Make the most of your retirement income sources

Government benefits provide a slim base; maximize their impact by cutting back on clawbacks.

Matthew Elder 28 January, 2015 | 6:00PM

Note: This article is part of Morningstar's January 2015 RRSP Check-up special report.

Canada's social safety net provides income during retirement through Old Age Security, the Guaranteed Income Supplement and the Canada or Quebec Pension Plan. Those over age 65 also get a tax break in the form of the age tax credit, which is worth about $1,000 for lower-income taxpayers.

However, even with maximum benefits from these government programs, it isn't enough to get by on. Moreover, except for CPP/QPP income, middle and high income taxpayers lose most or all of these benefits through income-tested clawbacks.

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Matthew Elder

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