Updated:
Glossary term
OAS — Old Age Security
Old Age Security — federal pension benefit for residents 65+. Max $727/mo (2026) depends on years of Canadian residency (full 40 yrs = full amount). If income > $90K — OAS clawback. Newcomers need 10+ years of residency for any OAS.
Related terms
CPP
Canada Pension Plan — contributory pension. Employee + employer each pay 5.95% of earned income up to YMPE $7…
RRIF
Registered Retirement Income Fund — conversion of RRSP to a retirement income vehicle. Must be done by end of…
LIF
Life Income Fund — locked-in RRIF converted from locked-in pension funds (LIRA). Has minimum AND maximum annu…
T1135
Foreign Income Verification Statement — CRA reporting requirement if your combined foreign assets exceed $100…
NoA fields
Key NoA fields to review: RRSP Deduction Limit (next year), Unused TFSA Contribution Room, HBP Repayments Out…
Locked-in Pension
Locked-in Retirement Account (LIRA) — created when transferring from an employer DB/DC pension plan. Cannot w…
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