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If you decided to wait until full retirement age to begin collecting Social Security, you can request retroactive payments that are typically delivered via a one-time, lump-sum payment when you ...
The lump sum payment could push you into a higher tax bracket for the year, costing you more in income tax. Investing the lump sum may not generate a return higher than the 8% annual benefit boost ...
Americans who qualify for Social Security retirement benefits are usually encouraged to wait at least until full retirement age to collect so you can get 100% of the benefits you are due. Ideally,...
Unlike conditional transfer payments such as the Canada Health Transfer or the Canada Social Transfer, the money the provinces receive through equalization can be spent in any way the provincial government desires. The payments are meant to guarantee "reasonably comparable levels" of health care, education, and welfare in all the provinces. The ...
A formal system of equalization payments was first introduced in 1957. [7] [ Notes 1]. The original program had the goal of giving each province the same per-capita revenue as the two wealthiest provinces, Ontario and British Columbia, in three tax bases: personal income taxes, corporate income taxes and succession duties (inheritance taxes).
Equalization payments do not, technically, involve wealthy provinces making payments to poor provinces, although in practice this is what happens, via the federal treasury. As an example, a wealthy citizen in New Brunswick, a so-called "have not" province, pays more into equalization than a poorer citizen in Alberta, a so-called "have" province.
A lump sum is a one-time payment representing the total value of your accrued pension benefits, discounted to reflect the time value of money. This cash influx offers maximum flexibility, allowing ...
Canadian Payments Association, carrying on business under the brand name Payments Canada, [2] [3] is an organization that operates a payment clearing and settlement system in Canada. The Canadian Payments Association was established by the Canadian Payments Act in 1980. Among other responsibilities, it regulates and maintains directories of ...