Canada's Old Age Security (OAS) is a monthly pension provided to seniors over 65 years of age. OAS payments are adjusted each quarter based on the Consumer Price Index (CPI). Learn about the 2024 OAS payment amount, qualifications, and application methods. Click button to read Korean.
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5. Documents to attach with OAS
7. Guaranteed Income Supplement (GIS): Guaranteed income support
1. What is Canada's OAS ( Old Age Security) ?
Canada OAS stands for Old Age Security and is one of Canada's public pension systems. This is a monthly allowance available to Canadian citizens or permanent residents over the age of 65. The amount of the allowance is determined by the length of time you have resided in Canada since the age of 18 (10 years or more). OAS is tax deductible, and you can also defer OAS until after age 65, which will increase your monthly payments.
2. OAS payment amount in 2024
Maximum Canadian OAS payment amount as of 2024
- From 65 to 74 years old, it is $713.34.
- For those over 75 years old, it is $784.67.
You can only receive this amount if your personal net annual income in 2022 is $142,609 or less. OAS allowances are adjusted annually based on the Consumer Price Index. If you would like to know the exact allowance for your situation, please refer to the information below and use Service Canada's OAS allowance calculator.
If you have lived in Canada for less than 40 years: You will receive an amount equal to 1/40 times the number of years.
(Example: If you lived in Canada for 10 years: Receive 10 x 1/40 x 713.34=$178.335) ( Example: If
you lived in Canada for 20 years: Receive 20 x 1/40 you lived in Canada for 30 years : Receive 30 x 1/40 x 713.34= $535.005 ) (Example: If you lived in Canada for 40 years: Receive 40
When do payments start?
OAS payments usually begin the month after your 65th birthday.
2024 OAS Payment Dates Monthly OAS payment dates change each year, but are generally made during the last week of each month.
3. OAS eligibility
When it comes to eligibility for OAS, work history does not play a role in determining eligibility. You may be eligible for the old-age pension even if you have no work history or are still working. Once you reach age 65, you are eligible for OAS.
As of 2024, those aged 65 to 74 will no longer be able to receive any age pension if they earn more than the maximum annual earnings threshold of $142,609, while those over 75 will have their pension canceled if they earn more than $148,179 a year.
The month you turn 64, you should receive one of two notices from Service Canada:
- Notice informing you that you have been selected for automatic registration
- You must be a Canadian citizen or legal resident and have lived in Canada for 10 years after the age of 18. ( see below) Alternatively, if you are a Canadian citizen and work abroad for a Canadian employer, your period of overseas work may be recognized as residence upon your return to Canada within six months of the end of your employment, or upon reaching age 65 while still employed.
If you are a Canadian citizen or permanent resident and are residing in Canada at the time of your OAS application, you must have lived in Canada for at least 10 years since the age of 18.
If you are a Canadian citizen or permanent resident and have left Canada at the time of applying for OAS, you must have lived in Canada for at least 10 years since the age of 18.
If you are a Canadian citizen or permanent resident and have left Canada at the time of applying for OAS, you must have lived in Canada for at least 20 years since the age of 18.
If you live in a country that has a social security agreement with Canada, your total period of residence in Canada and that country must be at least 10 years. Currently, there are 36 countries that have signed social security agreements with Canada, including Korea.
4. How to apply for OAS (OAS application download)
Step 1: Decide if you need to apply.
You will receive a letter from Service Canada informing you that you will receive your OAS pension the month after you turn 64.
Step 2: Decide When to Start OAS
You will be prompted to choose one of the following:
- You start receiving your pension at age 65 (your pension starts the month after your 65th birthday).
- Set a date to start receiving your pension.
How to increase your OAS payments: Like Canada Pension Plan payments, you can delay your OAS pension payments for up to five years, or until you reach age 70. By deferring, your monthly OAS pension will increase by 0.6% for each month (7.2 % per year), accumulating up to a maximum of 36% (over 5 years). If you were automatically enrolled in OAS, you can request a deferral through your My Service Canada account or complete and return an auto-enrollment letter. More information can be found on the Government of Canada website.
Step 3: Submit your application
Apply Online
- You must be at least one month past your 64th birthday.
- You must not currently be receiving an OAS and must not be applying for an OAS.
- You must currently reside within Canada.
If you apply online, you will need a My Service Canada Account (MSCA).
You can apply or register through your My Service Canada account (MSCA). Once registration is complete, you will receive a personal access code.
Apply by mail / visit Service Canada
- Print and complete the OAS and GIS Application(ISP-3550)
- Include certified physical copies of required documents
- Mail your application or take it in person to Service Canada
- Referrence guide
- OAS guide
Step 4: Get a response from Service Canada
You will receive a decision on your application or a request for additional information .
The decision letter on your application will include the following:
- Amount you will receive each month
- first payment date
- Past payments owed to you
Step 5: Review application status
To view your application status:
5. Documents to be attached with OAS:
- Identity proof documents : Canadian citizenship certificate, Canadian passport, permanent resident card, landing paper, passport with immigration stamp, etc.
- Social Security Agreement application documents : Korean National Pension subscription certificate, Korean National Pension receipt certificate, Korean National Pension subscription period certificate, etc.
- A marriage certificate must be attached in the following cases:
One of the couple is between the ages of 60 and 64, and the other
is a widowed spouse if he or she is an OAS recipient. If he or she is between the ages of 60 and 64, and was the spouse of an OAS recipient,
he resides in a country that has a social security agreement with Canada, and is currently married. case
A certified copy of the marriage certificate must be submitted, and if it is in Korean, an English translation must also be submitted. An English translation can be issued by a court in the Republic of Korea or certified by a Canadian embassy.
6. About spousal benefits
Surviving spouses and de facto marital partners of OAS recipients are eligible to receive survivor benefits.
Like the OAS pension, this benefit can be offset by recovery tax if the surviving spouse or partner earns, and the benefit can be canceled if their earnings exceed $29,112 in 2024. Spousal benefits can vary greatly depending on individual circumstances. Please see the Government of Canada website for more information.
7. What is Guaranteed Income Supplement?
Depending on your income and marital status, you may be eligible for Guaranteed Income Support (GIS) if you meet the following conditions:
- If you are a Canadian resident aged 65 or older,
- If you receive an OAS payment:
- If you are below the GIS maximum annual income limit based on marital status
Some Canadians are automatically enrolled in GIS upon receiving their OAS payment based on their income, but you can also apply to GIS. For more information on how to apply, please visit the Government of Canada website.
8. Pension Repayment System OAS Pension Repayment and Recovery Tax
As of 2023, if your previous year's Net World Income was between $81,761 and $134,626, you must repay 15% of the difference between your net income and $81,761, plus this amount from your monthly pension benefits from July 2023 through June 2024. You can deduct it as Recovery Tax and claim the deduction when filing your income tax return the following year.
Example) If the recipient's income in 2023 is $85,000: $85,000-$81,761=$3,239. $3,239 As of 2024, if your net income from the previous year exceeds $142,609, you must return the full amount you received as OAS.
9. Receiving Pension Abroad
If you have resided in Canada for 20 years or more at the time of application:
You can apply for and receive your pension. The amount you receive will be deducted from non-resident tax (25% of the amount received).
If you have resided in Canada for less than 20 years at the time of application:
You can only receive pension for the month of departure and six months thereafter. If you plan to leave for more than six months, you must report your departure and departure dates to Service Canada. It will resume once you re-enter Canada and report your return to Service Canada.
If you have lived in Canada for less than 20 years at the time of application, but have continued to reside in Canada for more than 20 years, you can receive long-term pension abroad.