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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

  • You must be 65 or older
  • You must hold Canadian legal status
  • You must have resided in Canada for at least 10 years after age 18
  • You must be an OAS pensioner
  • You must have an income lower than a predetermined limit ($18,216 in 2018 for single, widowed or divorced persons)
  • You must be 60 to 64 years old
  • You must have a spouse who receives the IS
  • You must have resided in Canada for at least 10 years after age 18
  • You must have a low income
  • Your spouse must be deceased
  • You must be 60 to 64 years old
  • You must have a low or no income
  • You must have resided in Canada for at least 10 years after age 18

Maximal monthly benefit (established in 2018)

$600.85—However, the pension must be repaid in part when the income exceeds a predetermined threshold amount ($75,910 in 2018) or in full when the income exceeds the maximum amount ($123,386 in 2018).

$897.42 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 ($75,910 in 2018), 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 ($123,386 in 2018) 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!

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