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OAS is a pension paid to eligible Canadians. Find out what affects the amount of the monthly payments you may receive.
Old Age Security, often referred to as OAS, is a federal-run benefit program that serves eligible Canadians. Canadian citizens and legal residents aged 65 years and older can receive OAS, even if they’re still working or have never worked.
The longer you wait to take advantage of the monthly payments, the more money you may receive. For every month the pension is deferred after age 65, it increases by 0.6%—a 7.2% increase per year of deferral. Inflation is taken into account every quarter as well.
How much OAS could you receive? If eligible to receive OAS, the amount of your payments are based on years of residency in Canada, as well. Your income is considered, too. If you earn more than $81,761 in 2022, then payments are reduced by $0.15 for every OAS $1, as well.
In addition to OAS, you may be eligible for other benefits, including Guaranteed Income Supplement (GIS) for low-income seniors.
Example: “It may make sense for Azah to hold off on applying for OAS, since her family history shows that women in her family live well past their 80s.”
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