Old Age Security Clawback Calculator
HOW IT WORKS
Enter your total Taxable Income for 2015 – this is Line 150 on your T1 Tax Return. Enter the amount of Old Age Security (OAS) you will receive in 2016. Take 12 times your payment if you receive it monthly for instance.
The calculator ‘Total’ is the amount of Old Age Security left after you pay the clawback on your 2016 tax return. The Old Age Security clawback creates one of the highest tax brackets faced by Canadians of any age, and a major reason why it is essential to have sound financial planning in retirement.
Cascades can help you build a plan to reduce or completely eliminate Old Age Security clawback for your clients.