The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older. In most cases, Service Canada will automatically enroll you for the OAS pension. You may have to apply for the Old Age Security pension if Service Canada does not have enough information to enroll you automatically.
Your Old Age Security pension amount is determined by:
- your age (65 or older)
- how long you have lived in Canada after the age of 18
- your income
The OAS is considered taxable income and is subject to a recovery tax if your individual net annual income is higher than the net world income threshold set for the year.
The Employment and Social Development Canada (ESDC) has announced that Old Age Security (OAS) payments for the first quarter (January to March) of 2024 will increase by 0.8%. OAS benefit amounts are adjusted quarterly, based on changes to the Consumer Price Index.
The latest change means that the maximum OAS benefit for individuals aged 65 to 74 will increase from $707.68 to $713.34. The maximum OAS benefit for those aged 75 and over will increase from $778.45 to $784.68.
If you would like help with dealing with the CRA or would like to know more about taxable benefits, please feel free to call us at (905) 305-9722 or email us at info@eigenmachtcrackower.com and we will help you out!
