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Pay attention to the key points where taxes jump to a higher rate. Retirees can then try to smooth out income to stay just under the next highest tax bracket when possible.
Notes: Income up to $19,982 is shielded from federal taxes by the basic personal credit ($11,038), age credit for being 65+ ($6,854), and the maximum pension income credit ($2,000 from an employer pension, or if you’re 65 or older, from a RRIF or registered annuity). The 15% OAS clawback does not include the reduced income taxes on the clawed back amount.
Notes: Income up to $19,982 is shielded from federal taxes by the basic personal credit ($11,038), age credit for being 65+ ($6,854), and the maximum pension income credit ($2,000 from an employer pension, or if you’re 65 or older, from a RRIF or registered annuity). The 15% OAS clawback does not include the reduced income taxes on the clawed back amount.
