Quote:
Originally Posted by Slava
I don’t want to give advice online, because it’s obvious that I don’t know the full situation here. But a couple things in general:
A) you could get retroactive payments from Service Canada because they do this when they pay things like CPP/OAS depending on the exact situation. I’m not completely sure about GIS though.
B) I’d really think about the plan of taking your income to zero for a few reasons. First, it sounds like you’re about to make a bunch of non-taxable or already taxed money, taxable. While that might get you some GIS, you want to make sure that makes sense (assuming you can get the GIS this way).
B1/2) ETA: you might not need to take your income right down to zero in this plan. You get the basic personal amount and things like that, so those RRSP contributions are almost a moot point. You could be best to set those funds aside and stagger the contributions through the next few years. I’m not saying that’s what you should do for sure, but you’d need to do the math and see what comes out the most favourable.
I know some people here are going to get irritated with my saying this for the second time in a few days…but there are professionals who do this kind of thing for a living, and we can handle these kinds of scenarios. You should probably consider some professional advice.
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FWIW, I completely agree. I don't know where I'd be without my financial advisor. I definitely sleep better at night having that expertise in my corner. This poster absolutely, positively needs some professional guidance before retiring. It's a borderline emergency for him.