OAS
Old Age Security (OAS) benefits are fully indexed for inflation and set every three months. The maximum monthly benefit for the first quarter of 2003 was $453.36 - the equivalent of $5440 per year.
To see how much you are entitle to, visit: http://www.sdc.gc.ca/en/gateways/topics/ozs-gxr.shtml
Or call 1 800 277-9914
Clawback: If your net annual income is $57,879 the clawback reduces your OAS benefit by 15% over that level. You would need a net income of $94,148 to lose the full entitlement.
The Guaranteed Income Supplement (GIS) clawback restricts this special tax-free benefit to those with very low income. For 2003, the limit for a single recipient is $12,936. GIS recipients lose $1 of benefit for every $2 of income, not counting that employment income before their benefits are reduced. |
