Definitions for "Old Age Security"
Keywords:  oas, pension, canadians, gis, canada
The basic federal income security program for seniors who are age 65 and older.
The Old Age Security pension is a monthly benefit available, if applied for, to most Canadians 65 years of age or over. Old Age Security residence requirements must also be met. An applicant's employment history is not a factor in determining eligibility, nor does the applicant need to be retired. Old Age Security pensioners pay federal and provincial income tax. Higher income pensioners also repay part or all of their benefits through the tax system.
a universal pension program in Canada that provides income security for older people.