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- The government starts reducing your OAS amount once you make over $86,912 in 2023 taxable income — note that this figure changes annually according to inflation. This reduction is commonly referred to as a “clawback,” but is formally known as a “recovery tax.” Your current global, taxable income determines if you will pay the recovery tax.www.wealthsimple.com/en-ca/learn/oas-clawback-explained
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WEBSep 14, 2021 · OAS clawback applies in 2021 for those whose net income on line 23600 of their tax return exceeds $79,845. A taxpayer must repay OAS at a rate of 15% of income exceeding this threshold. OAS...
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WEBAug 2, 2024 · Strategies for reducing potential clawback amounts include deferring OAS payments, income splitting with a spouse or partner, withdrawing from your TFSA instead of your RRSP, and selling off …
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