If your net world income exceeds the threshold amount ($74,788 for 2017), you have to repay part or your entire OAS pension. Part or your entire OAS pension is reduced as a monthly recovery tax.
As per CRA- https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/recovery-tax.html
If your net world income exceeds the threshold amount ($74,788 for 2017), you have to repay part or your entire OAS pension. Part or your entire OAS pension is reduced as a monthly recovery tax.
As per CRA- https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/recovery-tax.html
The OAS Recovery tax is reported on Line 22 in the T4A OAS. In the T1 General Line 22 is then reported on Line 43700, along with any other tax paid. As such, it appears that the OAS payment is NOT taken back, just not paid out monthly. At the end of the year if too much tax has been paid, it looks like it will be reimbursed?
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