Next Week's Video Will Be Diving into Strategies that Reduce Net Income- This will have the effect of eliminating clawback if done correctly. Let me know if this has been helpful so far. Please share it with your family and colleages =)
Ive never gone beyond 28000.00 per year ever! Yet they shaved 296.00 off my OAS and took another 78.00 from an 83.00 Gains supplement. Inow collec1740.00 a month and paying 1475.00 for rent! How does this seem fair?
I don't think CRA takes your expenses into account like welfare does. They just calculate according to their formula. Fairness has nothing to do with government; any Native can tell you that.
Where did you get this information? I have written to CRA and am still waiting for a distribution date for the CPP and OAS increases. A month later I still don't have a response.
Latest payment adjustment - April to June 2024 As the Consumer Price Index did not increase over the previous 3-month period, Old Age Security benefits remain unchanged for the April to June 2024 quarter. The increase over the past year is 3.2%, from April 2023 to April 2024. Next payment adjustment - July to September 2024 Based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024. Benefit amounts for July will be published on this page at the end of June 2024.
@@HervinPesa This is the correct answer to his question Latest payment adjustment - April to June 2024 As the Consumer Price Index did not increase over the previous 3-month period, Old Age Security benefits remain unchanged for the April to June 2024 quarter. The increase over the past year is 3.2%, from April 2023 to April 2024. Next payment adjustment - July to September 2024 Based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024. Benefit amounts for July will be published on this page at the end of June 2024. CPP is increased by the same percentage amount as OAS.
@@parkerbohnn Hey Parker. I had about 50 comments asking question regarding videos published by Canada Benefits hub so I thought that's what this question meant. There were ads on top of my videos where they were talking about a 1600-2000 monthly increase.
Hi. Do you loose your OAS if you stay in Canada less than 6 months in a year? Leave for 5 months/ come back for a month or two/ leave for another 5 months etc…
Yes but Canadian dividends are the one thing that pushes into a clawback situation because the dividend tax credit is a credit not a tax deduction. The 38 percent grossup on the dividends is what pushes into the clawback.
What is unfair is when someone has lived in Canada has contributed to the Canadian taxes their whole life; yet have your OAS clawed back in retirement. There is clearly a flaw in the equation. How about calculating how much each Canadian contributed over their lifetime so everyone could get OAS! Everyone’s situation is different I am retired but still have a teenager at home to support and a young adult child still in school who lives at home due to the economic conditions our Government has created!
The government is not responsible for the economy downturn. Look around you! You are in a privileged category. Why are you complaining: do you live in a tent? I have no concern for people who earn nearly $100,000 a year. Have you ever heard this adage? TO THOSE THAT MUCH IS GIVEN, MUCH IS EXCEPTED. If every one paid the 49% tax rate that I paid, the country would be in a better place.
Offshore tax havens were easy to put money into in the distant past. Now they track anything 10 thousand and upwards. Getting a swiss bank account is near impossible today.
Stuff a money into something that hopefully produces a capital gain with no dividends or interest. Put in enough money so you'll end up under the clawback of about $90,000.
Maybe CRA should claw back the 3rd and 4th generation family on the Welfare system instead of the elderly....maybe they should get off the welfare system and start contributing instead of taking from it...
Put some of you money into something that produces no income but does produce a capital gain in the distant future like gold bars. Avoid Canadian dividends as the 38 percent grossup is what pushes many people into a total clawback.
Next Week's Video Will Be Diving into Strategies that Reduce Net Income- This will have the effect of eliminating clawback if done correctly.
Let me know if this has been helpful so far. Please share it with your family and colleages =)
Ive never gone beyond 28000.00 per year ever! Yet they shaved 296.00 off my OAS and took another 78.00 from an 83.00 Gains supplement. Inow collec1740.00 a month and paying 1475.00 for rent! How does this seem fair?
I don't think CRA takes your expenses into account like welfare does. They just calculate according to their formula. Fairness has nothing to do with government; any Native can tell you that.
You dotted the box for Revenue Canada to take tax off when you applied for OAS. You should have dotted the box don't take off any tax.
