One area that I spend a great deal of time on with my clients is identifying situations where their Old Age Security (OAS) may be reduced, and implementing strategies to help avoid OAS Clawback. As of December 31, 2018, if your net income before adjustments exceeds $75,910, part of the entire OAS pension amount may need to be repaid. The repayment amount is equal to 15% of the amount an individual’s net income exceeds the threshold up to the full OAS payment. Repayment amounts are normally deducted on a monthly basis as a recovery tax and the full OAS payment is eliminated when a pensioner’s net income is $123,386 and above.
There are a few strategies you can implement to reduce clawback amounts:
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