Are withdrawals subject to income tax?
No. Withdrawals can be made tax-free and will not increase your income for the year. Since withdrawals will not be taxed and will not be considered taxable income, there will be no impact to your income-tested benefits from the Federal Government, such as Old Age Security (OAS) and Guaranteed Income Supplement (GIS) or credits such as the Age Credit.
No. Withdrawals can be made tax-free and will not increase your income for the year. Since withdrawals will not be taxed and will not be considered taxable income, there will be no impact to your income-tested benefits and credits from the Federal Government, such as Old Age Security (OAS) and Guaranteed Income Supplement (GIS) or credits such as the Age Credit.
Withdrawals are tax-free and will not increase a client’s income. Since withdrawals are not taxed and will not be considered taxable income, there will be no impact to income-tested benefits, such as Old Age Security (OAS) and Guaranteed Income Supplement (GIS) or certain income related tax credits.
