Old Age Security and EI Benefit Clawbacks (2025) скачать в хорошем качестве

Old Age Security and EI Benefit Clawbacks (2025)

The video explains the social benefits repayment system in Canada, focusing on how Old Age Security (OAS) and Employment Insurance (EI) are recovered from high-income earners through clawbacks. These repayments are triggered when a taxpayer's adjusted net income exceeds specific annual thresholds, such as $82,125 for EI and $93,454 for OAS in 2025. While individuals must initially report the full amount of these benefits as income, they can later claim a net income deduction for any portion they are required to pay back. The EI clawback is calculated at a rate of 30% of excess income, while the OAS clawback is generally 15% of the income above the limit. Furthermore, the government may proactively withhold OAS payments based on a recipient’s prior years of high earnings to account for these rules. Ultimately, these measures ensure that government assistance is targeted toward those with lower income levels rather than wealthy individuals.