I received a $10,000.00 back payment for OAS and CPP combined. How can I show this back payment and not incur increased taxes this year.

Answer

If you know how much was for earlier years, you could split the amount and only file 2014 CPP and OAS. Failing any split, you should be able to work out 2014 from bank statements.

In any event if you could file 2014 like above, you could then potentially file earlier years through T1-Adj. Or ignore it and have CRA reassess 2013, 2012 etc since they have the T-slips anyway.

I had a similar thing this year with a person who received several years UCCB back that she was entitled to. We just filed for 2014 amounts. CRA reassessed all the tears that UCCB should have been received. This avoided the client having to send a cheque to CRA. She would have gotten it back eventually but would have issues finding the payment to file with.
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