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© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 11
Chapter 6Chapter 6
Taxable Income And Tax Taxable Income And Tax Payable For IndividualsPayable For Individuals
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 22
From Net To Taxable IncomeFrom Net To Taxable Income
Taxable IncomeDivision C Deductions
EmploymentIncome
Business AndProperty Income
Net TaxableCapital Gains
Other SourcesOf Income
Other DeductionsFrom Income
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 33
Available DeductionsAvailable Deductions
Employee Stock Options (Chapter 5)Employee Stock Options (Chapter 5)Deductions For PaymentsDeductions For PaymentsHome Relocation LoanHome Relocation LoanLifetime Capital Gains (Chapter 14)Lifetime Capital Gains (Chapter 14)Residing In Prescribed ZoneResiding In Prescribed ZoneLosses (Chapter 14)Losses (Chapter 14)
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 44
Deduction For PaymentsDeduction For Payments
Tax convention exemptionsTax convention exemptionsWorkman’s compensationWorkman’s compensationSocial Assistance PaymentsSocial Assistance Payments
No Intention To Tax
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 55
Home Relocation Loan Home Relocation Loan DeductionDeduction
Example: An employee receives a $100,000 loan from his employer on July 1, 2007. The rate on the loan is 3 percent and, during the remainder of the year, assume the relevant prescribed rate is 5 percent.
ITA 80.4 Benefit [(5% - 3%)($100,000)(1/2)] $1,000 110(1)(j) Deduction [($25,000)(5%)(1/2)] ( 625)
Net Benefit $ 375
Available for 5 years onlyCan use rate at inception or go quarter to quarter
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 66
Tax Payable - The Basic Tax Payable - The Basic SystemSystem
1st $37,178 @ 15.5%1st $37,178 @ 15.5%$37,178 to $74,357 @ 22%$37,178 to $74,357 @ 22%$74,357 to $120,887 @ 26%$74,357 to $120,887 @ 26%Over $120,887 @ 29%Over $120,887 @ 29%Full IndexingFull Indexing
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 77
The Basic SystemThe Basic System
ExampleExample An individual has Taxable An individual has Taxable Income of $120,887 and only his basic Income of $120,887 and only his basic personal tax credit of personal tax credit of $1,384 $1,384 [[(15.5%)(15.5%)($8,929)].($8,929)].15.5% of $37,17815.5% of $37,178 $ 5,763$ 5,763
22% of ($74,357 - $37,178)22% of ($74,357 - $37,178) 8,179 8,179
26% of ($120,887 - $74,357)26% of ($120,887 - $74,357) 12,098 12,098
Total Before CreditTotal Before Credit $ 26,040$ 26,040 After creditAfter credit
($26,040 - $1,384)($26,040 - $1,384) $ 24,696$ 24,696
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 88
Provincial Tax PayableProvincial Tax Payable
All Provinces Except Alberta Apply All Provinces Except Alberta Apply Progressive Rates To Taxable IncomeProgressive Rates To Taxable IncomeMinimum = (6.05 + 15.5) 21.55% Minimum = (6.05 + 15.5) 21.55%
CombinedCombinedMaximum = (24 + 29) 53% CombinedMaximum = (24 + 29) 53% CombinedProvincial SurtaxesProvincial SurtaxesAlberta Has Flat Tax @ 10%Alberta Has Flat Tax @ 10%
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 99
Tax Credit SystemTax Credit System
Refundable Vs. Non-Refundable.Refundable Vs. Non-Refundable. In general, minimum rate applied to In general, minimum rate applied to
a base (15.5 percent for 2007).a base (15.5 percent for 2007).Some have income threshold.Some have income threshold.Provinces have similar creditsProvinces have similar credits
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1010
2007 Personal Tax Credits2007 Personal Tax Credits
Individuals Individuals ITA 118(1)(a): If ITA 118(1)(a): If
MarriedMarried ITA 118(1)(c): If ITA 118(1)(c): If
SingleSingle[(15.5%)($8,929)] = [(15.5%)($8,929)] =
$1,384$1,384
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1111
2007 Personal Tax Credits2007 Personal Tax Credits
Spouse Or Common-Law Partner – Spouse Or Common-Law Partner – ITA 118(1)(a)ITA 118(1)(a)Includes common-law and same sexIncludes common-law and same sex(15.5%)($8,929) – Net Income Of Spouse(15.5%)($8,929) – Net Income Of SpouseMaximum = $1,384Maximum = $1,384
