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Avoiding Tax Surprises with CPP and OAS
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Getting income taxes right in retirement can be stressful. While we are working, our employers generally do a good job of making sure our tax withholding matches our tax liability. But it is trickier in retirement. We have multiple income sources coming in, all with varying levels of income taxes withheld, and often times we have a negative surprise at tax time.
In this video, I walk through a sample retiree's tax return and show how they ended up with a surprise tax bill at tax time. Then I talk about steps they can take if they want to get their tax withholding right, specifically for CPP and OAS.
Resources used in this video:
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TIMELINE:
0:00 - Intro
1:23 - Sample Tax Return
2:52 - The Tax Surprise
3:41 - CPP and OAS Withholding Taxes
4:14 - Service Canada Form
5:15 - Action Items
In this video, I walk through a sample retiree's tax return and show how they ended up with a surprise tax bill at tax time. Then I talk about steps they can take if they want to get their tax withholding right, specifically for CPP and OAS.
Resources used in this video:
⭐️⭐️TAKE THE "HOW MUCH DO I NEED TO RETIRE" QUIZ⭐️⭐️
Complete this brief survey and I will send you a private and personalized video giving you the answer to this key retirement question.
📅 Book an Introductory Call with Mark
🗞️😄 RETIREMENT ROUNDUP🗞️😄
To get a weekly video newsletter with retirement news, planning insights, and investment lessons, consider subscribing to "Retirement Roundup" below:
TIMELINE:
0:00 - Intro
1:23 - Sample Tax Return
2:52 - The Tax Surprise
3:41 - CPP and OAS Withholding Taxes
4:14 - Service Canada Form
5:15 - Action Items
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