Question
Every year Marion is concerned about having to repay the Old Age Security (OAS) pension that she receives. This is very stressful as she is
Every year Marion is concerned about having to repay the Old Age Security (OAS) pension that she receives. This is very stressful as she is on a very limited budget. She knows that if her income is over a certain amount, that she has to repay a large lump sum back through her tax return. In 2019, the OAS clawback or repayment calculation is based on the difference between Marions net income and the threshold amount for the year. If her income is over the threshold amount, then she must repay 15% of that amount. Marions monthly OAS pension was $605.98 for 2019 and her net income was $85,000.
minimum income recovery threshold: 77,580$ maximum income recovery threshold: 126,058$
Determine if Marion will have to repay her OAS and if so, calculate any repayment required. ???
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