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1212
2007 Personal Tax Credits2007 Personal Tax Credits
Amount For Eligible DependantAmount For Eligible DependantITA 118(1)(b)ITA 118(1)(b)Same amount as spouse or common-law Same amount as spouse or common-law
partnerpartner
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1313
Amount For Eligible DependantAmount For Eligible DependantConditions: you are single, divorced, Conditions: you are single, divorced,
separated, or widowed and you separated, or widowed and you supported a dependant:supported a dependant:who is under 18 (unless parent, who is under 18 (unless parent,
grandparent, or infirm)grandparent, or infirm)related by blood, marriage, or adoptionrelated by blood, marriage, or adoptionresident of Canada (except child)resident of Canada (except child)dependent on individual for supportdependent on individual for support
2007 Personal Tax Credits2007 Personal Tax Credits
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1414
2007 Personal Tax Credits2007 Personal Tax Credits
Child Tax Credit – Child Tax Credit – ITA 118(1)(b.1)ITA 118(1)(b.1) [(15.5%)($2,000)] = [(15.5%)($2,000)] =
$310$310 For each child under For each child under
18 at end of year18 at end of year No income thresholdNo income threshold Can take eligible Can take eligible
dependant and this dependant and this credit for the same credit for the same child.child.
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1515
CaregiverCaregiver
ConditionsConditions Maintain Household With Dependant Over 17Maintain Household With Dependant Over 17 Resident Of Canada (Unless Parent Or Resident Of Canada (Unless Parent Or
Grandparent)Grandparent) Infirm (Unless Parent Or Grandparent 65 Or Infirm (Unless Parent Or Grandparent 65 Or
Older)Older) Not Available If Eligible Dependant Credit Not Available If Eligible Dependant Credit
AvailableAvailable
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1616
CaregiverCaregiver
ValueValue $623 [(15.5%)$623 [(15.5%)
($4,019)]($4,019)] Reduced By 15.5% Reduced By 15.5%
Of Dependant’s Of Dependant’s Income In Excess Of Income In Excess Of $13,726$13,726
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1717
Infirm Dependant Over 17 - Infirm Dependant Over 17 - 118(1)(d)118(1)(d)
Dependants: Child, Grandchild, Dependants: Child, Grandchild, Parent, Grandparent, Brother, Sister, Parent, Grandparent, Brother, Sister, Aunt, Uncle, Niece, Nephew [ITA Aunt, Uncle, Niece, Nephew [ITA 118(6)]118(6)]
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1818
Infirm Dependant Over 17 - Infirm Dependant Over 17 - 118(1)(d)118(1)(d)
ConditionsConditions Reach 18 Before End Of YearReach 18 Before End Of Year Mentally Or Physically Infirm Mentally Or Physically Infirm [(15.5%)($4,019) - (Income > $5,702)] = [(15.5%)($4,019) - (Income > $5,702)] =
Maximum Of $623Maximum Of $623 Not Available If Eligible Dependant Or Not Available If Eligible Dependant Or
Caregiver Credits Available.Caregiver Credits Available.
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 1919
Age - ITA 118(2)Age - ITA 118(2)
Reach 65 In The YearReach 65 In The Year[(15.5%)($5,177)] = $802[(15.5%)($5,177)] = $802ReductionReduction
15% Of Income > $30,93615% Of Income > $30,936$65,449 - $30,936 = $34,513$65,449 - $30,936 = $34,513$34,513 (15%) = $5,177$34,513 (15%) = $5,177
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2020
Pension Income – ITA 118(3)Pension Income – ITA 118(3)
Amount = 15.5% Of 1st $2,000 = Amount = 15.5% Of 1st $2,000 = $310$310
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2121
Pension Income – ITA 118(3)Pension Income – ITA 118(3)
Qualifying AmountsQualifying AmountsAge 65 At End Of YearAge 65 At End Of Year
Most Non-GovernmentMost Non-Government< Age 65 At End Of Year< Age 65 At End Of Year
Life AnnuitiesLife AnnuitiesAmounts Resulting From Death Of SpouseAmounts Resulting From Death Of Spouse
No CPP, OAS, Or Provincial (QPP)No CPP, OAS, Or Provincial (QPP)
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2222
Canada Employment – ITA Canada Employment – ITA 118(10)118(10)
15.5 percent of the 15.5 percent of the lesser of $1,000 or lesser of $1,000 or employment employment income.income.
