Canadian Investment & Retirement Roadmap

Question 01/08

A person retires in June of this year. Last year, they earned $60,000 at their job, but now their only income is CPP and OAS. Normally, Service Canada would deny them GIS based on last year's high income. How can they fix this?

They must wait until next year to apply for GIS. They can file Form ISP-3041 to request a reassessment based on their current lower income. They must pay back their previous year's salary to the government. They should appeal to the CRA to have last year's tax return deleted.