Income-tested benefits such as the Old-Age Security can be clawed back, creating an additional tax balance as the amount must be repaid.. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor , visit our
Service Canada does not withhold income taxes from their Canada Pension Plan and Old Age Security entitlements automatically, Mr. Walhout says. “With just one person claiming all of that income, that can push them up into a higher marginal tax rate, and that can cause a surprise, especially that first year,” Ms. Ulmer explains.In the past couple of years, guaranteed investment certificates and high-interest savings accounts have paid out higher interest rates – as much as 6 per cent in some cases. Now, clients are. “They didn’t get them before because they won’t send them out for amounts of less than $50,” Ms. Ulmer says.
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