Definition: The basic Canadian Old Age Security (OAS) pension is a monthly payment to those 65 years old or older, who meet the residence requirements.
You must apply for the Old Age Security pension.
Employment history and retirement are not factors for the Old Age Security pension.
Canadian Old Age Security pensions are taxable by both the federal and provincial governments. Low-income Old Age Security pensioners and their partners may be eligible for additional Canadian government pension benefits.
High-income Old Age Security pensioners will likely repay all or part of the Old Age Security pension back through the Canadian tax system.
Low-income seniors living in Canada may also be eligible for the Guaranteed Income Supplement (GIS) which provides additional payments on top of the Old Age Security pension.
Changes to the Old Age Security Program were passed in the 2012 Budget and take effect starting in 2013 (see below).
Canada's Old Age Security pension is a monthly payment available to most Canadians 65 or older. You must apply to receive benefits. Difficulty: Average Time Required: 4 hours
CHANGES TO THE OLD AGE SECURITY
What Changes are Being Made to Old Age Security?
In Budget 2012, the Canadian federal government formally announced the changes it planned for the Old Age Security (OAS) pension. The major change raises the eligibility age for the OAS and related Guaranteed Income Supplement (GIS) from 65 to 67, beginning April 1, 2023.
The change in age of eligibility will be phased in gradually from 2023 to 2029. The changes will not affect you if you are currently receiving OAS benefits. The change in eligibility for OAS and GIS benefits will also not affect anyone born before April 1, 1958.
The government will also be introducing the option for individuals to defer taking up their OAS pension for up to five years. By deferring his/her OAS pension, an individual would receive a higher annual pension starting in a later year.
In an effort to improve services, the government will be starting proactive enrolment for the OAS and GIS for eligible seniors. This will be phased in from 2013 to 2016, and should mean that eligible seniors will not need to apply for the OAS (see above) and GIS as they do now.
What is the OAS?
Canadian Old Age Security (OAS) is the single largest program of the Canadian federal government. According to Budget 2012, the OAS program provides approximately $38 billion per year in benefits to 4.9 million individuals. It is now funded from general revenue, although for many years there was such as thing as an OAS Tax.
The Canadian Old Age Security (OAS) program is a basic safety net for seniors. It provides a modest monthly payment to seniors 65 years of age and older who meet the Canadian residency requirements. Employment history and retirement status are not factors in the eligibility requirements.
Low-income seniors may also qualify for supplemental OAS benefits including the Guaranteed Income Supplement (GIS), the Allowance and Allowance for Survivor.
The OAS is not automatic. You must apply for the OAS, as well as for the supplemental benefits.
Why is the OAS Changing?
There are several critical reasons for changes being made to the OAS program.
When Do the OAS Changes Happen?
Here are the time frames for the changes to the OAS:
Questions About Old Age Security
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