tag:blogger.com,1999:blog-24226508.post3582138724639611976..comments2023-10-25T05:33:59.547-06:00Comments on Climbing Out Of The Dark: All Of Canada Needs To Suck It Up!hunterhttp://www.blogger.com/profile/14180857240945765697noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-24226508.post-55351786393359534002012-02-22T14:38:26.433-07:002012-02-22T14:38:26.433-07:00Hunter - haven't you been reading the papers: ...Hunter - haven't you been reading the papers: it's the rare Boomie who has paid off the mortgage these days, let alone car loans, credit cards, etc. They're going to need all the money they can get. That being said, I agree with you. The OAS was never designed to supplement an already decent income: it was designed to allow seniors who - for one reason or another - had no other resources to live out their last years in frugal dignity.<br /><br />And my point about the GIS is that - though I think it only begins when the senior qualifies for OAS - it is NOT pro-rated according to the number of years the senior has been in the country. So you'll hear all about how immigrant seniors don't get much OAS and how mean we are (see Ruby Dhalla) but not a peep as to the extra GIS these seniors get which puts them on a par with Canadian-born seniors.Franceshttps://www.blogger.com/profile/16277713882450290045noreply@blogger.comtag:blogger.com,1999:blog-24226508.post-26363377122729777182012-02-22T13:58:52.831-07:002012-02-22T13:58:52.831-07:00Thanks Frances, I didn't know that about GIS. ...Thanks Frances, I didn't know that about GIS. That should be fixed. No GIS until 10 years as a Canadian citizen.<br /><br />I knew about the clawback for OAS. Clawbacks only starting at 67668 is ridiculous! Assuming the person has paid their mortgage off, and that they own their home, 67668 is a pretty hefty income! Start the clawback at $50,000, end it at $70,000.hunterhttps://www.blogger.com/profile/14180857240945765697noreply@blogger.comtag:blogger.com,1999:blog-24226508.post-44881768429943016892012-02-22T13:27:32.671-07:002012-02-22T13:27:32.671-07:00One correction: OAS is clawed back. In 2011, the...One correction: OAS is clawed back. In 2011, the maximum OAS was $6368.25. Clawback began when a person's net income was over $67668.00, and was completely clawed back when a person's net income reached $110,123.00.<br /><br />However, you haven't mentioned another nuance re OAS. As you know, a person 65 or over can begin to collect OAS after being in Canada 10 years, though at a lesser rate. However, what is rarely mentioned is that said senior is now also eligible for the GIS, and that does NOT appear to be at a lesser rate. You'll see a T4(OAS)for an immigrant senior (with no other income) with a small amount of OAS because the person hasn't been in Canada that long, but with a large GIS to make up for it.Franceshttps://www.blogger.com/profile/16277713882450290045noreply@blogger.com