The Old Age Security pension (or OAS or OAS-GIS) is a taxable monthly social security payment available to most Canadians 65 years of age or older. As of January, 2012, the basic amount is C$540.12 per month. At tax time, recipients with 2010 incomes over C$67,668 must pay back a portion of their Old Age Security at a rate of 15% of net income. This is often referred to as a clawback. The OAS pension is fully clawed back for people with incomes over C$110,878.
Read more about Old Age Security: Eligibility Criteria, Social Security Agreements
Famous quotes containing the words age and/or security:
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