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How does OAS clawback work?

By |2019-09-04T10:05:23-05:00June 12th, 2019|

If you have begun taking Old Age Security (OAS) payments, and your individual net income is over $75,910, then some of your OAS payments will be clawed back at year end. For every dollar of individual net income above $75,910, [...]

How much can I contribute to an RRSP?

By |2019-09-04T10:04:47-05:00June 10th, 2019|

For the 2018 tax year, you're allowed to contribute the lesser of $26,230 or 18% of your earned income for the previous year. The maximum for the 2019 tax year is $26,500. If you made contributions to a pension plan, [...]

How much can I contribute to a TFSA?

By |2019-09-04T10:03:49-05:00June 10th, 2019|

In 2019, the annual contribution room is $6,000. The chart below summarizes the total contribution room in each year since the Tax Free Savings Account was created.               If you were born in 1991 [...]