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Koroll & Company Blog

CPP Max Pensionable Earnings and Contribution Changes for 2024

[fa icon="calendar'] Mar 13, 2024 11:00:30 AM / by Koroll & Company posted in Pension Plans

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The Canada Revenue Agency (CRA) disclosed the anticipated adjustments in the Canada Pension Plan (CPP) for the year 2024, marking a significant change in maximum pensionable earnings and contribution thresholds.

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How to Navigate the OAS Clawback and Secure a Retirement Income

[fa icon="calendar'] Nov 1, 2023 12:43:13 PM / by Koroll & Company posted in Pension Plans, Tax Tips

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Preparing for retirement is a significant aspect of financial planning, especially when it comes to securing income sources during the golden years. 

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2020 Tax Savings: Pension Income Splitting

[fa icon="calendar'] Apr 13, 2021 1:15:00 PM / by Allen Koroll posted in Pension Plans

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There’s a little-known tax savings strategy that we like to talk about every year and that is pension income splitting. It can be easily claimed, though it isn’t well highlighted in the income tax guide and can provide tax savings to seniors.

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Understanding CPP Contributions and Benefit Payments

[fa icon="calendar'] Jul 21, 2020 9:16:11 AM / by Allen Koroll posted in Pension Plans

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The Canadian Pension Plan (CPP) has had changes made to it in recent years to give Canadians more flexibility. But with this, has come more complexity. Today I would like to add some clarity to help you better understand how the program works. 

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How Changes To 2020 RRIF Withdrawals are Helping Canadians

[fa icon="calendar'] Jun 1, 2020 1:07:27 PM / by Allen Koroll posted in Pension Plans

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It has been quite the year so far and many people are experiencing financial difficulties they never expected. 

And for those with retirement savings, the impact of the stock market downturn can feel intimidating. The good news is, those under the age of 71 have the option to wait it out in hopes that the market makes a recovery. 

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Should I Wait to Start Collecting Old Age Security?

[fa icon="calendar'] May 15, 2020 2:31:53 PM / by Allen Koroll posted in Pension Plans

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The Old Age Security (OAS) benefit is Canada’s largest pension program available to support senior Canadians. Unlike the Canada Pension Plan or private pension/retirement funds, you do not have to pay into OAS to receive it. It is instead paid for by general tax revenues. 

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What are the Changes to the 2020 Employment Insurance and Canada Pension Plan Rates?

[fa icon="calendar'] Jan 28, 2020 3:19:58 PM / by Allen Koroll posted in Pension Plans

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Every year, the government announces the current rates for Employment Insurance (EI) and Canada Pension Plan (CPP) for both employees and employers. Understanding these rates is the best way to optimize your tax return.

Below are the 2020 rates and maximums:

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Planning for Your Ontario Retirement – What to Withdraw and When

[fa icon="calendar'] Jan 10, 2020 11:00:00 AM / by Allen Koroll posted in Pension Plans

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In Canada, there are four main sources of retirement income – Registered Retirement Savings Plans (RRSPs), Tax-Free Savings Accounts (TFSAs), Old Age Security (OAS) and the Canadian Pension Plan (CPP).

Depending on when you begin withdrawing funds from these sources, and whether you are working full time, part-time or are fully retired, the after-tax income of $100 of income will vary greatly from one taxpayer to another.

As a result, determining when you should start withdrawing funds and how you should structure your income for retirement can seem daunting. To help you on your way to maximizing income and minimizing taxes, the Canadian Government has designed a calculator to assist taxpayers with just this.

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