation for majority of Canadians
This is indirect cheating not counting over 2 milion poor Retirees in Cabada?