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Email this5:04 am
November 18, 2017
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I learned about and investigated the Pension Income Adjustment two years ago. As I have only CPP, OAS and GIS, that has been no avail. I'll have to find out about the RRIF withdrawal terms. As far as I know, I won't even be incurring tax witholding with my small dribble.
RetirEd
7:45 am
October 27, 2013
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RetirEd said
I learned about and investigated the Pension Income Adjustment two years ago. As I have only CPP, OAS and GIS, that has been no avail. I'll have to find out about the RRIF withdrawal terms. As far as I know, I won't even be incurring tax witholding with my small dribble.
It has nothing to do with RRIF withdrawal terms, withholding tax or otherwise. It has to do with getting a tax credit on some taxable Pension Income, to the extent you otherwise have a tax balance due on your T1 General overall.
Tax software will automatically cover this off if you input your T4RIF Box 16 income correctly into the app.
8:15 am
April 6, 2013
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Line 31400 – Pension income amount has the details.
Unfortunately, CPP and OAS payments don't qualify:
Note Amounts such as old age security benefits, Canada Pension Plan benefits, Quebec Pension Plan benefits, death benefits, retiring allowances, excess amounts from a RRIF transferred to an RRSP, another RRIF or an annuity, amounts shown in boxes 18, 20, 26, 28 and 34 of your T4RSP slips, and amounts distributed from a retirement compensation arrangement shown on your T4A-RCA slips do not qualify for the pension income amount.
10:08 am
December 18, 2024
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HISAhopper said
Same here, I took CPP as soon as I stopped working and OAS as soon as I was qualified.
My TFSA have been maxed out every year so any income (from selling the house) will have no where to go but in a non-registered account. I am thinking whether to sell the house now at age 65 to be hit with tax early on or wait to sell it after age 71 when the mandatory RRIF withdrawal added on to the interest income from selling the house will definitely put me into a higher tax bracket.
Thanks for the inputs
I don’t get it. TFSA’s are maxed from funds from sale of house.
And thinking to sell house at age 65. So you own(ed) 2 houses and one yet to sell? And you are expecting to pay taxes in the sale of that second home?
12:05 pm
October 27, 2013
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GIC-Fanatic said
I don’t get it. TFSA’s are maxed from funds from sale of house.
And thinking to sell house at age 65. So you own(ed) 2 houses and one yet to sell? And you are expecting to pay taxes in the sale of that second home?
I think the post is just poorly worded but either way, the sudden jump in income from the proceeds of selling a principal residence will begin once the funds are invested in non-registered investments and earning income.
It has nothing to do with RRIF income specifically. The beginning of RRIF income to one's income base simply adds to the tax burden at that time.
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