What is Old Age Security?
Old Age Security (OAS) is a key pillar of Canada’s retirement income system. It provides a monthly payment available to most people aged 65 or older who meet Canadian legal status and residence requirements.
Who is eligible for Old Age Security?
To be eligible for OAS, you must be 65 years old or older, a Canadian citizen or a legal resident at the time your OAS pension application is approved, and you must have lived in Canada for at least 10 years after turning 18. The amount of time you’ve lived in Canada can affect the size of your payment.
How much is Old Age Security?
The amount you receive depends on how long you have lived in Canada after the age of 18. Full benefits are available to those who have resided in Canada for 40 years or more after age 18. If you haven’t, the payment amount is reduced proportionally.
OAS payments are indexed quarterly to reflect changes in the cost of living as measured by the Consumer Price Index.
Is Old Age Security taxable?
OAS benefits are taxable, and recipients may have a portion of their payment withheld for federal tax.