What is Old Age Security (OAS)?
Old Age Security is a (Canadian) government program that pays a monthly benefit (adjusted to inflation) to seniors ages 65 and over. OAS is is paid out of the current Government tax base (unlike CPP) and is counted as taxable income. To qualify for this program has nothing to do with if you’ve worked in Canada but how long you’ve lived here. According to the OAS website, here are the qualifications: • be 65 or older; • be a Canadian citizen or a legal resident of Canada on the day before your application is approved; • have been a Canadian citizen or a legal resident of Canada on the day before you left Canada, if you no longer live in Canada; • have lived in Canada for at least 10 years since your 18th birthday to receive OAS in Canada; and • have lived in Canada for at least 20 years since your 18th birthday to receive OAS outside of Canada. For 2009, the maximum OAS benefit is $516.96/month or $6,203.52/year. To receive this, you would need to have lived in Canada for 40 years after
