How to Avoid Tax on Severance Pay in Canada
To reduce the tax on your severance pay in Canada, consider a few key strategies. Contributing to your RRSP can lower your taxable income, and spreading payments over several years may keep you in a lower tax bracket. Opting for salary continuance rather than a lump...Does RRIF Income Affect GIS?
Yes, RRIF income affects your GIS benefits because RRIF withdrawals count as taxable income. The more you withdraw from your RRIF, the less you’ll receive from the GIS, since GIS benefits decrease as your taxable income increases. To minimize this impact,...Honorable Media Mentions
