Question: Ellen received old-age security (OAS) payments during the current year totalling $6,500. Her net income for the current year is $85,000. No amount was withheld

Ellen received old-age security (OAS) payments during the current year totalling $6,500. Her net income for the current year is $85,000. No amount was withheld from the OAS payments as her income was lower in previous years.
Determine Ellen’s OAS repayment (Part I.2 tax) for the current year. Income tax reference: ITA 60(w), 180.2.

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Pensioners with net income above 71592 2014 must repay part or all of the maximum OAS pension T... View full answer

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