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Retirement and Tax refunds


Chelimaria
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I am just doing my parents taxes and my dad who is now retired is receiving a good size refund. 

He receives CPP & OAS and a small pension from work.  We have asked to get taxes deducted off his CPP & his pension and the refund he is receiving seems to be pretty close to what we have deducted in taxes off the CPP and pension payments, does this seem normal?  I guess it depends on how much they make and what tax bracket they are in, right?

Do most people who retire get taxes deducted off their CPP? 

It just seems odd that what was deducted in taxes is essentially what his refund is.  Does this mean that if we stop the deduction of taxes he would be ok.

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  • 9 months later...

Hey there. As far as I know, most people who retire do have taxes deducted from their CPP. Still, it's always a good idea to double check with a retirement calculator to see what the best option for your dad would be. The amount of taxes deducted depends on how much income your dad receives and what tax bracket he falls into. If you stop the deduction of taxes, it could potentially result in a larger refund or a smaller monthly income, so it's worth looking into. Good luck, and keep us updated.

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