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