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 Use This Form to Request to Reduce Your Old Age Security OAS Recovery Tax If You Estimate that Your Income for the Current Year  2020

2020-2025 Form

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there is a provision in the income tax that allows you to have your OAS callback reduced if your incoming current tax year is lower significantly lower in previous year or if your income was significantly higher in previous year than it is the current year you could fill out the form t1213 OAS to have your old age security callback reduced because the old age security callback is actually a recovery tax and it's just an estimate that the CRA is estimating what the taxes withheld and Source should be and then when you file in the following year the actual tax amount will be either refunded to you or you might end up owing some tax all he has is income tested benefit and as we know there are some income thresholds at which all its Security will be reduced or will be clawed back and these thresholds are increased increased for inflation every single year but for 2023 your OAS Club X starts at 86 912 and your OAS would be fully clawed back at about 142 000 and we also know that the

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