While we do our best to provide general information, we are not able to provide advice. The Old Age Security (OAS) pension recovery tax is based on total income, not just withdrawals from a Registered Retirement Income Fund (RRIF). Speak to a registered financial advisor or tax professional to learn how the rules apply and to calculate this number based on a full review of your father’s financial information.
For additional general information on OAS pension recovery tax, visit the Canada Revenue Agency website. Learn more about planning your retirement and living your retirement on GetSmarterAboutMoney.ca.