Hello, Is there a way to remove GIS in calculations? I do not wish to include my spouce in the projection and I will not be receving GIS due to our future income. This is why I need to remvove GIS in projections. Thanks
Make sure you entered your last year’s taxable income where it asks in the the screens right before you run the TIME MACHINE. Don’t neglect that screen it’s important to get taxes correct. Also don’t neglect a spouse for the same reason. OAS and GIS are calculated on previous year’s taxable incomes, so if you entered 0, you might get GIS the first year. The TIME MACHINE calculates your taxable income this year and going forward, so you should not see any GIS if your income is high enough.
So the best way to remove GIS if you’re not expecting to collect it is to make sure your inputs are correct.
Ok so there's no option to opt it out upfront, this is what I understand, right?
Well actually there is. But you’ll ignore CPP/QPP also.
Go to CPP/QPP and OAS tab in the left menu.
Check the box Ignore QPP/CPP, OAS, and GIS calculations in the TIME MACHINE. Please read the Help for this page.
You can now set to ignore GIS but not CPP/QPP. Under CPP/QPP and OAS tab check the box Ignore GIS calculations in the TIME MACHINE. Please read the Help for this page.
Thanks for the suggestion