What Is The Oas Clawback Threshold For 2024. To determine the oas recovery tax: The maximum monthly basic oas payment for the january to march 2024 quarter is $713.34 if you are 65 to 74 and $784.67 if you are 75 and older.
Oas clawback threshold amounts recovery. The maximum monthly basic oas payment for the january to march 2024 quarter is $713.34 if you are 65 to 74 and $784.67 if you are 75 and older.
This Is The Income Level At Which You Have To Repay Part Or All Of Your Oas.
It’s estimated to rise from $86,912 in 2023.
To Determine The Oas Recovery Tax:
Oas maximum (annual) oas clawback starting threshold:
So For The Period From July 2023 To June 2024, You’d Be Responsible For Returning $2,735.85 As An Oas Clawback.
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However, When Your 2023 Tax Return Is Filed, The Oas.
This tax amounts to 15% of the difference between the oas clawback threshold amount and your actual income.
Oas Payments For July To December 2023 Are Clawed Back Based On Your Income As Per Your 2022 Tax Return (As Are Oas Payments For January To June 2024).
In 2024, that threshold is $90,997 but it changes each year.
