tag:blogger.com,1999:blog-5465015914589377788.post8699069314032604165..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: GIS ClawbackMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5465015914589377788.post-65360291028802127172014-08-02T13:17:45.119-04:002014-08-02T13:17:45.119-04:00@Anonymous: Every calculator I've seen indicat...@Anonymous: Every calculator I've seen indicates that your 2014 GIS depends on your 2013 income and not your 2014 income. But I'm not an expert in tax matters.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-81861236744242545682014-08-02T12:49:46.648-04:002014-08-02T12:49:46.648-04:00I have a question about GIS I do not see any answe...I have a question about GIS I do not see any answer to anywhere. I am aware of OAS clawback and the GIS clawback of 50 cents on the dollar based on last years income. BUT if for example you qualified for a certain GIS in 2014 based on 2013 income but your 2014 income is much greater and pushes you over the threshold (for 2015) does the CRA go back and in in effect recover from you the 2014 GIS income because your income was more than expected.?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-22540083488739574332013-01-30T08:26:33.488-05:002013-01-30T08:26:33.488-05:00@Robb: I don't know if any financial institut...@Robb: I don't know if any financial institutions offer a way to do this in one step, but it can be done in 2 steps. Do the in-kind withdrawal from the RRSP to a taxable account, pay the withholding taxes, and then make an in-kind deposit into your TFSA. I've never done an in-kind withdrawal from an RRSP -- you'll have to talk to your financial institution to see how you can arrange to pay the withholding taxes without selling some of the shares from the RRSP.Michael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-52744291578217658402013-01-30T00:47:22.372-05:002013-01-30T00:47:22.372-05:00Not a GIS question but this is related to your las...Not a GIS question but this is related to your last comment about transferring RRSPs to a TFSA:<br /><br />Say you have 1000 shares of TD stock in your RRSP and want to move it to your TFSA over a period of a few years. Can you do an in-kind transfer of 200 shares, provided you have the contribution room in your TFSA and you have the cash to pay the income tax that's triggered?Robbhttp://www.boomerandecho.comnoreply@blogger.com