Quote:
Originally Posted by SSM_DC5
Say bye bye to the benefits for being low or no income if get a pension. Government will take it all back when you do your taxes.
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To add to what Supa said, you shouldn't be worried or complain if you're hitting OAS clawback especially as a couple where the pension and RRIF can be income split.
The clawback threshold is also tied to inflation so it has grown every year. The clawback is also a percentage of every dollar above the threshold so you don't lose it all once you hit the threshold amount. It's 15% of every $1 over.
2025 starts at $93,454 and you don't lose it all until you hit $151,668 income per person. So as a couple with income splitting you're going to have about $180k combined income up to $300k combined income before you lose 100% of your OAS.
I think you'll be enjoying your retired life with that type of income and not be worried about the lost OAS.
You also get an OAS payment bump of 10% at age 75 so that takes you from $151,668 to $157,490 before you've lost 100% OAS and again that's per person.
However if the government fucks with the threshold in the future then the game will change. There are groups lobbying to get the threshold amount lowered.
There is already GIS for those who need more income support so not sure if any political party wants to lower the OAS threshold (affects middle and upper middle (?) class so a major voting block).
Good luck on the new career Dark!