OAS is an income-tested benefit that’s subject to a recovery tax, more commonly known as OAS clawback. The clawback is at a rate of $0.15 for every $1 of net income over $90,997 (for the 2024 tax year). The net income you report on your tax return for the prior year is used to estimate your OAS clawback amount for the current tax year.

As you approach age 65, you may have questions about the Old Age Security (OAS) program. This article discusses the OAS pension and related benefits you may be entitled to receive. It also covers when these benefits may be reduced and strategies that …

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OAS is a pension you can receive if you are 65+ and have lived in Canada for at least 10 years—regardless of whether you have ever worked. Read More. Generally, you should apply for the OAS benefit six months before you turn 65. If you have a high income, you may have to repay all, or a portion of your OAS benefits.

OAS is a monthly benefit available to most Canadians age 65 or older. So, if you retire early, you will have to wait to receive this income source in retirement. Here are some other income options you can explore. You can convert your RRSP to a RRIF at any time.

Once you convert to a RRIF, you have to withdraw a minimum amount each year and that money will be taxed. Your withdrawals can also reduce certain government benefits such as Old Age Security (OAS). For help knowing when to convert your RRSP, talk to an .

Old Age Security (OAS) provides monthly payments to seniors who are 65 years or older, are or were Canadian citizens or legal residents, and have resided in Canada for the required number of years.

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It’s been five years since retirees gained the flexibility of choosing to defer receipt of Old Age Security (OAS) benefits from age 65 to as late as 70. This mirrors the option to defer Canada Pension Plan (CPP) benefits, although the “enhancement” is only 36 per cent for OAS, versus 42 per cent for CPP.

Old Age Security (OAS) provides monthly payments to seniors who are 65 years or older, are or were Canadian citizens or legal residents, and have resided in Canada for the required number of years.