Advice for someone desperately seeking GIS but facing difficulty due to amortized loan

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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help
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Advice for someone desperately seeking GIS but facing difficulty due to amortized loan

Post by help »

Hi there,

I'm trying to help my father who is now too old to work and really struggling financially. He has Old Age Security and Canada Pension Plan, but is unable to top up with Guaranteed Income Supplement because of the $5000 'income' he gets for the next 5 years according to his tax returns from an old ten year amortized loan he got for $50,000 five years ago.

I'm in Hong Kong and not sure how I can help him. Additional income from the GIS would be fundamental, especially as he actually is still renting and a lot of his monthly incoming finance is going to pay rent.

I really appreciate any help or guidance!
twa2w
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Re: Advice for someone desperately seeking GIS but facing difficulty due to amortized loan

Post by twa2w »

Perhaps you could provide more information on the 'loan'.

Was this a loan he gave to someone else and is now receiving repayment? Or was this an annuity he purchased that provides his with a monthly income for 5 years?

Does he have to claim the full amount on his income tax? Does he get some sort of tax slip for this?

More info will assist in providing an answer.
gaspr
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Re: Advice for someone desperately seeking GIS but facing difficulty due to amortized loan

Post by gaspr »

Or perhaps this was a loan forgiveness situation in which case the amount forgiven would be deemed to be income for tax puposes?
Jo Anne
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Re: Advice for someone desperately seeking GIS but facing difficulty due to amortized loan

Post by Jo Anne »

The OP hasn't been back here since his original post. I guess he found his answer elsewhere.
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