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1. Andrew, aged 68, is retired. Last year, he received income from the following sources: his CPP/QPP pension ($12,000), his DBPP work pension (563,000). and
1. Andrew, aged 68, is retired. Last year, he received income from the following sources: his CPP/QPP pension ($12,000), his DBPP work pension (563,000). and Old Age Security (OAS) benefits ($7,000). He's concerned that his total net income will result in him having to repay a portion of the GAS benefits he received. The OAS minimum threshold is set at $75,000. When Andrew files his tax return, how much of his OAS benefits will he have to repay? O $7,000. O $3,500 O $1,050 0 Andrew won't be required to make a repayment, because it's only his OAS benefits that bring his net income above the minimum threshold. Choose 1 option
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