The Federal Old Age Security (OAS) Program
All Canadians are eligible for this federal program, which includes four types of benefits:
- Old Age Security (OAS) pension
- Guaranteed Income Supplement (GIS)
- Allowance (ALL)
- Allowance for the Survivor (ALLS)
The following table outlines the main features of each type of benefit:
| Main Features of the Federal Old Age Security (OAS) Program | ||||
|---|---|---|---|---|
| Old Age Security (OAS) pension | Guaranteed Income Supplement (GIS) | Allowance (ALL) | Allowance for the Survivor (ALLS) | |
|
Eligibility requirements |
|
|
|
|
|
Maximal monthly benefit |
$618.00—However, the pension must be repaid in part when the income exceeds a predetermined threshold amount ($79,845 in 2021) or in full when the income exceeds the maximum amount ($129,757 in 2021). |
$948.82 for single, widowed or divorced pensioners |
||
|
Taxation |
Benefits are taxable |
Benefits are not taxable |
||
|
Duration |
Benefits paid for life |
|||
|
Indexation |
Adjusted to the cost of living four times a year |
|||
OAS Pension Features
The OAS pension is individual and paid to each person, including both members of a couple, as long as the eligibility requirements are met. If the pensioner’s net income exceeds a predetermined threshold amount ($79,845 in 2021), he or she must repay part of the pension. The recovered portion increases progressively until the OAS pension is paid back in full when the maximum income ($129,757 in 2021) is exceeded.
Would you like to apply for benefits or get more information on the federal Old Age Security (OAS) pension? Contact:
Human Resources and Social Development Canada
1-800-277-9915 (toll free)
If need be, your Laurentian Bank advisor can help you make heads and tails of it all, so don't hesitate to ask for a hand!
Other Pension Plans
