Shankar will soon retire and expects to receiving the following sources of income: i) $30,000 return of capital in his non-registered account; ii) $10,000 from his TFSA; iv) $52021 from a defined benefit pension; v) $10304 from CPP; vi) $8,500 from OAS; v) $57026 in interest earned in his non-registered account. If his income is in excess of $91,000, his OAS will be clawbacked 15 cents for every $1 above that threshold. Calculate the amount by which his qualifying income exceeds the threshold. Round your answer to nearest whole dollar.

Answer rating: 100% (QA)

Return of capital from nonregistered account 30000 Inco... View the full answer