Thursday, July 25th, 2024

Changes to the Old Age Security Program (OAS)

September 11, 2012 by  
Filed under Federal Government, Retirement Planning

OAS is financed from general government revenues and makes payments to most Canadians of age 65 and older.  The maximum OAS payment is currently $6,481 per year.

Starting on April 1, 2023, the age of eligibility for OAS recipients will be gradually increased from 65 to 67, with full implementation by 2029.  This will not affect anyone currently receiving payments nor anyone who was born before March 31, 1958.

People born between April 1, 1958 and January 31, 2962 will become eligible to receive OAS between the ages of 65 and 67, depending on their birth date.  People born after January 31, 1962 will be eligible for OAS at the age of 67.

More information can be found at the Service Canada web site.

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