Do you currently receive Old Age Security clawback income threshold for 2024!

The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older.

In most cases, Service Canada will be able to automatically enroll you for the OAS pension if sufficient information is available. Service Canada will inform you if you have been automatically enrolled. If you did not receive any letter about the OAS pension the month after you turned 64, you may need to apply for the OAS pension.

The Canada Revenue Agency has published the income threshold which will apply for purposes of the Old Age Security (OAS) clawback threshold during 2024.

Individuals who receive OAS benefits can have up to $90,997 in net income for 2024 and continue to receive their full benefit entitlement. Where income for 2024 exceeds that amount, OAS benefits will be clawed back at a rate of 15% of income over $90,997.

If your net world income exceeds the threshold amount ($81,761 for 2022), you have to repay part or your entire OAS pension. Part or your entire OAS pension is reduced as a monthly recovery tax.

You must pay the recovery tax if:

  • your annual net world income is more than $81,761 (for 2022, in Canadian dollars), and
  • you live in a country where the non-resident tax on Canadian pensions is 25% or more

If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at and we will help you out!

Leave a Comment

Your email address will not be published. Required fields are marked *


Scroll to Top