OAS Clawback

Are you questioning whether you will retain your OAS or whether you will get it clawed back. Rob Carrick featured a great article in the Globe and mail this weekend on how to avoid the dreaded OAS clawback. The maximum monthly OAS benefit right now is $526.85 or $6,322.20. The government claws OAS back by 15% of incremental income above $67,668 and it completely eliminates OAS with income of $109,764. There are a number of strategies that go against conventional thinking including drawing on your RRSP's early. It's worth the analysis to see how you can maximize the effectiveness and efficiency of your retirement income from all sources.