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Bikke
April 13, 2022
Question

The Old Age Security reported exceeds the expected limit of $7,486.71 but CRA site is $79,054 which is correct?

  • April 13, 2022
  • 1 reply
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    1 reply

    L
    lamanhcb
    April 13, 2022

    If your net world income exceeds the threshold amount ($79,054 for 2020), you have to repay part or your entire OAS pension. Part or your entire OAS pension is reduced as a monthly recovery tax.

    You must pay the recovery tax if:

    • your annual net world income is more than $79,054 (for 2020, in Canadian dollars), and
    • you live in a country where the non-resident tax on Canadian pensions is 25% or more

    For more information, please see the Canada Revenue Agency (CRA) link as Old Age Security pension recovery tax

    For more information please see our TurboTax article Old Age Security Pension and Taxes

     

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