Are single seniors unfairly penalized at tax time?

By  External Author |   | Posted in " Estates & Trusts, International Tax "

I am a senior with an income of about $115,000, single and in receipt of $7,364 in OAS benefits annually.  I keep only about $200 a year out of that for myself.  Yesterday, while doing my income tax return, it worked out that I ended up owing an extra $2,000 to $3,000 in income tax, although nothing else had changed in my money situation. Is this due to the social benefits repayment and, if so, can I have OAS payments stopped? Or am I going to have to pay the social benefits recovery no matter what I do?  

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Original Article Source Credits:   Money Sense , https://www.moneysense.ca/

Article Written By:  ALLAN NORMAN 

Original Article Posted on:  APRIL 13, 2021

Link to Original Article:  https://www.moneysense.ca/columns/ask-moneysense/are-single-seniors-unfairly-penalized-at-tax-time/