Wife would lose $17,000 a year in income if her husband dies
In Alberta, a couple we’ll call Maurice, 64, and Lori, 55, have retired. Their children are grown and gone, their finances are secure with assets of $1,741,500, no debts, and carefully tracked expenses of $67,932 per year.
Maurice can draw CPP and full OAS benefits at 65. He would like to delay the start of his CPP, $777 per month at 65, to age 70 and therefore receive a 42 per cent boost over the age 65 amount to $1,103 per month. The couple receives $750 per month from renting out an apartment in their basement. They expect to terminate the rental in six years when Maurice is 70.
After 15 per cent average tax but no tax on TFSA cash flow, they would have $4,821 per month before 70 and $5,121 per month after 70 to spend.
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