At What Income Does Oas Get Clawed Back?

For July 2021 to June 2022 pay period, OAS clawback is triggered when your net income is $79,054 or higher and this income is based on your 2020 tax return. OAS clawback results in a reduction of OAS benefits by 15 cents for every $1 above the threshold amount and is essentially an additional 15% tax.

What is the clawback amount for OAS in 2020?

Therefore, your clawback would be 15% of that amount, which is $1,113 annually or $92.75 monthly for the period of July 2020 through June 2021. This means that instead of receiving your full basic OAS of $613.53 monthly, your OAS after the clawback will be only $520.78 monthly ($613.53 minus $92.75).

Is OAS clawback based on combined income?

Capital Gains Can Increase Your OAS Clawback

This is because the OAS clawback is calculated based on your net income before adjustments on line 23400 of your tax return. The capital losses (and non-capital losses) carried forward are deducted after this, on line 25300 (line 253 prior to 2019).