The three (3) main clawbacks affecting seniors are:

• Guaranteed Income Supplement
  

  ou may be able to get this benefit if:

  • you are 65 or older
  • you live in Canada
  • you receive the Old Age Security (OAS) pension
  • your income is below $20,952 if you are single, widowed, or divorced
  • your income plus the income of your spouse/common-law partner is below:
    • $27,648 if your spouse/common-law partner receives the full OAS pension
    • $50,208 if your spouse/common-law partner does not receive an OAS pension
    • $38,736 if your spouse/common-law partner receives the Allowance
  You can receive GIS benefits while earning up to $5,000 in employment or self-employment income annually. Employment income exceeding this amount will reduce the GIS you receive. This is also referred to as the GIS clawback, resulting in a 50-cent GIS reduction for every extra dollar earned between $5,000 and $15,000
• Age Deduction Amount for seniors over 65
  

  Claim this amount if you were 65 years of age or older on December 31, 2022, and your net income (line 23600 of your return) is less than $92,480.

  If your net income was:

  • $39,826 or less, claim $7,898 on line 30100 of your return 
  • more than $39,826, but less than $92,480, complete the chart for line 30100 on the Federal Worksheet to calculate your claim
• Old Age Security (OAS) clawback
  For the tax year of 2022, the Old Age Security clawback begins when you earn $81,761 or above; this is called the minimum income recovery threshold. There is also a maximum income recovery threshold, which, for 2022, is $134,626 for people aged 65-74 and $137,331 for people aged 75-plus. OAS clawback results in a reduction of OAS benefits by 15 cents for every $1 above the threshold amount and is essentially an additional 15% tax.
  

  If your net world income exceeds the threshold amount ($81,761 for 2022), you have to repay part or your entire OAS pension. Part or your entire OAS pension is reduced as a monthly recovery tax.

  You must pay the recovery tax if:

  • your annual net world income is more than $81,761 (for 2022, in Canadian dollars), and
  • you live in a country where the non-resident tax on Canadian pensions is 25% or more

  Recovery tax period	Income year	Minimum income recovery threshold	Maximum income recovery threshold
  			Age 65 to 74	Age 75 and over
  July 2022 to June 2023	2021	$79,845	$129,757	$129,757
  July 2023 to June 2024	2022	$81,761	$134,626	$137,331
  July 2024 to June 2025	2023	$86,912	$142,124	$147,645

Cashing in RRSP's can affect all of these.  It is important that you talk to a tax professional before you cash in an RRSP.