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- Reasons why your OAS (Old Age Security) payment may decrease1234:
- Income Threshold: If your income exceeds a certain threshold (e.g., $90,997 in 2024), your OAS amount will be reduced.
- OAS Recovery Tax: The reduction is formally known as the OAS recovery tax or "clawback."
- Income Increase: If your income increased relative to the previous year, your OAS payment may decrease.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The government starts reducing your OAS amount once you make over $90,997 in 2024 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-…Why did my OAS payment suddenly drop? Possible that you’ve entered an OAS recovery tax period. The table below outlines the 12-month recovery tax period and income year applicable to that period. If you’ve noticed a reduction in your OAS payment this July, there was likely a relative increase in your 2021 income.welchllp.com/insights/knowledge/why-did-my-oas-p…The amount you receive may be reduced if your income exceeds a certain threshold, which is $86,912 for the income year 2023. If your income exceeds this amount, your OAS payment will be reduced by 15 cents for every dollar of income above the threshold.boomerandecho.com/oas-payments-how-much-wil…The OAS clawback, formally known as the OAS recovery tax, is designed to reduce the OAS benefits of individuals whose income exceeds a certain threshold. If your net income surpasses this threshold, you will be required to repay part or all of your OAS benefits through a tax levied on your income tax return.artofretirement.ca/retirement-planning/navigating-th… - People also ask
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