Maximum = $155Maximum = $155
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2323
Adoption Expenses – ITA Adoption Expenses – ITA 118.01118.01
Up to $1,619 [(15.5%)($10,445)]Up to $1,619 [(15.5%)($10,445)]
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2424
Adoption Expenses – ITA Adoption Expenses – ITA 118.01118.01
Eligible ChildEligible ChildHas not attained age 18Has not attained age 18Issued adoption orderIssued adoption order
Eligible ExpenseEligible ExpenseFees to agencyFees to agencyCourt and legal feesCourt and legal feesOther reasonable expensesOther reasonable expenses
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2525
Public Transit Pass – ITA Public Transit Pass – ITA 118.02118.02
15.5% of cost15.5% of cost IndividualIndividual Spouse and children under Spouse and children under
1919 Qualifying passQualifying pass
Unlimited travel for 28 daysUnlimited travel for 28 days Weekly if four consecutiveWeekly if four consecutive Electronic cards with at least Electronic cards with at least
32 one-way trips.32 one-way trips.
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2626
Child Fitness – ITA 118.03Child Fitness – ITA 118.03 15.5% of up to $500 of 15.5% of up to $500 of
costscosts Maximum $78Maximum $78 Child under 18Child under 18 Eligible expensesEligible expenses Does not includeDoes not include
travel, food, or lodgingtravel, food, or lodgingchild care costschild care costs
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2727
Charitable Donations – ITA Charitable Donations – ITA 118.1118.1
General RulesGeneral Rules15.5%(1st $200) + 29% Of Excess15.5%(1st $200) + 29% Of Excess
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2828
Charitable Donations – ITA Charitable Donations – ITA 118.1118.1
General RulesGeneral RulesLimit: 75% Of Net IncomeLimit: 75% Of Net Income
100% in individual’s year of death and 100% in individual’s year of death and preceding yearpreceding year
Plus 25 percent of capital gains on giftsPlus 25 percent of capital gains on giftsPlus 25 percent of recapture on giftsPlus 25 percent of recapture on gifts
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 2929
Charitable Donations – ITA Charitable Donations – ITA 118.1118.1
General RulesGeneral RulesCarry Over: 5 YearsCarry Over: 5 YearsSubject to the same limitationsSubject to the same limitations
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3030
Medical Expenses – ITA 118.2Medical Expenses – ITA 118.2
General RulesGeneral Rules 15.5% of eligible costs15.5% of eligible costs Reduced by the lesser Reduced by the lesser
ofof3% of Net Income3% of Net Income$1,926 (3%)($62,800)$1,926 (3%)($62,800)
Any 12 month period Any 12 month period ending in the yearending in the year
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3131
Medical Expenses – ITA 118.2Medical Expenses – ITA 118.2
Spouse And Minor DependantsSpouse And Minor Dependants No Additional ReductionNo Additional Reduction
Dependants Over 18 Years Of AgeDependants Over 18 Years Of Age Calculated For Each DependantCalculated For Each Dependant Maximum Of $10,000 Per DependantMaximum Of $10,000 Per Dependant Each Dependant’s Medical Expenses, Reduced Each Dependant’s Medical Expenses, Reduced
By The Lesser OfBy The Lesser Of$1,926$1,9263% Of Dependant’s Net Income3% Of Dependant’s Net Income
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3232
Medical Expenses – ITA 118.2Medical Expenses – ITA 118.2
Example: An individual with income > Example: An individual with income > $100,000 and medical expenses of $2,500. $100,000 and medical expenses of $2,500. His 20 year old child has medical expenses His 20 year old child has medical expenses of $10,000 and net income of $9,000.of $10,000 and net income of $9,000.
Taxpayer’s ExpensesTaxpayer’s Expenses $ 2,500$ 2,500
ThresholdThreshold ( 1,926)( 1,926)
SubtotalSubtotal $ 574 $ 574 Dependant Expenses - The Lesser Of:Dependant Expenses - The Lesser Of:
$10,000 – (3%)($9,000) = $9,730$10,000 – (3%)($9,000) = $9,730Absolute Maximum = $10,000Absolute Maximum = $10,000 $ 9,730$ 9,730
Allowable Amount Of Medical ExpensesAllowable Amount Of Medical Expenses $10,304$10,304
Credit (15.5%)Credit (15.5%) $ 1,597$ 1,597
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3333
Refundable Medical Expense Refundable Medical Expense Supplement – ITA 122.51Supplement – ITA 122.51
QualifyingQualifyingAge 18 or overAge 18 or overEarned income > $2,984Earned income > $2,984
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3434
Refundable Medical Expense Refundable Medical Expense Supplement – ITA 122.51Supplement – ITA 122.51
Refundable SupplementRefundable SupplementLesser of:Lesser of:
$1,022$1,02225/15.5 Of The Medical Expenses Tax Credit25/15.5 Of The Medical Expenses Tax Credit
Then Reduced By 5% Of Family Income > Then Reduced By 5% Of Family Income > $22,627$22,627
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3535
Refundable Medical Expense Refundable Medical Expense Supplement – ITA 122.51Supplement – ITA 122.51
Refundable Supplement Example – Refundable Supplement Example – Ms. Forbes has medical expenses of Ms. Forbes has medical expenses of $3,500 and income of $22,000.$3,500 and income of $22,000. Medical Expense Credit = $440 [(15.5%)Medical Expense Credit = $440 [(15.5%)
($3,500 - $660)]($3,500 - $660)]
[(25/15.5)($440)] = $710[(25/15.5)($440)] = $710
Refundable amount = $710, less Nil [(5%)Refundable amount = $710, less Nil [(5%)
($22,000 - $22,627)] = $710($22,000 - $22,627)] = $710
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3636
Disability Amount – ITA 118.3Disability Amount – ITA 118.3
Must Be Severe And ProlongedMust Be Severe And ProlongedRestricts Basic Living ActivitiesRestricts Basic Living ActivitiesA Continuous Period Of At Least 12 MonthsA Continuous Period Of At Least 12 Months
Requires Form T2201Requires Form T2201
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3737
Disability Amount – ITA 118.3Disability Amount – ITA 118.3
15.5% Of $6,890 = $1,068, No Income 15.5% Of $6,890 = $1,068, No Income TestTest
No Claim If More Than $10,000 For Full No Claim If More Than $10,000 For Full Time Attendant Care Or Costs Of Time Attendant Care Or Costs Of Nursing Home Are ClaimedNursing Home Are Claimed
Can Be Transferred To Individual Making Can Be Transferred To Individual Making Claim Under ITA 118(b) Or (d)Claim Under ITA 118(b) Or (d)
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3838
Tuition Fees - ITA 118.5Tuition Fees - ITA 118.5
TuitionTuition 15.5% Of Actual15.5% Of Actual Post-SecondaryPost-Secondary Cost > $100Cost > $100 No Upper LimitNo Upper Limit
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 3939
Tuition Fees - ITA 118.5Tuition Fees - ITA 118.5
TuitionTuition Includes all ancillary if Includes all ancillary if
mandatorymandatory Includes $250 of Includes $250 of
ancillary fees if not ancillary fees if not mandatorymandatory
Unlimited Carry ForwardUnlimited Carry Forward
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4040
Education Deduction – Education Deduction – 118.6(2)118.6(2)
EducationEducation 15.5% Of $400 Per 15.5% Of $400 Per
Month Of Full Time Month Of Full Time Attendance ($62)Attendance ($62)
15.5% Of $120 Per 15.5% Of $120 Per Month Of Part Time Month Of Part Time Attendance ($19)Attendance ($19)
Unlimited Carry Unlimited Carry Forward By StudentForward By Student
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4141
TextbookTextbook
$10 [(15.5%)($65)]$10 [(15.5%)($65)]For each month of education credit For each month of education credit
eligibilityeligibility
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4242
Interest on Student LoansInterest on Student Loans
Interest On Student Interest On Student LoansLoans 15.5% Of Amounts 15.5% Of Amounts
PaidPaid Loans Under The Loans Under The
Canada Student Canada Student Loans ActLoans Act, the , the Canada Student Canada Student Financial Assistance Financial Assistance ActAct, Or A Provincial , Or A Provincial StatuteStatute
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4343
CPP And EI - ITA 118.7CPP And EI - ITA 118.7
15.5% Of Actual Payments15.5% Of Actual PaymentsMaximums For 2007Maximums For 2007
CPP = [(4.95%)($43,700 - $3,500)] = CPP = [(4.95%)($43,700 - $3,500)] = $1,990$1,990
15.5% of $1,990 = $308 15.5% of $1,990 = $308 EI = [(1.8%)($40,000)] = $720EI = [(1.8%)($40,000)] = $720
15.5% of $720 = $11215.5% of $720 = $112
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4444
Transfer Of CreditsTransfer Of Credits Tuition/Education - ITA Tuition/Education - ITA
118.9118.9 N/A If Student’s N/A If Student’s
Spouse Claims CreditSpouse Claims Credit Unused Amount After Unused Amount After
CPP, EI, And DisabilityCPP, EI, And Disability To Parent Or To Parent Or
GrandparentGrandparent Max = 15.5%($5,000) Max = 15.5%($5,000)
= $775= $775 Carry Forward By Carry Forward By
Student If UnusedStudent If Unused
SpouseSpouse - ITA 118.8- ITA 118.8 EligibleEligible
AgeAgePensionPensionDisabilityDisabilityTuitionTuitionEducationEducationTextbookTextbook
After Personal, After Personal, CPP, And EI UsedCPP, And EI Used
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4545
Political ContributionsPolitical Contributions
3/4 First $4003/4 First $4001/2 Next $3501/2 Next $3501/3 Next $5251/3 Next $525
Max = $650 For $1,275Max = $650 For $1,275
Not Allowed Not Allowed For CorporationsFor Corporations
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4646
Political ContributionsPolitical ContributionsFederal Accountability Federal Accountability
ActActIndividuals limited to Individuals limited to
$1,100 for$1,100 forregistered partyregistered partycandidate or leadership candidate or leadership
contestantcontestantnomination contestantnomination contestant
CorporationsCorporationsTotally bannedTotally banned
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4747
Labour Sponsored FundsLabour Sponsored Funds
15 Percent Of Cost15 Percent Of Cost First Registered First Registered
HolderHolder Maximum Of Maximum Of
$5,000, Or Credit $5,000, Or Credit Of $750Of $750
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4848
Refundable GST CreditRefundable GST Credit
$237 Individual$237 Individual $237 Qualified $237 Qualified
RelationRelation $237 Eligible $237 Eligible
DependantDependant $125 Qualified $125 Qualified
DependantDependant Less: 5% Of Family Less: 5% Of Family
Income > $30,936Income > $30,936
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 4949
Child Tax Benefit SystemChild Tax Benefit System $1,283/Year For Each Qualified $1,283/Year For Each Qualified
DependantDependant +$90/Year For Each Dependant +$90/Year For Each Dependant
Over TwoOver Two SupplementSupplement
$1,988/Year for 1$1,988/Year for 1stst child child $1,758/Year for 2$1,758/Year for 2ndnd
$1,673/Year for 3$1,673/Year for 3rdrd and subsequent and subsequent
Supplement ReductionSupplement Reduction Applies when family income exceeds Applies when family income exceeds
$20,883$20,883
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 5050
Working Income BenefitWorking Income Benefit
The “Welfare Wall”The “Welfare Wall” Minimum wage work Minimum wage work
at $7 per hourat $7 per hour
Offset by reductions Offset by reductions in social assistancein social assistance
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 5151
Working Income BenefitWorking Income Benefit
RegularRegular 20 percent of earned 20 percent of earned
income in excess of income in excess of $3,000$3,000
Maximum $500Maximum $500 Disabled supplementDisabled supplement
20 percent of earned 20 percent of earned income between income between $1,750 and $3,000$1,750 and $3,000
RefundableRefundable
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 5252
Clawback of EIClawback of EI
Applicable if EI Applicable if EI recipient’s net income recipient’s net income exceeds $50,000exceeds $50,000
30 percent of the lesser 30 percent of the lesser of:of:EI benefits receivedEI benefits receivedExcess of net income Excess of net income
over $50,000over $50,000
© 2007, Clarence Byrd Inc.© 2007, Clarence Byrd Inc. 5353
Clawback Of OASClawback Of OAS
Lesser OfLesser Of Payments ReceivedPayments Received 15% Of Income In 15% Of Income In
Excess Of $63,511Excess Of $63,511 Disappears At Disappears At
$102,864$102,864 Not Paid If Income Not Paid If Income
Is High In Previous Is High In Previous YearsYears