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I will be receiving revenue from a testimonial trust, as…

I will be receiving...

I will be receiving revenue from a testimonial trust, as part of an inherited trust, and am not sure how it will impact my current Canada Pension, old age security and guaranteed income supplement. Can you provide an answer?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I am working on negotiating a settlement on my late fathers estate which was set up originally in 2003, and I am benificiary only on this estate. I am unclear if I will loose my guaranteed income supplement as a result. Again the amount I am to receive annually may cause a loss of my GIS, which changes my income.

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Answered in 8 hours by:
3/20/2018
Legal Ease
Legal Ease, Lawyer
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Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Essentially what will happen is that you may lose your GIS depending on your financial situation. It could affect the amount of OAS you get or the tax clawback.

It will not affect your CPP as that is entitlement based on not needs based.

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