CRA: Protect Your OAS Payments From This 15% Clawback
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Being a Canadian citizen can be fantastic for senior citizens who could look at substantial retirement income through pensions. The Canadian government has designed
pension plans to partially cover the retirement income for Canadian retirees. The Old Age Security (OAS) program is one such plan that can help them earn a third of their retirement income.
However, seniors collecting OAS should keep their revenue in check. There is a chance that the Canada Revenue Agency (CRA) could reduce their retirement income by 15% if their income is too high. The OAS clawback is also called the OAS pension recovery tax. Here is what you should know about the clawback.