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Image source: Getty Images. Canadian seniors constantly search for ways to boost income on their savings without incurring extra income taxes. In addition, they need to keep an eye on their earnings to avoid the CRA’s Old Age Security pension recovery tax, otherwise known as the OAS clawback. What is the OAS clawback? The CRA implements a pension recovery tax on OAS payments when net world income tops a minimum threshold. The number Canadian seniors need to watch in 2021 is $79,845. Once earnings hit that amount, the CRA reduces the OAS pension due in the following payme...

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CPP Pension: Start at 60 or 70? More on: Image source: Getty Images Deciding when to finally tap into the Canada Pension Plan (CPP) was never an easy decision for Canadians. The onset of COVID-19 and its effects on the economy made deciding the best time even more challenging for Canadians. The global pandemic’s economic fallout might have made Canadian retirees and those close to retirement to rethink their plans. Many would-be retirees who were planning to begin their CPP could be considering holding off for a while longer. Before COVID-19 struck, Canadian retirees co...