Certified Financial Planner (CFP) Practice Exam · Question
Maria is 75 years old and single. Her net income for the year is $85,000, which includes her CPP, OAS, and a private pension. The OAS clawback threshold for the current year is $81,761. What portion of her annual OAS benefit will be clawed back?
The OAS clawback is 15 cents for every dollar of net income above the threshold. Her excess income is $85,000 - $81,761 = $3,239. The clawback amount is $3,239
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Question: Maria is 75 years old and single. Her net income for the year is $85,000, which includes her CPP, OAS, and a private pension. The OAS clawback threshold for the current year is $81,761. What portion of her annual OAS benefit will be clawed back?
Answer options:
- $0
- 15% of her total OAS benefit ✅ $485.80
- $647.73
Correct answer: $485.80
Explanation: The OAS clawback is 15 cents for every dollar of net income above the threshold. Her excess income is $85,000 - $81,761 = $3,239. The clawback amount is $3,239 * 0.15 = $485.85.
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