Maximize Guaranteed Income Supplement (GIS) Strategy #2

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GIS is a generous benefit. At a maximum it will provide over $10,000 per year per household. But this is quickly reduced by GIS clawbacks of 50% to 75%. For every dollar of taxable net income (line 23600 on your tax return), GIS is reduced by 50% to 75%.

For example, if you take $1,000 from an RRSP/RRIF then this would reduce next years GIS benefit by $500 to $750!

Thankfully there are a handful of strategies to help reduce the GIS clawbacks… This type of planning can easily add $10,000’s to $1000,000+ in GIS benefits over the course of a plan and help make retirement significantly easier.

Disclaimer: Maximizing GIS benefits requires very complex planning that can vary from one person to the next depending on their situation. What works for one person may not work for another. Please speak with an advice-only financial planner before implementing these strategies.

Blog Post With Details: https://www.planeasy.ca/5-strategies-...

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Disclaimer: This video is for educational purposes only and does not constitute investment advice or financial advice. All information provided is for illustrative purposes only and you should not rely on such information as the primary basis of your investment, financial, or tax planning decisions. Every effort has been made to ensure the accuracy of its contents. No representations, warranties or guarantees are made as to the accuracy of any estimates or calculations provided. Nothing in this material should be construed as investment or tax advice, or a solicitation or offer, or recommendation, to buy or sell any financial product or securities. Before making any financial decision, you should review your situation with a financial planner.