Latest news with #OAS
Yahoo
4 days ago
- Business
- Yahoo
The CRA Mistake That Could Cut Your Old Age Security in Half
Written by Kay Ng at The Motley Fool Canada Every year, thousands of Canadian retirees unknowingly lose out on hundreds – or even thousands – of dollars in Old Age Security (OAS) benefits due to a little-known income trap: the OAS clawback. In 2025, this silent tax could reduce or even eliminate your OAS if you're not careful. But the good news? With the right investment strategy, you can protect your benefits – and possibly even grow your wealth at the same time. The OAS clawback begins when your net world income exceeds $90,997 (This amount rises over time and can be looked up on the Government of Canada website.). For every dollar over that threshold, the Canada Revenue Agency (CRA) claws back 15 cents from your OAS payments. That means if your net income hits approximately $148,000, your entire OAS benefit could be wiped out. Here's the kicker: many Canadians trigger the clawback by mistake, through taxable income from RRIF withdrawals, capital gains, or even dividends from non-registered investments. The impact? You could lose up to $8,819 or more in OAS – essentially handing it right back to the CRA. One way to avoid the clawback is by holding tax-efficient dividend stocks such as Fortis (TSX: FTS). Fortis is one of Canada's top utility companies, with a 51-year track record of annual dividend increases. It is a reliable income-generating stock and currently, it yields around 3.8%. To eliminate the clawback entirely and with sufficient room, retirees could hold their stock investments in their Tax-Free Savings Accounts (TFSA). Because TFSA withdrawals and growth don't count toward your net income, this money has zero impact on your OAS eligibility. Compare that to earning the same dividends in a non-registered account, where grossed-up dividends inflate your net income and can accelerate the clawback. To truly dodge the OAS clawback, consider these additional strategies: 1. Take full advantage of your TFSA Max out your TFSA contributions annually. In 2025, the cumulative TFSA contribution limit for someone who was 18 in 2009 is $102,000, and possibly higher if unused room remains. Dividends, capital gains, and withdrawals from a TFSA are not taxed, nor do they impact net income. 2. Split pension income If you're receiving eligible pension income, split up to 50% with your spouse who may be in a lower tax bracket. This reduces your individual taxable income and could keep you below the clawback threshold. 3. Withdraw from RRSPs strategically If it makes sense for your unique situation, start drawing down RRSPs before age 71 to manage your taxable income in retirement. Large RRIF withdrawals after conversion at age 71 can push you into the OAS clawback zone. Early, gradual withdrawals — especially if reinvested into your TFSA — can smooth your income and preserve OAS benefits. The OAS clawback isn't a tax penalty — it's a retirement planning problem. Without a proactive strategy, your retirement income plan could backfire, resulting in you losing out on thousands of dollars. But by combining TFSA investing, dividend-paying stocks like Fortis, and tax-smart withdrawal planning, you can keep your income high and your clawback low. The biggest mistake? Ignoring the issue. Don't let the CRA take a bigger slice of your retirement than necessary. Plan now, and you'll thank yourself later. Talk to a qualified financial planner if needed. The post The CRA Mistake That Could Cut Your Old Age Security in Half appeared first on The Motley Fool Canada. The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now. The Top Stocks that made the cut could produce monster returns in the coming years, potentially setting you up for a more prosperous retirement. Consider when "the eBay of Latin America," MercadoLibre, made this list on January 8, 2014 ... if you invested $1,000 at the time of our recommendation, you'd have $24,927.94* Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 30 percentage points since 2013*. See the Top Stocks * Returns as of 6/23/25 More reading 10 Stocks Every Canadian Should Own in 2025 [PREMIUM PICKS] Market Volatility Toolkit Fool contributor Kay Ng has no position in any of the stocks mentioned. The Motley Fool recommends Fortis. The Motley Fool has a disclosure policy. 2025 Sign in to access your portfolio
Hans India
5 days ago
- Politics
- Hans India
BJP leader gets bail in officer assault case
