Why Age 64 Matters More for Your Taxes Than Any Other Retirement Year

There is one age the CRA treats differently from every other age in retirement. It isn't 65. It isn't 71. It's 64 — and what happens to your income that year decides what the CRA takes from your Old Age Security for the next twelve months. Most Canadians find out too late. INSIDE THIS VIDEO: The prior-year-income mechanic — why your OAS payments at 65 are decided by what you did at 64 The OAS recovery tax in plain English: how it's actually calculated, who gets caught, and why the threshold catches more retirees every year The three biggest income spikes that wreck the year you turn 64 — and the one most people don't see coming The trap of "one last good year" before retirement and what it actually costs you The capital gains, RRSP withdrawal, and severance timing decisions that need to be made before December 31 of the year you turn 64 The exact words to say to your bank or RRSP provider before you trigger any large withdrawal that year The Quebec wrinkle on income recovery and what's calculated separately What to do this month if you're 63 — and the rescue moves still on the table if you're already 64 📋 If you're approaching 65 — or you know someone who is — share this video with them. The decisions made at 64 don't get a do-over. ABOUT: This channel is education, not regulated advice. Consult a CPA for your specific situation. This channel is NOT affiliated with the Canada Revenue Agency, Service Canada, the Government of Canada, or any government agency. Marvin is a retired CRA employee. This description may contain affiliate links. Purchases through these links may earn the channel a small commission at no extra cost to you. #OAS #OASClawback #CRA #CanadianRetirement #CanadianTax