Couple with gold-plated pensions vulnerable to taxes that could grab 30% of their income — via financialpost PersonalFinance FamilyFinance
Family Finance asked Derek Moran, head of Smarter Financial Planning Ltd. in Kelowna, B.C., to work with Herb and Mary.
Herb will lose $903 from his present monthly stipend of $8,800, while Mary will lose $850 from her $7,000 pre-tax pension.Article content Each spouse will face clawback risk. Given their incomes, it is unavoidable. Therefore, they should start OAS at 65, Moran suggests. There would be clawback, but if they defer taking OAS to 70, RRIF income that has to flow by age 72 would add to the clawback’s bite.
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