naggz
Recycles dryer sheets
- Joined
- Nov 23, 2010
- Messages
- 124
Ok, this is what my understanding was. Now if one does collect CPP then the combined OAS and GIS payments are reduced?
The max CPP is $960 per month ($11,520 per year)
The clawback for OAS is 15% for income over 66,335, so that would be okay.
The clawback for GIS is 50% for all income (income would not include the OAS, just CPP) so this would be $723 - (50% x 960) = $243 after clawback
So for a single person who is eligible to receive the max CPP, OAS, and GIS payout, the payouts should be about:
$ 960 CPP
$ 533 OAS
$ 243 GIS
-------------------
$1,736 per month or $20,832 per year.
Notes: GIS is non-taxable, and the tax on the CPP and OAS is negligible ($0 to a couple hundred per year, depending on the province)
as an aside, here is a link to a Canadian tax calculator:
http://www.taxtips.ca/calculators/taxcalculator.htm
Last edited: