School

Western UniversityDepartment

Actuarial ScienceCourse Code

AS 1021A/BProfessor

Steve KoppStudy Guide

FinalThis

**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

could receive?

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)

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