CRA sets new OAS clawback level

By Staff | November 13, 2013 | Last updated on September 15, 2023
1 min read

Each year, certain personal income tax and benefit amounts are indexed to inflation using the Consumer Price Index data as reported by Statistics Canada.

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Increases to tax bracket thresholds, amounts relating to non-refundable credits, and most other amounts take effect on January 1, 2014.

Increases to the Canada child tax benefit (including the national child benefit supplement and the child disability benefit) and the goods and services tax credit take effect on July 1, 2014, to coincide with the beginning of the program year for payment of these benefits.

2014 will see an indexation increase of 0.9%.

The clawback threshold for Old Age Security will increase to $71,592 from $70,954.

The basic personal amount is going from $11,038 to $11,138.

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The staff of have been covering news for financial advisors since 1998.