Actually that threshold is when the full clawback is returned, so you get none of the OAS above that.
Determining if you need to pay the recovery tax
For every taxable dollar you make over $90,997, your pension will be reduced by 15 cents. Those aged 65 to 74, who make over $148,451 and those 75 or over who make more than $154,196 are not entitled to this pension at all.
The keyword here is “taxable” income — most gifts, inheritances, life insurance policy payouts, and Tax-Free Savings Account (TFSA) withdrawals do not get added to your taxable income and will not affect your OAS. On the other hand, salaries, dividends, capital gains and Registered Retirement Savings Plan (RRSP) withdrawals are taxable and could trigger a clawback.
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ArcticCrusher ·
