But some financial advisers are telling their wealthier clients that they can continue to get the maximum guaranteed income supplement for three years while living off their TFSAs. They are being told to maximize their annual TFSA contributions, delay their CPP benefits and pension plans as well as RRSP withdrawals until the age of 70, and this way they can collect the maximum in OAS and GIS for three years from 67 to 69 while supplementing their income with their TFSA accounts.
Is the government, or are you, aware of this loophole that will allow quite wealthy people to qualify and receive a guaranteed income supplement?