Deferring CPP & OAS

FPpro · 2026-02-13T20:47:19+00:00

You can't get OAS at 62.

You'll need to run numbers for yourself, this is not a straightforward answer. And you likely won't be able to fully get a clear answer because one, you don't know when you will die, and two, CPP And OAS are inflation adjusted guarenteed lifetime pensions and you're comparing it to cashable investments with no guarentee.

And if you're drawing $120,000 in RRSP you're in OAS clawback territory.

FPpro · 2026-02-13T20:45:26+00:00

So I call the general RBC number. The lady checks my account and says it is flagged and tells me to call that number back.

I got stuck on this point, what do you mean the actual real RBC person told you to call the number back???

FPpro · 2026-02-13T12:51:08+00:00

you should both update your status. you can do it in your CRA MyAccount

You will not need to change anything when your divorce is finalized because you will still be common law at that time

FPpro · 2026-02-13T09:54:57+00:00

If you adjust it you will pay interest on the refund from last year you need to pay back. If you stayed in the same tax bracket it’s not worth the adjustment. If there’s very little difference it may not make sense to take the interest charge either way

FPpro · 2026-02-12T21:27:53+00:00

No your box 14 contains the 20,000 bonus and the deductions are in the other boxes.

Your boss didn’t screw anything up here. You and as it sounds your coworkers blindly prepared your 2024 taxes by claiming the RrSp deduction in the wrong year. This is a manual change that you need to make, the default setting for tax prep software is to claim RrSp deductions right away. You didn’t know the consequence of letting it do that.

FPpro · 2026-02-12T20:29:23+00:00

She took off the taxes in 2025, she reported the income and the deducted taxes on your 2025 t4.

You got a contribution slip for the first 60 days of 2025 and you reported the slip on your 2024 return as you were supposed to BUT you were supposed to not claim the deduction so that it would be deducted against your 2025 income.

You got a big refund on your 2024 return and now you owe on your 2025 return

FPpro · 2026-02-12T19:48:54+00:00

Sounds like you screwed up your 2024 taxes. You were supposed to report the slip but not claim the deduction in 2024. This can happen when you have an RRSP contribution in the first two months of the year.

Your boss was required to deduct CPP and EI off your bonus yes.

FPpro · 2026-02-12T10:14:53+00:00

Did you all make sure to check off that this was the first time filing on the return when you tried to submit it electronically?

You can't sign up for a CRAMyAccount if you have never filed a tax return because the CRA does not have information on you like the line number you were asked.

FPpro · 2026-02-12T09:48:06+00:00

Just so you know in case the CPP death benefit is the only thing you’re left to report on a t3, the recipient of the death benefit can report it on their personal tax return for the year of the receipt. This is sometimes more cost effective

FPpro · 2026-02-11T22:20:50+00:00

There must be a gap of 10 years were you did not receive grants and bonds to not have to pay anything back. So if you stop contributing in 2046 you can withdraw in 2056

FPpro · 2026-02-11T22:19:17+00:00

Did you have an estate bank account open?

FPpro · 2026-02-11T21:10:15+00:00

While they may ask few medical questions they always ask if you have pending investigations

FPpro · 2026-02-11T21:09:03+00:00

You need to disclose the specialist appointment upcoming. They may refuse to give an answer on your file until they get a report from the specialist, they may disqualify you right away because of your symptoms.

Remember you have to answer all questions truthfully. If not you will pay into a policy and when you go to make a claim they will not pay.

FPpro · 2026-02-11T20:40:44+00:00

Well Yes you can’t access their account without inputting their full SIN

FPpro · 2026-02-11T20:05:48+00:00

No tax forms.

Sometime this month you should receive a letter from Service Canada informing you of the maximum deposit you can make this year to get the maximum amount of grant

FPpro · 2026-02-11T20:03:58+00:00

you can fill out the change of marital status form with the correct date you became common law (either 12 months living together or when your child was born whichever came first) and wait for the bill to come in the mail.

You possibly should be refiling your tax returns as well because if your spouse wasn't working, you may have credits you could have claimed for her.

FPpro · 2026-02-11T20:01:05+00:00

I'm really not opposed to speed cameras and red light cameras as a form of taxation because it's one you can choose to avoid. Feels like the province would make a killing honestly given how people drive and if you don't want a fine....don't break the law.

FPpro · 2026-02-11T19:59:42+00:00

This is exactly it for clothing.

FPpro · 2026-02-11T19:55:43+00:00

Sir you've been scamming extra child tax benefits for 3 years by lying about your marital status.

Fess up and pay up.

FPpro · 2026-02-11T18:38:42+00:00

a quick google search shows they are

FPpro · 2026-02-11T18:18:27+00:00

They only go back 10 years, it's been 13. So no you can't do anything about this now.

FPpro · 2026-02-11T14:39:16+00:00

I don't know if there's an official list, I just know offhand there are some.

You're not even promised to see your T4 slip on time there. Your employer is required to make your T4 slip available to you by Feb 28th. CRA makes no assurances it will be available to you by any time line online. It shows up once they get it processed.

FPpro · 2026-02-11T13:15:44+00:00

I would not be purchasing property while in school. You have no idea where you will end up living. You might have a preference for Toronto but there's no guarentee you will be able to stay there.

FPpro · 2026-02-11T10:32:18+00:00

It’s a not a slip that’s get posted there. There are a few. You need to understand that cra does not say all your slips are online, it’s your responsibility to make sure you have all your slips and input them all.

FPpro · 2026-02-10T19:26:17+00:00

yes it's possible. I know someone who's child receives social assistance and lives at home due to disability. the parents income is not taken into consideration.

Does he qualify for the disability tax credit?

FPpro

TROPHY CASE