Definition: The basic Canadian Old Age Security (OAS) pension is a monthly payment to those 65 years old or older, who meet the residence requirements. You must apply for the Old Age Security pension. Employment history and retirement are not factors for the Old Age Security pension. Canadian Old Age Security pensions are taxable by both the federal and provincial governments. Low-income Old Age Security pensioners and their partners may be eligible for additional Canadian government pension benefits. High-income Old Age Security pensioners will likely repay all or part of the Old Age Security pension back through the Canadian tax system.
Low-income seniors living in Canada may also be eligible for the Guaranteed Income Supplement (GIS) which provides additional payments on top of the Old Age Security pension.
See Also:
