Your Old Age Security (OAS) pension amount is determined by how long you have lived in Canada after the age of 18. It 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 ($79,054 for 2020).
In addition to the Old Age Security pension there are 3 other benefits that you may also qualify for:
- the Guaranteed Income Supplement
- the Allowance
- the Allowance for the Survivor
Payment amounts for these benefits are based on your age, marital status and level of income. They are not considered taxable income.
For Guaranteed Income Supplement, Allowance, or Allowance for the Survivor payments, amounts will be re-calculated each July based on your net income in the previous calendar year. Payments can increase, decrease or even stop according to changes in your annual net income.
Increased Old Age Security pension at age 75 July 2022
Seniors aged 75 and over will see an automatic 10% increase of their Old Age Security pension, as of July 2022.
How payment rates are calculated
Old Age Security payment rates are reviewed in January, April, July and October to ensure they reflect cost of living increases, as measured by the Consumer Price Index (CPI).
For example:
- monthly payment rates will increase if the cost of living goes up
- monthly payment rates will not decrease if the cost of living goes down
Note: Subsequent to the increase in the Consumer Price Index, OAS benefit amounts will increase by 1.1% for the January to March 2022 quarter.
The following tables of amounts (updated quarterly) will show you the amount of your monthly benefit.
Choose the benefit table in PDF file that best describes your personal situation based on your:
- marital status
- annual income level (from the previous year)
If you are receiving a partial OAS pension
If you are receiving a partial Old Age Security pension, you should pension call centre for more information about your OAS pension, Guaranteed Income Supplement or your spouse`s or common-law partner`s Allowance payment amounts.
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