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.
In Canada, the equivalent to U.S. Social Security. Provides a monthly pension for all persons over age 65 who meet residency requirements. It is financed out of federal general tax revenues, with no contributions from individuals. Benefits reportable for income tax purposes.
Federal income security program available to most Canadians age 65 or over. Employment history and retirement date are not factors in determining eligibility, however residence requirements must be met.
Government provided pension payable to all Canadians from age 65 based on your years of residence in Canada, and subject to claw-back if your retirement income after age 65 exceeds a certain level.
Federal government old age pension system.
Old Age Security is Canada's largest public pension program. You qualify if you are age 65 and you have lived in Canada for at least 10 years after age 18. OAS payments are considered taxable income.
Federal program providing a universal, flat rate pension to all residents age 65 and over, regardless of need, who meet the residency requirements; also provides income-tested supplements.
Old Age Security (OAS) is a universal, federal benefit provided to retired Canadians aged 65 and older.
A pension payable to all persons age 65 of older, who meet both the income need and residency requirement in Canada. The OAS,GIS and SPA will be consolidated in 2001 and replaced with a new pension called the Senior's Benefit.
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 January 2007, the basic amount is C$491.93 per month. At tax time, recipients with incomes over C$62,144 (in 2006) must pay back a portion of their Old Age Security.