Residence At a minimum 10 years 10 years - since reaching 10 years - since reaching Requirements (since reaching age 18) age 18 age 18 - 40 years to qualify for the maximum benefit Other None Must be receiving an The spouse must either Requirements OAS pension to qualify be deceased or receiving for the GIS both OAS and GIS No - pension is Yes - benefit is only Yes - benefit is only available to anyone available to low income available to low income Means Tested who meets residency elders elders requirements Taxable Benefit Yes No No Funding "Pay as you go" "Pay as you go" program "Pay as you go" program program Indexed Yes - quarterly based Yes - quarterly based on Yes - quarterly based on on changes in the CPI changes in the CPI changes in the CPI Reductions High Income elders Benefits are reduced as Benefits are reduced as have benefits clawed "other income" increases "other income" increases back Retroactive Benefits Yes - for a maximum Yes - for a maximum of Yes - for a maximum of of one year one year one year Payable Outside Yes - so long as the Yes - but for a max of 6 Yes - but for a max of 6 Canada elder has 20 years of months months residency since age 18 1 5.5 Changes to Old Age Security – The Government of Canada, in the 2012 Budget, announced three changes to Old Age Security: The for Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will gradually increase from 65 to 67 over six years, starting in April 2023. The ages of eligibility for the and the will also gradually increase from 60 to 62. As of July 2013, a of the OAS pension allows you to delay receipt of your OAS pension by up to 60 months after the first date of eligibility in exchange for a higher monthly amount. An process will eliminate the need for many seniors to apply for the OAS pension. This change is being phased in gradually starting in April 2013. 1 5.6 New Age of Eligibility – Starting on April 1, 2023, the age of eligibility for OAS and GIS benefits will be gradually increased from 65 to 67, with full implementation by January 2029.
Residence Requirements At a minimum 10 years (since reaching age 18) - 40 years to qualify for the maximum benefit 10 years - since reaching age 18 10 years - since reaching age 18 Other Requirements None Must be receiving an OAS pension to qualify for the GIS The spouse must either be deceased or receiving both OAS and GIS Means Tested No - pension is available to anyone who meets residency requirements Yes - benefit is only available to low income elders Yes - benefit is only available to low income elders Taxable Benefit Yes No No Funding "Pay as you go" program "Pay as you go" program "Pay as you go" program Indexed Yes - quarterly based on changes in the CPI Yes - quarterly based on changes in the CPI Yes - quarterly based on changes in the CPI Reductions High Income elders have benefits clawed back Benefits are reduced as "other income" increases Benefits are reduced as "other income" increases Retroactive Benefits Yes - for a maximum of one year Yes - for a maximum of one year Yes - for a maximum of one year Payable Outside Canada Yes - so long as the elder has 20 years of residency since age 18 Yes - but for a max of 6 months Yes - but for a max of 6 months 1 – 5.5 Changes to Old Age Security The Government of Canada, in the 2012 Budget, announced three changes to Old Age Security: The for Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will gradually increase from 65 to 67 over six years, starting in April 2023. The ages of eligibility for the and the will also gradually increase from 60 to 62. As of July 2013, a of the OAS pension allows you to delay receipt of your OAS pension by up to 60 months after the first date of eligibility in exchange for a higher monthly amount. An process will eliminate the need for many seniors to apply for the OAS pension. This change is being phased in gradually starting in April 2013. 1 – 5.6 New Age of Eligibility Starting on April 1, 2023, the age of eligibility for OAS and GIS benefits will be gradually increased from 65 to 67, with full implementation by January 2029.
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