The Old Age Security Act became effective in 1952. This is a taxable monthly
benefit available to most Canadians 65 years of age or older
who have lived in Canada for at least 10 years. You would be entitled to a
full pension if you lived in Canada 40 years after turning 18, or were 25 years
of age on July 1, 1977 and resided in Canada for 10 years prior to your
application. Partial prorated pension may be payable after 10
years of residence in Canada. Each year of residence will count as 1/40 of the
maximum benefit. This benefit is subject to a
claw back. If your net income, including the OAS exceeds the threshold of
$66,733, (for 2010), you will have to repay 15% of the difference between your
net income and this threshold. This repayment is deducted from future OAS
payments. The full OAS is eliminated when a pensioner’s net income is $108,090
(as of 2010). As these benefits do not start automatically, you must apply for
them.
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Jan 2009
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Jan 2010 |
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Old Age Security Pension (age 65 and over)
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$516.96
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$516.96
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Rates are reviewed 4 times a year to reflect increases in the
CPI. Current maximum monthly benefit is $516.96 (2010). Please consult Service Canada for further details
or visit their website at
Old Age Security (OAS) Program