DOSSIER D / DEDUCTIONS 4 FILES

Taxes on retirement income

What comes off each source before it reaches the bank: withholding, instalments, credits and the OAS recovery tax.

FILES IN DOSSIER D, NEWEST FIRST

A man in his early seventies sealing a plain envelope at a desk by a frosted window.

FILE 112 / 23.10.2026 / 6 MIN READ

The form that can lower OAS clawback deductions in a year your income drops

Monthly OAS recovery tax is based on an older tax return. When this year’s income is much lower, form T1213(OAS) asks the CRA to reduce what is held back.

A couple in their late sixties talking on a living-room sofa, one holding a paper folder.

FILE 109 / 23.10.2026 / 6 MIN READ / ALSO FILED HERE FROM DOSSIER C

Why some retirees open a RRIF before they have to

The deadline is the end of the year you turn 71, but RRIF income from 65 qualifies for the pension income amount and for pension splitting. RRSP withdrawals do not.

A woman in her late sixties writing in a notebook at a kitchen table beside a calculator.

FILE 108 / 23.10.2026 / 5 MIN READ / ALSO FILED HERE FROM DOSSIER C

What withholding tax takes from an RRSP withdrawal

The bank keeps 10, 20 or 30 per cent of a lump-sum RRSP withdrawal outside Quebec. That is a deposit against the tax bill, not the bill itself.

A man in his late sixties filling in a plain paper form at a wooden desk.

FILE 103 / 23.10.2026 / 5 MIN READ / ALSO FILED HERE FROM DOSSIER A

How to ask for tax to be taken off CPP and OAS payments

No income tax comes off CPP or OAS for Canadian residents unless they ask. One request, online or on paper, can spare a large bill in April.

THE FRIDAY FILE / WEEKLY / FREE

The Friday File. One source of retirement income, explained on a single page.

Every Friday: one rule, one date or one number worth checking on CPP, workplace pensions, RRSPs, RRIFs or the tax on them. Free, and you can unsubscribe from any issue.