Are single seniors unfairly penalized at tax time?
I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually. I keep only about $200 a year out of that for myself. Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income tax, although nothing else had changed in my money situation. Is this due to the social benefits repayment and, if so, can I have OAS payments stopped? Or am I going to have to pay the social benefits recovery no matter what I do?
Original Article Source Credits: Money Sense , https://www.moneysense.ca/
Article Written By: ALLAN NORMAN
Original Article Posted on: APRIL 13, 2021
Link to Original Article: https://www.moneysense.ca/columns/ask-moneysense/are-single-seniors-unfairly-penalized-at-tax-time/
Categories
RECENT POSTS
- » The Basics of Financial Statement Preparation: A Step-by-Step Guide
- » Strategic Estate Tax Planning: Minimizing Tax Liability for Your Heirs
- » Smooth Transitions: Key Steps in Business Succession Planning
- » Meet The Face Behind Saklas & CO., CPAs
- » Solving Common Problems That Most Small Businesses Face
- » Season’s Greetings From Saklas & Co., CPAs
- » Tips To Get The Most Out Of Your Tax Return
- » TFSA Users: You Could Pay 15% Tax on Dividends With 1 Costly Mistake