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.
Old Age Security (OAS) update! 
