Marginal note:2008, c. 28, s. 156

• 156 (1) Clause (a)(i)(B) of the definition income in section 2 of the Old Age Security Act is replaced by the following:

  • (B) for the purpose of determining benefits payable in respect of any month after June 2008 but before July 2020, the lesser of $3,500 and the person’s income from office or employment for the year,

• (2) The definition income in section 2 of the Act is amended by adding the following after paragraph (b):

  • (b.1) for the purpose of determining benefits payable in respect of any month after June 2020, there shall be deducted from a person’s combined amount — which is equal to the aggregate of the person’s income from office or employment for the year, as reduced in accordance with paragraph (a), and the person’s self-employment earnings for the year, as reduced in accordance with paragraph (b), if those reduced self-employment earnings are greater than zero — an amount that is equal to the aggregate of

    • (i) the lesser of $5,000 and the combined amount, and

    • (ii) if the combined amount is greater than $5,000, the lesser of $5,000 and half of the amount by which the combined amount exceeds $5,000,