Canada Revenue Agency: How Retirees Can Earn More Money and Avoid the OAS Clawback

Author: External Author | Sep 02, 2020 | Categories: Accounting Firm , Bookkeeper , Bookkeeping Services , GST/HST Returns , Payroll Services , Personal Tax , Small Business Accountant , Tax Accountant Edmonton , Tax Services

The CRA implements a clawback on OAS payments when net world income moves above a minimum threshold. For the 2020 tax year, this number is $79,054. Every dollar of net world income earned above this amount triggers a $0.15 OAS pension recovery tax. The CRA reduces the OAS payment in the following year.

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Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/

Article Written By: Andrew Walker

Original Article Posted on: August 7, 2020

Link to Original Article: https://ca.finance.yahoo.com/news/canada-revenue-agency-retirees-earn-120056413.html