My spouse will still be working when I turn 65.
She earns about $55k annually...will this affect my OAS?
thx
OAS when spouse still works
Re: OAS when spouse still works
OAS is not based on family income (not means tested). It is based on personal income.... so No.
finiki, the Canadian financial wiki The go-to place to bolster your financial freedom
Re: OAS when spouse still works
AltaRed is correct in general. I do have one caveat. Once you turn 65, you will have enhanced opportunities for income splitting with your spouse, thereby lowering your effective tax rate. But if she is earning a significant amount, income splitting will become less attractive. If you split less income, your own income may put you into clawback range. Whether this is a consideration or not depends on your details, of course.
George
The juice is worth the squeeze
-
- Veteran Contributor
- Posts: 13310
- Joined: 20 Feb 2005 16:47
Re: OAS when spouse still works
If spouse is still working, do you really need the OAS to meet expenses? If not, consider deferring. Your benefit will increase by 0.6% for each month past 65 that you wait. The maximum bump is 36% for those who wait until 70.
Re: OAS when spouse still works
It would seem that you need a fairly simple spreadsheet to determine your best course of action.
For the fun of it...Keith