If Irving has a net income that exceeds the OAS threshold for the year but, is below the income level cutoff, what statement is true? a) Irving will have to repay a portion of his OAS benefits, equivalent to 15% of the excess income, when he files his tax return. Ob) Irving will have to repay his entire OAS pension when he files his tax return. Oc) Irving can assign a portion of his OAS pension to his spouse so as to reduce his net income below the OAS threshold. Od) Irving will not receive an OAS pension.
If Irving has a net income that exceeds the OAS threshold for the year but, is below the income level cutoff, what statement is true? a) Irving will have to repay a portion of his OAS benefits, equivalent to 15% of the excess income, when he files his tax return. Ob) Irving will have to repay his entire OAS pension when he files his tax return. Oc) Irving can assign a portion of his OAS pension to his spouse so as to reduce his net income below the OAS threshold. Od) Irving will not receive an OAS pension.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Give typing answer with explanation and conclusion
Transcribed Image Text:If Irving has a net income that exceeds the OAS threshold for the year but, is below the income level
cutoff, what statement is true?
O a)
O b)
O c)
Irving will have to repay a portion of his OAS benefits, equivalent to 15% of the excess income, when
he files his tax return.
Irving will have to repay his entire OAS pension when he files his tax return.
Irving can assign a portion of his OAS pension to his spouse so as to reduce his net income below the
OAS threshold.
O d) Irving will not receive an OAS pension.
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