The full OAS Benefits to be reported as income by recipients on the 2016 tax return is $6,878.82. The amount will be less if you started receiving the benefits this year or could be more if you delayed starting beyond your 65th birthday. But, if you had unanticipated higher income on the 2016 tax return perhaps due to your investments, your annual Old Age Security (OAS) could be reduced or disappear entirely come this July. Worse, you could find yourself paying more in quarterly tax instalment remittances. Are you having that discussion with your tax specialist? It’s important to plan your summer cash flows. Here’s what you need to know: