Old Age Security

Old Age Security

The Old Age Security pension (or OAS or OAS-GIS) is a taxable monthly social security payment available to most Canadians 65 years of age or older. As of July, 2011, the basic amount is C$533.70 per month. At tax time, recipients with 2010 incomes over C$67,668 must pay back a portion of their Old Age Security at a rate of 15% of net income. This is often referred to as a clawback. The OAS pension is fully clawed back for people with incomes over C$110,038.

Contents

Eligibility Criteria

A person must apply to HRDC and meet the eligibility criteria to receive benefits.

Full Pension

To receive a full OAS pension, a person must meet these conditions:

Category 1 - Lived in Canada for at least 40 years after turning 18, OR Category 2 - Born on or before July 1, 1952, AND between the time the applicant turned 18 and July 1, 1977, the applicant lived in Canada for some period of time, AND the applicant lived in Canada for the 10 years immediately before the application was approved.

If an applicant has not lived in Canada for all of the last 10 years because he/she gave up residence in Canada at some time, an applicant may still qualify for a full pension if he/she meets both conditions below:

1) Lived in Canada for the year immediately before the application was approved, AND 2) Prior to these last 10 years, the applicant lived in Canada after age 18 at least 3 times as long as the total of absences during the last 10 years.

Partial Pension

If an individual does not qualify for a full pension, he/she may qualify for a partial pension if he/she meets these conditions:

1) Age 65 or older, AND 2) Canadian citizen or Permanent resident (Canada) currently living in Canada, AND 3) Lived in Canada for the last 10 years.

Social Security Agreements

Canada has social security agreements with a number of countries. These agreements may allow a person who has lived in Canada and another country (for example, the U.S.), to count years spent in the other country to qualify for the OAS pension.

For low income pensioners who earn little or no other income, the Old Age Security is supplemented by a Guaranteed Income Supplement (GIS), which is considered non-taxable income. The amount of the Guaranteed Income Supplement depends on income, marital status and the age of the spouse in married couples. As of July 2006, the maximum supplement for a single individual with no other source of income is C$597.53, and C$392.01 to each spouse of a married couple.

Old Age Security should not be confused with the Canada Pension Plan, which is a contributory, earnings-related pension paid in addition to the OAS to those who have contributed to it.

See also

External links


Wikimedia Foundation. 2010.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • old age security — ˌold age seˈcurity 7 [old age security] noun uncountable (abbr. OAS) (CanE) a regular income paid by the government to people above the age of 65 …   Useful english dictionary

  • Canada Pension Plan / Old Age Security Review Tribunals — are independent and mandated to hear [http://www.ocrt.gc.ca/aapsap/index eng.html appeals] of decisions made by Social Development Canada (SDC) on benefits under the Canada Pension Plan (CPP) and Old Age Security Act. (OAS). Each appeal is heard… …   Wikipedia

  • Old age — Old people redirects here. For the Khmer Rouge term, see New People. For the song by Nirvana, see With the Lights Out. Old Woman Dozing by Nicolaes Maes (1656). Royal Museums of Fine Arts, Brussels Old age (also referred to as …   Wikipedia

  • old age — old age, adj. the last period of human life, now often considered to be the years after 65. [1300 50; ME] * * * Introduction also called  senescence         in human beings, the final stage of the normal life span. Definitions of old age are not… …   Universalium

  • old age pension — old age pensions also old age pension N COUNT An old age pension is a regular amount of money that people receive from the government when they have retired from work. [BRIT] Syn: state pension (in AM, use social security benefit, social security …   English dictionary

  • Old-Age Pensions Act 1908 — Parliament of the United Kingdom Long title ... Statute book chapter 1908 c …   Wikipedia

  • Old Age, Survivors, Disability and Health Insurance Program — (Old Age, Survivors, Disability and Health Insurance Program OASDHI) Programa norteamericano benéfico, administrado por la Social Security Administration, que proporciona compensaciones económicas a los trabajadores retirados o discapacitados, a… …   Diccionario médico

  • old age pension — n [U and C] BrE money that is paid regularly by the state to old people who do not work any more American Equivalent: social security …   Dictionary of contemporary English

  • Old-Age And Survivors Insurance Trust Fund — An account within the Social Security Trust Fund used to pay benefits to retired workers, the beneficiaries and their children. The Old Age and Survivors Insurance Trust Fund receives deposits from FICA considered to be over and above the amount… …   Investment dictionary

  • old age — noun a late time of life (Freq. 1) old age is not for sissies he s showing his years age hasn t slowed him down at all a beard white with eld on the brink of geezerhood • Syn: ↑years, ↑ …   Useful english dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”