So it doesn't affect OAS & GIS. When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.
So it doesn't affect OAS & GIS. When you sell your home or when you are considered to have sold it, usually you do not have to pay tax on any gain from the sale because of the principal residence exemption. This is the case if the property was solely your principal residence for every year you owned it.
If they did not have to pay tax on the sale of the principal residence, then the amount will not impact their "net income".OAS clawback is based on the net income reported to the CRA on one's tax return.