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- The OAS clawback is triggered when an individual's net annual income exceeds a certain threshold. The minimum income threshold for 2023 is $86,9121234. The amount that's clawed back is calculated as 15% of the difference between your actual income and the threshold amount23. The formula for calculating OAS clawback is: (Clawback Threshold - Net Income) x 0.153. For example, if a senior's net income for the previous year was $90,000, the OAS clawback would be: ($86,912 - $90,000) x 0.15 = $463.23.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.How OAS clawback is calculated The calculation is fairly simple. The government will deduct $0.15 of every dollar of worldwide taxable net income exceeding $86,912 for 2023. So simply subtract the clawback threshold from your total worldwide taxable income. Then, multiply the sum by 0.15 and divide by 12.www.wealthsimple.com/en-ca/learn/oas-clawback-…An OAS clawback is triggered when an individual's net annual income exceeds a certain threshold. The minimum income threshold for 2022 is $81,761 and for 2023 it's $86,912. The amount that's clawed back is calculated as 15% of the difference between your actual income and the threshold amount.moneygenius.ca/blog/oas-clawbackThe formula for calculating OAS clawback is: (Clawback Threshold - Net Income) x 0.15 For example, if a senior's net income for the previous year was $90,000, the OAS clawback would be: ($86,912 - $90,000) x 0.15 = $463.2 The senior's OAS pension would be reduced by this amount for the current year.www.beretiredready.com/old-age-security-oas-claw…For every dollar ($1.00) of income above the threshold, the amount of the basic OAS pension reduces by 15 cents. For example, if your taxable net income was $95,000 in 2023, then you would be above the clawback threshold by $4003, which in turn would mean that you would lose $600.45 per year of OAS or $50.04 per month.retirehappy.ca/minimizing-old-age-security-clawback/
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