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3. Michelle received $6,600 in OAS pension income in 2018. Her total income for 2018 was $94,000. For 2018, the minimum income threshold is $75,910.

3. Michelle received $6,600 in OAS pension income in 2018. Her total income for 2018 was $94,000. For 2018, the minimum income threshold is $75,910.

a. What is her monthly OAS clawback? SHOW YOUR WORK. (2 marks)

b. What is the clawback period? (1 mark) FNCE3314 Retirement and Estate Planning TERM TEST 2 Page 6 of 7

c. Assuming that her OAS payment does not increase with inflation, what is Michelles new OAS payment? SHOW YOUR WORK. (1 mark)

d. At what level of 2018 income would she have her entire OAS benefit clawed back? (1 mark)

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