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- The OAS clawback is triggered when an individual's net annual income exceeds a certain threshold. The minimum income threshold for 2023 is $86,912123. The government will deduct $0.15 of every dollar of worldwide taxable net income exceeding $86,912 for 202312. To calculate the clawback, simply subtract the clawback threshold from your total worldwide taxable income. Then, multiply the sum by 0.15 and divide by 121. The clawback is calculated as 15% of the amount by which your income exceeds the yearly minimum income threshold up to the point that your OAS is fully recovered4.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.How OAS clawback is calculated The calculation is fairly simple. The government will deduct $0.15 of every dollar of worldwide taxable net income exceeding $86,912 for 2023. So simply subtract the clawback threshold from your total worldwide taxable income. Then, multiply the sum by 0.15 and divide by 12.www.wealthsimple.com/en-ca/learn/oas-clawback-…In the 2023 income year, the minimum and maximum recovery thresholds are increasing, and are typically adjusted based on inflation. OAS Clawback Calculation You would pay back 15% of the amount of taxable income that is above the minimum income recovery threshold. The calculation is: (Total taxable income) – (income threshold) x 0.15.www.chip.ca/reverse-mortgage-resources/retireme…An OAS clawback is triggered when an individual's net annual income exceeds a certain threshold. The minimum income threshold for 2022 is $81,761 and for 2023 it's $86,912. The amount that's clawed back is calculated as 15% of the difference between your actual income and the threshold amount.moneygenius.ca/blog/oas-clawbackWhichever year’s income is being used, the clawback is basically calculated as 15% of the amount by which your income exceeds the yearly minimum income threshold up to the point that your OAS is fully recovered (usually at the level of the maximum income threshold).retirehappy.ca/understanding-the-oas-clawback/
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