I applied for OAS on turning 65 in January 2012. Due to my other income 100% of the OAS has been clawed back and I expect this to continue until I retire at age 70. In effect I have received no benefit from OAS whatsoever. Effective March 1, 2113 I have read that a taxpayer can request to cancel OAS and return any benefit received and apply again at a future date up to age 70 therebye increasing the OAS benefit by up to 36% but only if an application is submitted within six months of receiving the first payment. It appears that I am out of luck in receiving an increased pension at age 70 when I expect my income will drop to the extent there will be no clawback, even if I have received nothing up to age 70.
Am I correct or is there any way around this?
OAS clawback/deferral until age 70
Moderator: Mark T Serbinski CA CPA
That is correct. I presume you could have argued that you would have had some time (six months) after March 1 2013 to cancel, but that period has long passed.
If it's any consolation, the clawback level is proaobly being lowered so that by the time you would have gotten the higher OAS it would have all been clawed back as well.
Do you realize that if you lived in US, you would not be subject to clawback of OAS regardless of your income level?
If it's any consolation, the clawback level is proaobly being lowered so that by the time you would have gotten the higher OAS it would have all been clawed back as well.
Do you realize that if you lived in US, you would not be subject to clawback of OAS regardless of your income level?
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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