49th Parallel Wealth Management Releases OAS Clawback Tool

The recovery tax triggers once net income exceeds $93,454, resulting in a 15-cent clawback for every additional dollar earned. By the time income reaches $152,062 for those aged 65 to 74, the benefit is entirely reclaimed. Many retirees discover this reduction only after the government initiates the deduction, often missing opportunities to mitigate the impact through better planning.

Lucas Wennersten, founder of the firm and a dual-certified financial planner, stated that the tool aims to provide clarity before financial problems manifest. The calculator is the flagship of a new six-part suite available on the company’s website, covering complex cross-border scenarios including RESP withdrawals, RRIF minimums, and IRS Substantial Presence Test tracking. These resources serve as educational starting points for households navigating the tax gaps between Canada and the United States, offering a transparent view of potential liabilities without the immediate barrier of professional fees.