c) Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000. Calculate Mike's OAS repayment due to the OAS clawback. Minimum Income Recovery Threshold $79,845 Mike's calculation: Maximum Income Recovery Threshold $129,260
c) Jing's husband Mike has always lived in Canada. He is 67 years old and has a net income of $100,000. Calculate Mike's OAS repayment due to the OAS clawback. Minimum Income Recovery Threshold $79,845 Mike's calculation: Maximum Income Recovery Threshold $129,260
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Jing is concerned about having to repay her Old Age Security (OAS) pension that she receives. This is very stressful as she is on a very limited budget. She knows that if her income is over the minimum threshold amount, that she must repay 15% of this different through her tax return due to the OAS clawback. The maximum monthly OAS pension in 2021 is $635.26. Jing’s net income is estimated at $75,000 for the year. Jing turned 65 years old on January 1, 2021 and has been living in Canada for 25 years. She knows that the amount she will receive is a partial monthly pension earned at the rate of 1/40th of the maximum monthly OAS pension for each year of residence in Canada after the age of 18.
Transcribed Image Text:c) Jing's husband Mike has always lived in Canada. He is 67 years old and has
a net income of $100,000. Calculate Mike's OAS repayment due to the OAS
slawback
Minimum Income Recovery Threshold
Maximum Income Recovery Threshold
$79,845
$129,260
Mike's calculation:
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