Avoiding Tax Surprises with CPP and OAS

Описание: 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:

https://www.taxtips.ca/calculators/ca...

https://www.canada.ca/en/services/ben...

https://www.canada.ca/en/services/ben...

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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