In this video, we will walk you through how to apply the CPP split to your client's plan and how to check the clawback being applied to their OAS benefit.
In this video, I’ll show you how to apply CPP splitting in your client’s plan, as well as how to verify that the OAS clawback is occurring correctly.
The first thing I’d like to show you is that whenever you enter a CPP benefit that should be split between spouses, you’ll want to make sure the Apply CPP Split option is set to Yes.
To confirm that the split is occurring correctly, you can go to Year View and navigate to the Taxes section.
From here, scroll to a year in the plan where CPP income is active in the cash flow.
Then scroll down to the Pension Incomes section.
Here, you’ll be able to see the CPP income and confirm that it is being evenly split between the two partners in the plan.
Next, let’s review how to verify the OAS clawback.
To do this, go to the Pensions tab.
In the years where OAS income is active in the plan, you’ll see the OAS clawback information displayed near the bottom section.
You can click into it to review how much OAS is being clawed back each year.
By scrolling through the years of the plan, you’ll be able to see how the clawback changes over time based on the client’s projected income.
I hope this was helpful.
If you have any questions, you can click on your client’s name in the top-right corner, select Request Support, enter your question into the text box, and share client access with our support team.
Thanks for listening!