Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
English EN

Pick a language

Canada Français United States of America English
cancel
Showing results for 
Search instead for 
Did you mean: 
matthewp59
New Member

I am a BC senior that will receive $23,064. in 2019. (a combination of OAS GIS & CPP. How much tax will I have to pay ? Thank you.

 
4 Replies
TurboTaxKim
Moderator

I am a BC senior that will receive $23,064. in 2019. (a combination of OAS GIS & CPP. How much tax will I have to pay ? Thank you.

You will actually pay much less tax than Warren previously estimated.  As you mentioned you will be receiving the Guaranteed Income Supplement (GIS), we can see that you are also eligible for the Age Amount credit.  (Plus your income from that GIS is not taxable).

So using the upcoming 2019 rates one can estimate on a taxable income of $23,064 in B.C., you would pay around $900.00.

However, the entire amount you will receive is not taxable, so the amount you are going to pay is going to be even lower than that amount. 

THIS IS AN ESTIMATE ONLY. If you are receiving around $900.00 monthly for your CPP benefits, combined with your OAS, you would have roughly $18,050 in taxable income and in B.C. you would pay roughly around $130.00 on your 2019 tax return. 

Here's a handy table from TaxTips.ca showing the 2019 Federal & Provincial tax credit rates. 

https://www.taxtips.ca/nrcredits/tax-credits-2019-base.htm

matthewp59
New Member

I am a BC senior that will receive $23,064. in 2019. (a combination of OAS GIS & CPP. How much tax will I have to pay ? Thank you.

WOW ! Far different answer than the first one !!! Thank you so much. (matthew)
warrencheswick
New Member

I am a BC senior that will receive $23,064. in 2019. (a combination of OAS GIS & CPP. How much tax will I have to pay ? Thank you.

You'll need to fill out your taxes with all relevant information to get the proper amount owed. As an estimate BC has a personal amount of 10,412 and the federal personal amount is $11,809. Your income would fall into the lowest tax bracket of 5.06% in BC and 15% federally.

Approximate tax owed would be:

(23064-10412)*0.0506 + (23064-11809)*0.15 =    $2,328.44

matthewp59
New Member

I am a BC senior that will receive $23,064. in 2019. (a combination of OAS GIS & CPP. How much tax will I have to pay ? Thank you.

Thanks Warren !
v