What is oas recovery tax

The sale was reported on my Income tax as requested by the government. I think the federal government want me to commit suicide. Good day. And for how long.. No savings,no home, no retirement money.. I am a single widowed woman and now once bills and rent is paid I do not have enough for food. How do you expect me to live?? Diane: Sorry to hear. I have just retired in sept Am already taking CPP.

Can you recover the OAS recovery or is that lost until a newer tax return happens? Sign me up for your mailing list. This site uses Akismet to reduce spam. Learn how your comment data is processed.

Media Mentions. Privacy Policy. Make Money. Save Money. The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog.

Articles on SavvyNewCanadians. That means if you decide to make a purchase or sign up through these links, I may earn a commission at no cost to you. All Rights Reserved. Read on to learn about strategies for minimizing the OAS clawback. Table of Contents. For each dollar of income above the threshold, your OAS pension is reduced by 15 cents.

To look at it another way, each dollar you earn above the threshold is actually incurring an additional 15 percent tax on top of your current rates. This amount would be recovered via a reduction of your OAS monthly payments.

For more information on the threshold amounts for current and previous years and how to calculate your repayment, follow this link. The OAS is reviewed each year. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.

Discuss strategies to help minimize the OAS clawback if your income is above the threshold amounts. All articles. What is the OAS clawback? July — 15 min read. We pride ourselves on delivering value to all our clients, and providing up-to-date expertise and knowledge. Open PDF. The only way we know how to achieve this is strive to exceed your expectations and provide you with exceptional service. Written by Allen Koroll. Subscribe to Email Updates.