Will I qualify for GIS, how do I know?
ฝัง
- เผยแพร่เมื่อ 16 พ.ค. 2024
- The GIS is an important part of many Canadian seniors, however, in most cases is not part of the retirement plan.
In this video, you will learn how to anticipate if you are bound to be eligible for this benefit and if RRSP savings is a good fit for you.
Please visit my new channel The Senior Nomad
• Retirement in Spain
Contact info:
Ruben Torrens
Email: lexonfin@gmail.com
Website: www.pensionbooster.ca
Hi Ruben. Another good video. Most of the other viedos on the net about pension is far from reality. As you said nobady cares about GIS or people with low income in retarement
it's all about 500k, or more in RRSP , Full TSFA etc...etc. That's why i like your channel.Keep doing good work. Thank you
Hi Ruben. I have mentioned before that my Wife and I made the mistake of taking CPP at 60. We both have RRSP room. Wondering how the calculation would be if we contributed to RRSP? And also what about Charitable contributions? Does that affect the amount? Thanks for another great video. Sure wish I had found your videos sooner
If you are receiving GIS making an RRSP contribution can increase the amount, but then it will produce the opposite results when you withdraw it from RRIF.
If you are not eligible for GIS because of your income, go to my website at www.pensionbooster.ca and use the calculator for your case, first enter the income you are receiving and see if you get any GIS, then change the income to reflect an RRSP contribution, for example, if you will contribute $12,000 enter the same monthly income less $1,000 and see the difference on the GIS field.
Donations are a tax credit in Canada, so they don't reduce income, nor increase the GIS.
Let me know if you have questions.
@@pensionbooster1976 ok. Will do. Thanks Ruben