OAS Clawback
Old Age Security is reduced for people with high income through a clawback/recovery provision.
The clawback applies if your net income exceeds .
For every $1 of net income above , the maximum OAS pension is reduced by 15 cents.
Net income (maximum value $1,000,000)
|
110,000
Net Income
Net Income is Total Income reported on your tax return less certain deductions such as RRSP contributions, RPP contributions union and professional dues, business losses, carrying charges, interest expenses and other items |
| Income threshold for clawback |
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| Income subject to clawback |
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Annual clawback amount
( x 15.00% up to a maximum of ) |
|
| Summary | Annual | Monthly |
| Maximum OAS pension | ||
| Clawback amount deducted from your pension | ||
| Net OAS pension |
Maximum Annual OAS Pension:
Assumptions
The maximum OAS pension as of is . The amount of the clawback is based on the previous year's tax return.
Disclaimer
The maximum OAS pension as of is . The amount of the clawback is based on the previous year's tax return.
Disclaimer
