What is the maximum tax that can be saved? Here is what her parents’ situation looks like: They are a married couple currently 68 years of age and retired. They have the following incomes for the current year: Dad Mom CPP $9,600 $4,800 OAS $7,400 $7,400 DB Pension $68,200 N/A RRIF N/A $8,000 Assume that their marginal tax rates are to be 20% up to $ 49,030 and on income between $49 000 and $97,000 assume 30%. Once again, they want to know how they can minimize their income tax cost for the current year 2020? What is the maximum tax that can be saved?
Nadine’s mom and dad are not financially literate, and so Nadine would like you to assist her parents with their situation: Her parents want to know how they can minimize their income tax cost for the current year 2021? What is the maximum tax that can be saved? Here is what her parents’ situation looks like: They are a married couple currently 68 years of age and retired.
They have the following incomes for the current year:
Dad Mom
CPP $9,600 $4,800
OAS $7,400 $7,400
DB Pension $68,200 N/A
RRIF N/A $8,000
Assume that their marginal tax rates are to be 20% up to $ 49,030 and on income between $49 000 and $97,000 assume 30%.
Once again, they want to know how they can minimize their income tax cost for the current year 2020?
What is the maximum tax that can be saved?
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