Bhubaneswar: The BJP leader, Jagannath Pradhan, who was arrested in a case involving the physical assault on a senior Odisha Administrative Service (OAS) officer in Bhubaneswar Municipal Corporation (BMC) office, was released from jail after getting bail from a local court here on Wednesday. Pradhan was released from Jharpada jail here on Wednesday evening. The BJP leader was welcomed by his supporters when he walked out of the jail. The BJP leader and Bhubaneswar (Ekamra) MLA Babu Singh also welcomed him. Then, his supporters took Pradhan to his office in a procession by bursting firecrackers and beating drums. Speaking to mediapersons, Pradhan condemned the incident (assault on OAS officer) and claimed that he was neither directly nor indirectly involved in the assault on the officer, which was 'proved today by the court.' The OAS Association became the victim of a conspiracy of Opposition BJD, which led to his arrest, he claimed. 'The OAS Association should introspect how they fell into the conspiracy. It is the duty of every officer to ensure smooth functioning of the Mohan Majhi government in the State,' he said. Earlier in the day, the District and Sessions Court, Khurda, granted bail to Pradhan on a security of Rs 30,000. The court had asked the government counsel to produce the telephonic conversation between Pradhan and Ratnakar Sahoo, the victim OAS officer. The court granted bail to Pradhan after the government counsel 'failed' to produce evidence of a conversation in the court, said advocate Suresh Kumar Sahoo. The BMC Additional Commissioner, Ratnakar Sahoo, was brutally attacked, dragged on the floor of the office, kicked in the face and humiliated by a group of people, allegedly supporters of Pradhan. The viral video of the officer's assault created a Statewide outrage forcing OAS officers to go on strike demanding the arrest of all the accused persons, including Pradhan, who is accused of masterminding the attack on Sahoo. On Thursday night, Pradhan surrendered before the Deputy Commissioner of Police, Bhubaneswar, and was arrested and sent to jail. He was produced before the SDJM (Sub-Divisional Judicial Magistrate's) Court in Bhubaneswar which rejected his bail petition and sent him to 14-day judicial custody. Pradhan was booked under various sections of BNS which deals with offences like assault on public servants, obstructing government work and causing grievous injury. The BJP leader surrendered before the police as the members of the OAS Association went on a cease-work agitation across the State. Earlier, police had arrested five persons in connection with the case. While Pradhan was granted bail on Wednesday, the hearing of the bail petition of the other five accused is scheduled to be held on July 15, the advocate said.
The Wire
5 days ago
- Politics
- The Wire
As Law and Order In Odisha Goes From Bad to Worse, Majhi Government Acts Only When Forced To
Some say the series of violent incidents in the last year or so point to the government losing its grip on administration. Bhubaneswar: From an Odisha Administrative Service (OAS) officer being assaulted in his office to a college-going woman being gang-raped on a well-known beach and minority community members facing repeated attacks, the law and order situation in Odisha seems to have gone from bad to worse during the one-year rule of the state's maiden BJP government led by chief minister Mohan Majhi. What is even more appalling is that in almost each of these cases, the government acted only after protests erupted and public pressure mounted, leaving it with no other choice than to initiate action against the guilty. In the most recent case, supporters of a senior BJP leader, who was the party's candidate for the Bhubaneswar Central assembly seat in the 2024 elections, barged into the Bhubaneswar Municipal Corporation's office located along a busy thoroughfare on June 30 and dragged an OAS officer out into the foyer of the building. He was kicked and punched repeatedly as people watched helplessly. As the video of the incident went viral and opposition parties as well as members of the OAS Association protested, the five accused, including a BJP corporator, were suspended from the primary membership of the party. However, there was no action against the senior party leader who was alleged to have orchestrated the humiliating and inhuman assault on a serving officer inside his office. The man, who is believed to enjoy the blessings of BJP bigwigs, finally surrendered before the police after OAS officers across the state went on a wildcat strike, bringing administrative work to a halt. The assault on the OAS officer came in the wake of the gang-rape of a 20-year-old woman on the Gopalpur beach on June 15 during the Raja festival that celebrates womanhood. The woman, who had gone to the beach with a male friend, was assaulted by a group of three men who were assisted by seven others, including two minors. Though the accused were arrested after the news spread like wildfire, causing acute embarrassment to the government, the administration is yet to explain why there were no proper security arrangements on the beach, which is a well-known tourist destination. Only a few days later, the state hit the headlines again, with a 31-year-old woman from the predominantly tribal Mayurbhanj district being raped by four men. The woman was dragged out of her house and taken to a second location where she was sexually assaulted by the accused, who allegedly threatened to kill her if she told anyone about the incident. Former Biju Janata Dal (BJD) MLA Latika Pradhan lambasted the Majhi government for failing to protect the dignity of women while making tall claims about empowering them. 