OAS is a program created by the government of Canada to provide retired people with a source of income to help throughout their retirement. However, seniors who make too much income are sometimes asked to pay some of their OAS back.
The new 2022 tax year thresholds are: • Minimum income recovery threshold: $80,761. • Maximum recovery thresholds for ages 65-74: $134,626. • Maximum recovery threshold for ages 75 and above: $137,331.
So what does that mean?
Well, if you made more than the minimum amount, you will unfortunately have to pay back some or all of your OAS. If your income is above the maximum amount for your age group, your OAS might be canceled all-together.
If you have any questions or would like to learn more, please get in touch with our team at St. Albert Financial Consultants today.
The Canadian government has adjusted tax brackets for the 2022 tax year to help individuals keep up with the high level of inflation. Each bracket saw a slight increase from 2021 thresholds. In turn, for some, this change may mean paying a lower rate on more of your income.
The new brackets and tax rates are: • Up to $50,197 of income is taxed at 15%. • Income between $50,197 and $100,392 is taxed at 20.5%. • Income between $100,392 and $155,625 is taxed at 26%. • Income between $155,625 and $221,708 is taxed at 29%. • Above $221,708, income is taxed at 33%.
Tax season is right around the corner! When you need assistance filing your taxes, look no further than St. Albert Financial Consultants.
Are you struggling with the increased financial pressures from inflation?
Seniors, families with children under 18, and Albertans on benefit programs can get $600 to help with the rising cost of living! You have to have an Alberta Digital ID for this one and apply monthly starting January 18, 2023 and closing June 30, 2023.
Learn more at https://www.alberta.ca/affordability-payments.aspx. As always, if you need assistance, we invite you to contact our team! We are always glad to help.
