Study Guides (390,000)
CA (150,000)
Western (10,000)
AS (20)
Final

# OAS and GIS Allowance Practice Examples.docx

Department
Actuarial Science
Course Code
AS 1021A/B
Professor
Steve Kopp
Study Guide
Final

This preview shows half of the first page. to view the full 1 pages of the document.
OAS/GIS Allowance Practice Examples
1) Calculate the OAS clawback if a person earned \$91,530 while
receiving OAS. What would be the maximum OAS benefit he
Clawback = (0.15)(91,530 - 70,954) = 3086.40
monthly clawback = 3086.40/12
= 257.20
max monthly OAS benefit = 550.99 - 257.20
= 293.79
2) Six people were born on August 1, 1948. They all turned age
65 on August 1, 2013 and applied for OAS. For each of them,
determine if they are eligible for full or partial OAS benefits
(or none). If it is partial, determine what percentage
(proportion) of the OAS benefit they are eligible for.
Person (a) - Here is his record of living in Canada:
Ages Number of Years
18-25 7
32-40 8
48-56 8
61-65 4
As of July 1st, 1977, person was age 28 years old. Since 28 >
25, person can be under OLD rules, but has to live in Canada
when 28.
OLD RULES: 10 years from age 55 to 65  he has 5 years 
replace other 5 years x 3 = 15 years which he has (has 22
years). Therefore full OAS.
NEW RULES: Therefore…. New rules so partial 67.5% =
(27/40)