Through a Calculation (On Canadian Individual Tax Returns) Known as the "Old

question 252

Short Answer

Through a calculation (on Canadian Individual Tax Returns) known as the "Old Age Security clawback," an individual receiving Old Age Security (OAS) benefits must repay an increasing proportion of these benefits to the federal government as the individual's net income rises beyond a certain threshold. If the OAS clawback is 15% of net income exceeding $64,000, at what amount of net income must a taxpayer repay all $5,900 of OAS benefits received in the year?