'All this talk about the empowerment of women is bunkum. The fact is that on an average at least four women are raped almost every month in the state. Under this government, Odisha has become the most unsafe place' for women in the state, alleged Pradhan, adding that the law and order situation had collapsed with all kinds of crimes being committed. 'There are allegations of cannabis and liquor being seized from the vehicle of a BJP MLA. What kind of a government are they running?' she asked. Former Congress MLA Lalatendu Mohapatra also accused the BJP government of soft-pedalling cases of assault on women and minorities. 'Our party has been carrying on a campaign on this issue. Our MLAs raised the issue in the state assembly, but the government instead of acting upon the cases brought to light by them chose to initiate punitive action against them. But our fight on the issue continues and we will not rest till women get justice,' said Mohapatra. The Majhi government started its tenure off on the wrong foot, with an army officer and his lawyer fiancee being harassed at a police station in Bhubaneswar within months of the government coming to power. The case, which made the national headlines, led to state-wide protests that forced the government to suspend five police personnel, including the inspector in-charge of the Bharatpur police station, where the incident had taken place. However, the suspension of four of them was withdrawn in less than a year. The fledgling Majhi government faced its first major challenge when communal tension gripped the Balasore town barely six days after the government was sworn in. With clashes between two communities leaving at least 20 persons injured, the entire town had to be placed under curfew and some internet services had to be suspended. It took a few days for the situation in Balasore, the constituency of former Union minister Pratap Sarangi, to return to normal. However, the government appears to not have learned its lesson from the incident, as communal elements continued to feel emboldened and started targeting Christians. A violent incident was reported towards the end of last year from the Remuna area of Balasore, where two tribal women were tied to a tree and beaten up by a mob on suspicion of engaging in religious conversion. The mob, led by a man sporting a vermillion tika and shouting 'Jai Shri Ram' and 'Bharat Mata Ki Jai', also smeared the face of one of the women with the cake she had allegedly brought to celebrate the conversion of a Hindu man to Christianity. After a video of the incident went viral on social media, police detained four youths who were later released after apologising to the women they had assaulted. Such incidents, however, continue to be reported from different parts of the state. Last month, two Dalit men in Ganjam district were assaulted, partially tonsured and forced to eat grass and drink dirty drain water after being falsely accused of smuggling cattle. The incident took place in broad daylight in the district's Kharigumma village. The victims, Bulu Nayak (52) and Babul Nayak (43) of Singipur village, had reportedly purchased a cow and two calves from Haripur as part of a dowry arrangement for a family member's marriage ceremony, and were transporting the cattle to their village aboard a cargo auto-rickshaw. They were intercepted at Kharigumma by a group of self-styled ' go rakshak s' or cow protectors, who accused them of transporting cattle illegally. The group snatched their mobile phones and cash and demanded Rs 30,000 in exchange for releasing the animals. When the duo refused, the miscreants tied up their limbs, thrashed them and partially shaved their heads. They were forced to crawl for nearly two kilometres with blades of grass between their teeth and even made to drink dirty drain water. Arrests were made in the case only following public uproar and condemnation by the two major opposition parties, the BJD and the Congress. While the grand old party also sent a fact-finding team to the area, the National Human Rights Commission took cognisance of the incident as well. Political analyst Shashikant Mishra views these incidents as an alarming sign of the government losing its grip on administration. 'Crimes of this nature reflect poorly on the government, especially because the chief minister himself holds the home portfolio. Any popular government must first inspire confidence among people [with] efficient handling of law and order,' said Mishra. The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.
