ARCHIVED - 1995 General Income Tax Guide
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ARCHIVED - Line 235 - Social benefits repayment
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Unemployment Insurance (UI) benefits - If you received UI benefits in 1995 and your net income before adjustments (line 234) is more than $63,570, you have to repay part of these benefits. Complete Chart 1 to calculate how much you have to repay.
Old Age Security (OAS) pension benefits and net federal supplements - If you received OAS pension or net federal supplements and your net income before adjustments (line 234) is more than $53,215, you may have to repay all or a part of these benefits. Complete Chart 2 to calculate how much you have to repay.
Note
Under proposed legislation, starting in July 1996, tax will be withheld from your monthly OAS amount if you have an OAS repayment for 1995. The amount deducted each month will equal the amount you calculate at line 11, of Chart 2 below, divided by 12, or the amount of your monthly benefit, whichever is less. The amount deducted will be shown as "income tax deducted" in box 22 of your 1996 T4A(OAS) or T4A(P) slip, and will reduce the amount of tax you owe when you file your 1996 return. For more details, contact us.
- Date modified:
- 2002-02-04