The Liberals increased Old Age Security (OAS) by 10% for seniors older than 75 years of age earning less than $77,580. The change meant an increase of $729 annually in OAS starting in July 2020.
The Liberals also provided an enhancement to the survivor benefit of the Canada Pension Plan (CPP). The maximum pensionable earnings have increased to $58,700, up from $57,400. In addition, a surviving spouse, over the age of 65 and not otherwise receiving CPP benefits, is able to get 60% of their deceased spouse’s pension. This means an increase of $2,080 annually. Survivors between 60-64 years of age are eligible for 37.5%.
As Residents of Canada’s Capital move from Canada to the United States or vice versa, a multitude of unique lifestyle, immigration, financial, tax and estate planning issues must be considered. Ideally, it is best to plan or be aware of these considerations prior to the move, not afterward. In this [...]
You may have been putting considerable energy into saving for retirement, but what about estate planning? If you want your assets to pass through as easily as possible to your beneficiaries, it’s worth speaking to an advisor and doing some planning early on. “There are many things to consider [...]