OAS or Old Age Security is known as Canadian government’s largest pension program that is funded out of the general revenues, meaning a direct contribution by you is not required.
Most of Canadian seniors that are at the age of 65 or older are eligible to receive the taxable OAS monthly payment. The payment starts automatically, you are provided with an opportunity to delay the benefit in the months preceding its start.
As of January 2017, OAS recipients must have their personal income less than $121,070.4 while meeting other required criteria to be eligible for OAS benefit.
OAS recipients with a 2017 income exceed the amount of $74,788, at tax time, have to pay back a portion of their OAS at a rate of 15% of net income. This is often referred to as OAS clawback.
There are three different supplements of OAS that you might be eligible to receive:
Eligibility for this pension depends on your residence status and where you are located at the time that you are 65 years old..
You have to meet all of following requirements:
You have to provide all of these following requirements:
The following requirements must be presented to be qualified for OAS pension:
The time working abroad for Canadians who work for Canadian employers might be counted towards your years of residence in Canada. To be eligible for the OAS pension, you have to be 65 years of age while being employed or must have returned to Canada within six months of ending your employment.
Time spent working abroad could be counted towards your years of residence in Canada for Canadians, their spouses, their common-law partners, and their dependents who work for international organizations under certain conditions.
However, your employment history does not affect your ability to be qualified for OAS pension. You can receive OAS pension regardless of whether you have worked or not.
If the above scenarios do not apply to your situation, you might still be able to receive an OAS pension, a pension from another country, or from both countries if: