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Old Age Security ("OAS") is a social insurance program that provides a basic level of pension income,
on application, to anyone age 65 or over who meets residence requirements. The amount of Old Age Security
pension must be included in taxable income. OAS is reduced for persons with high income through a
recovery provision of the Income Tax Act.
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For 2012, the tax recovery applies to persons whose net income exceeds
$69,562. For each $1 of income above this limit,
the amount of basic Old Age Security pension reduces by $0.15.
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Repayment of "clawed-back" OAS is made through deductions at source. If net income is more
than $69,562,
one-twelfth of the total estimated repayment for the year will be deducted from your monthly
OAS payments. The estimated repayment is based on your previous year's tax return.
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