Agnes is 66 years old. During 2020, she received OAS payments of $7,400, CPP payments of...

 

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Agnes is 66 years old. During 2020, she received OAS payments of $7,400, CPP payments of $10,000 and investment income of $65,000. No federal tax was withheld at source. Her total federal tax credits for 2020 (including charitable donations) are $2,500. Taking the OAS clawback into consideration, what is her federal balance owing? Agnes is 66 years old. During 2020, she received OAS payments of $7,400, CPP payments of $10,000 and investment income of $65,000. No federal tax was withheld at source. Her total federal tax credits for 2020 (including charitable donations) are $2,500. Taking the OAS clawback into consideration, what is her federal balance owing?

Answer rating: 100% (QA)

Before the deduction of any OAS repayment Agnes had income as follows ... View the full answer