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GIS

By Jean-Pierre A. Laporte B.A., M.A., J.D. (of the Bar of Ontario) | 3 Minutes Read March 1, 2017

RRSP: Should professionals use it to save?

Unlike most Canadians who are not operating a business, many professionals have more options to them when it comes to retirement savings. The average Canadians employed by companies in the private sector will typically use the Registered Retirement Savings Plan or the Tax–Free Savings Account. The lucky few work for organizations that sponsor a registered pension plan, but their numbers seem to be declining every year as a percentage of the workforce not working in para–public employment.

Article by Jean-Pierre A. Laporte B.A., M.A., J.D. (of the Bar of Ontario) / Payroll / employment law, GIS, Guaranteed Income Supplement, income in retirement, Income Tax Act, OAS, old age security, pension plans, pension rules, personal pension plans, Registered Retirement Savings Plan, RRSP, savings, savings plans, tax–assisted savings plans, tax–deductible contribution, Tax–Free Savings Account, TFSA

By Marie-Yosie Saint-Cyr, LL.B. Managing Editor | 2 Minutes Read April 2, 2012

Federal budget 2012 – don’t forget the Old Age Security changes!

Effective, April 1, 2023, with full implementation by January 2029, the eligibility age for Old Age Security (OAS) is increasing to age 67 from 65 to reflect the reality that Canadians are living longer and healthier lives, and intending to keep working and delay retirement. In line with the increase in age of OAS/GIS eligibility, the ages at which the allowance and the allowance for the survivor are provided will also gradually increase from 60–64 today to 62–66, starting in April 2023.

Article by Marie-Yosie Saint-Cyr, LL.B. Managing Editor / Employee Relations, Payroll / budget, Early retirement, eligibility age, federal budget, general income supplement, GIS, OAS, old age security, pension, retirement, retirement age

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