Skip to main content

Featured

Trapped Between Bombs and Barricades: Gaza City Civilians Face Peril as Israeli Ground Offensive Begins

                 Displaced Palestinians flee northern Gaza after Israel’s military said it expanded operations in Gaza City.   Gaza City has been plunged into one of its darkest chapters as Israel launches a full-scale ground invasion, intensifying a nearly two-year war that has already devastated the enclave. Overnight airstrikes lit the sky and shook the ground, flattening residential blocks and leaving families scrambling for safety. The Israeli military says the operation aims to dismantle Hamas’ remaining military infrastructure, but for hundreds of thousands of Palestinians still in the city, the offensive has turned escape into a deadly gamble. Long lines of cars, trucks, and even carts piled high with belongings snake along the coastal road — the only route south designated by Israel as “safe.” Yet residents report that bombardments have struck near evacuation paths, forcing many to weigh the risk of staying against the da...
Post a Comment
Read more

article

Labels

Understanding the OAS Clawback: Impact and Costs

 

The Old Age Security (OAS) clawback is a critical aspect of Canada’s retirement system. Let’s delve into the details:

What Is the OAS Clawback?

  • Threshold: Seniors who receive OAS payments may need to pay back a portion if their annual income exceeds a certain amount. This threshold is indexed annually and currently stands at $86,912 for 2023 (estimated to be $90,997 for 2024).

  • 15% Tax: For every taxable dollar earned above this threshold, a 15% clawback tax is applied to the OAS benefit. Essentially, seniors still receive OAS income, but it’s reduced by this withholding tax.

Who Is Affected?

  • High Earners: Previously high-income earners applying for OAS may face immediate clawbacks based on prior tax returns. The timing of pension receipt determines which year’s income is considered.

  • Specific Income Levels:

    • 65-74 Years Old: If your income exceeds $142,609, you won’t receive OAS.
    • 75 and Older: For those over 75, the threshold is $148,179.

Costs and Considerations

  • Annualized Growth: Canada’s economy surged in Q4 2023, but the OAS clawback remains a concern for retirees. Balancing growth and income thresholds is crucial.

  • Minimizing Clawback: Strategies exist to minimize the clawback. For instance, managing investment income and optimizing retirement accounts can help.

Remember, while the OAS clawback affects many, it’s essential to consult a professional for personalized advice. 


Labels:

Comments

Post a Comment