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Tax slips available online in MSCA You can view, save, or print official copies of the following tax slips in MSCA: T4E for Employment Insurance (EI) T4A/NR4 for Canada Pension Plan (CPP) and Old Age Security (OAS)
You can get a blank T5007 Summary by going to Forms and publications or order one by calling 1-800-959-5525.
Old Age Security is reduced for people with high income through a clawback/recovery provision. The clawback applies if your net income exceeds $81,761. For every $1 of net income above $81,761, the maximum OAS pension is reduced by 15 cents. The maximum OAS pension as of January 2023 is $8,251.
How can I get my T4A slip? If you are eligible for a T4A tax slip, check your plan member secure site at the end of February to access your T4A slip securely online until May 31, 2023. After May 31, you can visit the Canada Revenue Agency to access your T4A slip.
If you know that your income will not exceed the OAS threshold, or will not exceed it by as much as the previous year, you can request that less or no recovery tax be deducted, by completing form T1213(OAS) - see link at bottom.
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Any taxable income is used in OAS clawback calculations, including: Canada Pension Plan/Quebec Pension Plan. Old Age Security. RRSP or RRIF income.
OAS Clawback: 15% Tax on Excess Earnings If line 23400 (line 234 prior to 2019) net income before adjustments is greater than $86,912 for 2023 ($90,997 for 2024) then you will have to repay 15% of the excess over this amount, to a maximum of the total amount of OAS received.
Purpose of the Old Age Security Return of Income The information on your annual OASRI lets the CRA determine if your net world income is more than the threshold. If your net world income for the year is higher than the threshold for the tax year, recovery tax will be deducted from your monthly OAS payments.
T4A(OAS): Statement of Old Age Security If you received a pension from the Old Age Security (OAS) program during the year, youll receive the T4A(OAS) slip. This slip shows you how much you received from Employment and Social Development Canada and the income tax deducted.
Receiving your OAS pension outside of Canada You can qualify to receive Old Age Security pension payments while living outside of Canada if one if these reasons applies to you: you lived in Canada for at least 20 years after turning 18. you lived and worked in a country that has a social security agreement with Canada.

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