what is oas in government
Home Â» Tax planning guide Â» Section 2 â Individuals Â» Old Age Security (OAS) clawback. The government imposes a special taxâthe âclawbackââ on your Old Age Security (OAS) payments if your net income for the year exceeds a certain annual threshold. For 2016, the threshold is $73,756. The amount of the clawback is equal to your OAS payments or 15% of the amount by which your net income exceeds the threshold, whichever is less. For the 2016 year, assuming you start to receive OAS benefits at age 65 (see below) the full amount of the OAS benefit will be eliminated when your net income (including your OAS benefit) is just over $119,400.