Tag · Canada
OAS clawback
Loopholes Tagged "OAS clawback"
Plain-English guides to Canadian legal rights and workarounds related to OAS clawback.
Easy If You Pay Taxes
Pension Income Splitting (T1032) — Cut Your Retirement Tax Bill in Half
Retired couples can allocate up to 50% of eligible pension income to the lower-earning spouse simply by filing Form T1032 — reducing taxes, avoiding OAS clawback, and unlocking the pension income tax credit.
Medium If You Pay Taxes
Income Splitting with a Spousal RRSP
A spousal RRSP allows the higher-earning partner to contribute to the lower-earning partner's RRSP, claim the deduction at a higher marginal tax rate today, and then have the lower-earning partner withdraw those funds in retirement at a lower marginal rate — potentially saving tens of thousands of dollars in lifetime tax.