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Planning for Retirement on a Low Income

EVT449740

Thu Nov 04, 2021
6:00 p.m. - 8:00 p.m.
120 mins

You need to understand how to get the most from government benefits such as: Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). John Stapleton, Open Policy Ontario and financial expert and journalist, Alexandra MacQueen explain what you need to know. Most financial planning is aimed at middle or high income earners. It usually does not apply to low income earners, can reduce government benefits and lower retirement income.

Learn about:
- the importance of the GIS and how to minimize the amount of claw backs from other sources of taxable income
- OAS and GIS eligibility for newcomers
- what counts as taxable income and what does not
- how income from an RRSP can reduce or claw-back benefits, while income from a TFSA which is non-taxable will not
- when to apply for CPP and when to draw down from an RRSP
- and, what's new in 2021 such as the one-time $500 payment, 10% increase to OAS this fall if you are over 75, RRIF rates going back up and CERB claw backs

This session is supplemented with a link to the plain language booklet, Low Income Retirement Planning (2021). It is important viewing and reading for anyone retiring on a low income and for those who provide financial advice.

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Toronto Public Library is committed to accessibility. Please call or email us if you have a request for accommodation. Please let us know as far in advance as possible and we will do our best to meet your request. Phone 416-393-7099 or email accessibleservices@tpl.ca

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Audiences

Adult

Categories

Personal Finance