The Print
6 days ago
- Politics
- The Print
BJP leader Jagannath Pradhan gets bail in OAS officer assault case
Additional Commissioner of BMC Ratnakar Sahoo was brutally attacked, dragged on the floor of the office, kicked in the face and humiliated by a group of people, allegedly supporters of Pradhan. The viral video of the officer's assault created a statewide outrage forcing OAS officers to go on strike demanding arrest of all the accused persons including Pradhan, who is accused of masterminding the attack on Sahoo. The District and Sessions Court, Khurda has granted bail to Pradhan on security of Rs 30,000. The court has asked the government counsel to produce the telephonic conversation between Pradhan and Ratnakar Sahoo, the victim OAS officer. The court granted bail to Pradhan after the government counsel 'failed' to produce evidence of conversation in the court, said advocate Suresh Kumar Sahoo. Bhubaneswar, Jul 9 (PTI) A local court here on Wednesday granted bail to BJP leader Jagannath Pradhan, who was arrested in a case involving the physical assault of a senior Odisha Administrative Service (OAS) officer in Bhubaneswar Municipal Corporation (BMC) office. On Thursday night, Pradhan surrendered before the Deputy Commissioner of Police, Bhubaneswar and was arrested and sent to jail. He was produced before the SDJM (Sub-Divisional Judicial Magistrate's) Court in Bhubaneswar which rejected his bail petition and sent him to a 14-day judicial custody. Pradhan was booked under various sections of BNS which deals with offences like assault on public servants, obstructing government work, and causing grievous injury. The BJP leader surrendered before the police as the members of the OAS Association went on a cease-work agitation across the state. Earlier, police had arrested five persons in connection with the case. While Pradhan was granted bail today, the hearing of the bail petition of the other five accused is scheduled to be held on July 15, the advocate said. PTI AAM AAM RG This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
New Straits Times
05-07-2025
- Politics
- New Straits Times
NST Leader: 'States have duty to protect against climate change'
DO states have legal obligations to protect people from adverse impacts of climate change? An emphatic "yes" was the answer by the Inter-American Human Rights Court (IACtHR) on Thursday in a 234-page advisory opinion that is set to shape the legal landscape of climate change, including the much-anticipated ruling by the International Court of Justice (ICJ) on the responsibilities of states to mitigate impacts of climate change. The IACtHR's opinion is in response to the question and several others raised in a joint petition to the court in January 2023 by Colombia and Chile. The duo are members of the Organisation of American States (OAS), which includes the United States and Canada. The OAS has more than 20 members, but not all have ratified the American Convention on Human Rights, which forms the basis for IACtHR's advisory opinion. Be that as it may, the court was clear in asserting that the judgment applies to all members of the OAS, whether or not they have ratified the treaty. But the rest of the world will do well to pay heed to the advisory opinion as it reflects the current principles of international law, especially with the court's extensive references to United Nations resolutions, Paris Agreement on climate change, regional human rights conventions and international court decisions. The IACtHR's decision is groundbreaking in many ways. One such is its description of the current extreme weather around the world as a climate emergency, a first for any international human rights court. Hard to disagree with its assessment. As this Leader goes to press, wildfires are raging in Canada, California, Greece, Turkiye and killer cold waves are sweeping across Argentina, Chile and Uruguay, all three are members of the OAS. Our climate woes are a story of fire and rain, most of which are caused by human activities. Given the climate emergency, states have an obligation to provide a healthy environment, a human right in the court's opinion. While the court's phrasing of the states' obligation to provide a healthy environment is another first, in 2024 the European Court of Human Rights (ECtHR), whose role is to interpret the European Convention on Human Rights, for the first time, ruled that Switzerland, a state party, had a duty to protect a group of older women against heat waves. The IACtHR went further than the ECtHR by spelling out in detail the tools states could use to meet their obligations to ensure "a healthy environment". A final first is its decision on the obligation of state and private companies to ensure a clean environment. States must urge all companies to adopt effective measures to combat climate change and its impact on human rights, it ruled. Environmentalists have long pressured governments around the world to do exactly that. Little wonder, they were the first to celebrate the IACtHR's decision. The International Union For the Conservation of Nature, which took part in the court proceedings, said in a press statement that the decision comes at a historic moment in which climate change is redefining the limits of the law and justice. Will the ICJ follow suit? We will know soon.
