Serbinski Accounting Firms

Is there no WEP if SS credit is less than 40?

nelsona wrote:
> First, your own SS can be taken as early as 62, and are not reduced by WEP.
> The amount will be quite small of course compared to one who earbed for 30
> years.

Why is his SS @ age 62 not reduced by WEP?

Dang! It was a thread I started and you had said this...as I wasn’t thinking about the 20 year rule, I didn’t take it in. ‘As to the eligibility for OAS, there are 2 minimums that one should be interested, the 10 year initial eligibility which allows you to collect reduced OAS while in canada, but a...

Dual citizen. I know even if I lived in Canada after age 18 for 8 years only, I could get 8/40th of OAS as a Canadian resident by using credits for having lived in USA (assuming there is no clawback). Also, I know for OAC payments to be made for more than 6 months one is away from Canada, they need ...

Please ignore my previous question...I see it’s combined income for GIS.

Wow you can get SS, CPP and OAS...and that too as a USA resident? Sry to hijack, but I didn’t know this was possible at all. I’ve searched here, but can’t find anything...where can I learn more about it - specifically how CPP and SS interact? My wife had about 10 years of employment in Canada making...

Thank you...I sometimes get carried away when I start thinking of something. It’s way too early for me to be this specific...I’ll be back with these sorts of question in about 8 years.

I was wondering about another scenario when it comes to OAS & GIS It looks like Canadaian tax return and OAS/GIS eligibility is based on each spouse individual ...there is no join return or joint income consideration for OAS and GIS eligibility. So, what prevents a couple to say husband withdraw...

Thank you so much nelsona Yes! I will definitely have all my accounts inside a friendly institution who can deal with a Canadian resident and get that in writing. FABR for Canada looks like they also have the $10k limit, and I probably wont need that much. Because, anything my retirement accounts sh...

Dual citizen currently working in the USA. Our bank account in Canada has less than $10k in it, so it’s not reportable in USA. In retirement, we are planning to have a house in both countries, was wondering what are the rules in having a USA bank account as a Canadian resident. P.S: Second question....

Yikes!...on further reading it looks like I cannot go from Roth IRA to TFSA :(

“Your federal income-tested benefits and credits such as: old age security (OAS) benefits, the guaranteed income supplement (GIS), or employment insurance (EI) benefits will not be reduced as a result of the income you earn in your TFSA or the amount you withdraw from your TFSA” This is what I found...

Nelsona Thank you so much... A follow-up question...are Canadian ‘tax-free savings accounts’ (TFSA) withdrawal income also considered for OAS and GIS? I am fairly certain Canada allows to “roll-over” Roth into TFSA (but not the other way). With so many numbers and percentage, I miswrote the SS taxat...

Sorry, I don’t know how to edit my posts....the wiki page confirmed USA is an eligible country, so I should qualify for 9/40the of OAS.

I still don’t know whether/how Roth withdrawal and USA Social security payments affect OAC and GIS

Thanks!

Also, I just learned about the 10 year rule being fulfilled if I lived in a country with a ‘social security agreement’. I could not find the list. Is USA part of this ? I know USA/Canada has extensive Social security/CPP agreements etc., not too sure about this particular aspect. Even if USA is part...