The Basics of Old Age Security: Understanding Your OAS Benefits
Old Age Security (OAS) is a government-funded pension program that provides a basic level of income to seniors in Canada.
If you're over the age of 65, you may be eligible to receive OAS benefits. Here's what you need to know about the basics of OAS.
To be eligible for OAS, you must be a Canadian citizen or legal resident who has lived in Canada for at least 10 years after the age of 18.
You must also be 65 years of age or older. If you meet these requirements, you can apply for OAS benefits by completing an application form and providing proof of your citizenship or legal residency.
Once you're approved for OAS, you'll receive a monthly pension payment. The amount you receive depends on how long you've lived in Canada after the age of 18.
The maximum monthly payment is currently $614.12.
In addition to the monthly pension, you may also be eligible for other OAS benefits. The Guaranteed Income Supplement (GIS) provides extra money to low-income seniors who receive OAS.
The Allowance and the Allowance for the Survivor are additional benefits for seniors who are 60 to 64 years of age and are the spouse or common-law partner of an OAS pensioner or deceased OAS pensioner.
If you're not eligible for OAS, or if you want to save more for your retirement, you may want to consider other options such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA).
These plans allow you to save money for your retirement on a tax-deferred or tax-free basis.
In conclusion, Old Age Security is a government-funded pension program that provides a basic level of income to seniors in Canada.
To be eligible, you must be a Canadian citizen or legal resident who has lived in Canada for at least 10 years after the age of 18, and be 65 years of age or older.
If you're approved, you'll receive a monthly pension payment and may be eligible for other OAS benefits.