Where did you get this information? I have written to CRA and am still waiting for a distribution date for the CPP and OAS increases. A month later I still don't have a response.
Sue. unfortunately, I think you're responding to the wrong video.
Latest payment adjustment - April to June 2024
As the Consumer Price Index did not increase over the previous 3-month period, Old Age Security benefits remain unchanged for the April to June 2024 quarter. The increase over the past year is 3.2%, from April 2023 to April 2024.
Next payment adjustment - July to September 2024
Based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024.
Benefit amounts for July will be published on this page at the end of June 2024.
@@HervinPesa This is the correct answer to his question
Latest payment adjustment - April to June 2024
As the Consumer Price Index did not increase over the previous 3-month period, Old Age Security benefits remain unchanged for the April to June 2024 quarter. The increase over the past year is 3.2%, from April 2023 to April 2024.
Next payment adjustment - July to September 2024
Based on changes in the Consumer Price Index (CPI), OAS benefits will increase by 0.7% for the July to September 2024 quarter, for an increase of 2.8% over the past year, from July 2023 to July 2024.
Benefit amounts for July will be published on this page at the end of June 2024. CPP is increased by the same percentage amount as OAS.
@@parkerbohnn Hey Parker. I had about 50 comments asking question regarding videos published by Canada Benefits hub so I thought that's what this question meant. There were ads on top of my videos where they were talking about a 1600-2000 monthly increase.
@@HervinPesa Ok.
But if you are poor do they take away
Hi. Do you loose your OAS if you stay in Canada less than 6 months in a year? Leave for 5 months/ come back for a month or two/ leave for another 5 months etc…
Is the claw back based on net income after adjustments?
Yes but Canadian dividends are the one thing that pushes into a clawback situation because the dividend tax credit is a credit not a tax deduction. The 38 percent grossup on the dividends is what pushes into the clawback.
Can i file now an OAS? Im now 77 y/o still working full time.
Better late than never but you just lost 7 years of OAS payments assuming you make under $148,000 a year.
My OAS went down in the last 2 months. Now I'm living on $1700 a month😢 I'm 75
OAS never declines unless that law is amended.
What is unfair is when someone has lived in Canada has contributed to the Canadian taxes their whole life; yet have your OAS clawed back in retirement.
There is clearly a flaw in the equation. How about calculating how much each Canadian contributed over their lifetime so everyone could get OAS!
Everyone’s situation is different I am retired but still have a teenager at home to support and a young adult child still in school who lives at home due to the economic conditions our Government has created!
The government is not responsible for the economy downturn. Look around you! You are in a privileged category. Why are you complaining: do you live in a tent?
I have no concern for people who earn nearly $100,000 a year. Have you ever heard this adage? TO THOSE THAT MUCH IS GIVEN, MUCH IS EXCEPTED.
If every one paid the 49% tax rate that I paid, the country would be in a better place.
Offshore tax havens were easy to put money into in the distant past. Now they track anything 10 thousand and upwards. Getting a swiss bank account is near impossible today.
Stuff a money into something that hopefully produces a capital gain with no dividends or interest. Put in enough money so you'll end up under the clawback of about $90,000.
So they give it then ta,e it awzy
Maybe CRA should claw back the 3rd and 4th generation family on the Welfare system instead of the elderly....maybe they should get off the welfare system and start contributing instead of taking from it...
Don't hold your breath.
As someone who has invested and saved his money, I'm at full clawback now. Ridiculous. It should be just taxable.
Jim check the video this week, you may be able to mitigate that
Lucky you
Put some of you money into something that produces no income but does produce a capital gain in the distant future like gold bars. Avoid Canadian dividends as the 38 percent grossup is what pushes many people into a total clawback.
Hi Herwin. Is it true that there is an increase of $1, 576 monthly on OAS Pension? It’s in the news today.
Yes great question. So many different figures today....
I have read CRA site that states increase is 193% so $1,376 per month extra.
Which news provider?
I think .. from what I’ve researched, this results in a campaign promise if mr. Trudeau made if he was re-elected.
Think that was receiving full GIS
tagalog version sana
Hello