Old Age Security

Old Age Security (OAS) is a taxable monthly pension available to most residents of Canada 65 years of age or older with individual income less than $122,843. As of January 2018, the basic amount is C$586.66 per month. At tax time, recipients with a 2017 income of over $74,788 must pay back a portion of their Old Age Security at a rate of 15% of net income. This is often referred to as the 'OAS clawback'. OAS amounts are indexed to the Canadian Consumer Price Index and are adjusted every calendar quarter if the 3-month average CPI has increased. Old Age Security (OAS) is a taxable monthly pension available to most residents of Canada 65 years of age or older with individual income less than $122,843. As of January 2018, the basic amount is C$586.66 per month. At tax time, recipients with a 2017 income of over $74,788 must pay back a portion of their Old Age Security at a rate of 15% of net income. This is often referred to as the 'OAS clawback'. OAS amounts are indexed to the Canadian Consumer Price Index and are adjusted every calendar quarter if the 3-month average CPI has increased. A person must apply to Employment and Social Development Canada (ESDC) and meet the eligibility criteria to receive benefits.