Pensions & seniors
Old Age Security (OAS)
A monthly pension for people 65 and older who meet residency requirements. It is not based on employment history.
OAS can be reduced or recovered at higher incomes through the OAS recovery tax.
Where you may see this
Service Canada enrollment letters and tax slips.
Related terms
Pensions & seniors
OAS recovery tax
A repayment mechanism that reduces OAS payments when your net income exceeds a yearly threshold.
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Canada Pension Plan (CPP)
A monthly retirement pension based on your contributions while working. You can start as early as 60 or delay to 70 for a higher amount.
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CPP post-retirement benefit (PRB)
Additional CPP contributions and benefits if you work while already receiving CPP retirement pension before age 70.
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Guaranteed Income Supplement (GIS)
A monthly non-taxable top-up for low-income seniors receiving OAS. Amount decreases as other income rises.
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Indexation
Periodic adjustment of benefit payment amounts to reflect changes in the cost of living or program formulas.
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