{"id":1321,"date":"2021-07-27T09:47:39","date_gmt":"2021-07-27T16:47:39","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=1321"},"modified":"2025-01-07T08:42:40","modified_gmt":"2025-01-07T16:42:40","slug":"what-is-old-age-security","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-old-age-security","title":{"rendered":"What Is Old Age Security and How Does It Work?"},"content":{"rendered":"\n<p class=\"\">The Old Age Security (OAS) pension is a taxable monthly benefit available to most Canadians 65 years or over who meet the eligibility requirements. Much like the <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-the-canada-pension-plan\">Canada Pension Plan (CPP)<\/a>, it\u2019s designed to help bolster senior Canadians\u2019 retirement income. However, you don\u2019t have to pay into OAS in order to receive it, as it is funded by tax revenues.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">OAS payment amounts<\/h2>\n\n\n\n<p class=\"\">For January to March 2025, the maximum OAS monthly payment amount is $727.67 for people aged 65 to 74, and $800.44 for those aged 75 and older. <\/p>\n\n\n\n<p class=\"\">\u00bb For up-to-date OAS benefit payment amounts, visit <a href=\"https:\/\/www.canada.ca\/en\/services\/benefits\/publicpensions\/cpp\/old-age-security\/payments.html\" target=\"_blank\" rel=\"noreferrer noopener\">Old Age Security payment amounts<\/a>.<\/p>\n\n\n\n<p class=\"\">If you qualify for a partial pension, you\u2019ll need to multiply those amounts by the number of years you lived in Canada after age 18 divided by 40. In our example above, you\u2019d multiply the full pension amount by 31\/40. You can use the Government of Canada\u2019s <a href=\"https:\/\/estimateursv-oasestimator.service.canada.ca\/en\">OAS Benefits Estimator<\/a> to help you estimate your monthly payments.<\/p>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\">\ud83e\udd13 <strong>Nerdy Tip:<\/strong> OAS payment rates are reviewed every year in January, April, July and October to ensure they keep up with the cost of living. Monthly payments will increase if the government determines that the cost of living has gone up, but they can never decrease.&nbsp;<\/p>\n\n\n\n<p class=\"\">Since July 2022, OAS recipients over age 75 have received a 10% increase in monthly payments. You\u2019ll see this increase in the month after your 75th birthday.<\/p>\n\n\n\n<p class=\"\">Low-income Canadians who receive the OAS may also be eligible to receive monthly non-taxable benefits like the GIS <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-guaranteed-income-supplement\">Guaranteed Income Supplement<\/a> (GIS) and Allowances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who is eligible for OAS?<\/strong><\/h2>\n\n\n\n<p class=\"\">To be eligible for OAS you must be at least 65 years of age. Other requirements depend where you live.<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">If you live in Canada: You must be a Canadian citizen or a legal resident and you must have lived in Canada for at least 10 years since you turned 18.<\/li>\n\n\n\n<li class=\"\">If you live outside of Canada: You must have been a Canadian citizen or a legal resident when you left the country and you must have lived in Canada for at least 20 years from age 18.&nbsp;<\/li>\n\n\n\n<li class=\"\">If you lived outside of Canada while working abroad for a Canadian employer, such as the Armed Forces or a bank, you may be able to count that time toward your residency requirement if you:\n<ul class=\"\">\n<li class=\"\">Returned to Canada within six months of your employment ending, or<\/li>\n\n\n\n<li class=\"\">Turned 65 while still employed and maintained residence in Canada for tax purposes while working outside of the country.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>How and when to apply for OAS<\/strong><\/h3>\n\n\n\n<p class=\"\">In general, enrolment in OAS is automatic. You will receive a letter about your eligibility for OAS by mail in the month after you turn 64 years old.&nbsp;<\/p>\n\n\n\n<p class=\"\">If you do not receive this letter, you should contact Service Canada to learn more and find out if you need to apply for OAS. <\/p>\n\n\n\n<p class=\"\">Representatives are available Monday to Friday, 8:30 a.m. to 4:30 p.m. local time, at 1-800-277-9914. You can check current wait times and request a callback on the <a href=\"https:\/\/www.canada.ca\/en\/employment-social-development\/corporate\/contact\/oas.html\" target=\"_blank\" rel=\"noreferrer noopener\">Government of Canada\u2019s website<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Deferring OAS<\/strong><\/h3>\n\n\n\n<p class=\"\">If you don\u2019t want to receive your pension when you turn 65, you can choose to defer it for up to five years (60 months). The longer you defer OAS, the more money you will receive each month. For every month that you defer receiving the OAS, the monthly amount increases by 0.6%, up to a maximum of 36% if you delay for the maximum length of time: 60 months, or until you turn 70.&nbsp;<\/p>\n\n\n\n<p class=\"\">Deciding whether to defer OAS is a personal decision and should be based on your unique financial situation. The Government of Canada recommends considering factors like:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">Whether you plan to keep working after age 65.<\/li>\n\n\n\n<li class=\"\">Your health.<\/li>\n\n\n\n<li class=\"\">Your retirement plans.<\/li>\n\n\n\n<li class=\"\">Whether your spouse or partner wants to apply for the Guaranteed Income Supplement Allowance.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p class=\"has-lightest-green-background-color has-background\">\ud83e\udd13 <strong>Nerdy Tip:<\/strong> If you are over age 70 or eligible for the <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-guaranteed-income-supplement\">Guaranteed Income Supplement<\/a> (GIS), there\u2019s no advantage in deferring OAS \u2014 and you may even be missing out on benefits.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How OAS works<\/strong><\/h2>\n\n\n\n<p class=\"\">OAS recipients can qualify for a full pension or a partial pension. The pension you\u2019ll qualify for and the amount of money you\u2019ll receive each month depend on your age, your income, where you live, and how long you lived in Canada after you turned 18.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Full OAS pension<\/h3>\n\n\n\n<p class=\"\">To receive a full pension, you must have lived in Canada for at least 40 years after turning 18. You would also qualify for a full pension if you were at least 25 years old and lived in Canada or had a valid Canadian immigration visa on or before July 1, 1977. You can contact <a href=\"https:\/\/www.canada.ca\/en\/contact\/contact-1-800-o-canada.html\" target=\"_blank\" rel=\"noreferrer noopener\">Service Canada<\/a> with any qualification questions.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Partial OAS pension<\/h3>\n\n\n\n<p class=\"\">If you\u2019ve lived in Canada for less than 40 years, you may qualify for a partial OAS pension. To be eligible for a partial pension, you must have lived in Canada for at least 10 years after turning 18. If you no longer live in Canada, you must have lived there for at least 20 years since turning 18 to receive a partial pension.&nbsp;<\/p>\n\n\n\n<p class=\"\">The percentage of the pension you\u2019ll receive is calculated by dividing the number of years you lived in Canada after turning 18 by 40. For example, if you lived in Canada for 31 years after turning 18, you\u2019ll receive 31\/40ths of the full monthly pension amount.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently asked questions about OAS<\/h2>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-accordion\"><div class=\"c-block-accordion-wrapper\"><div class=\"c-block-accordion-list\"><div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">Is OAS Taxable?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">Yes, your OAS payment is <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-income-tax\">taxable income<\/a>. Taxes aren\u2019t automatically deducted each month, but you can request that they are if you prefer. You can file this request online through your My Service Canada account or by mail. If you don\u2019t request that taxes be deducted each month, you may have to pay income tax each quarter.<\/p>\n\n\n\n<p class=\"\">At tax time, you will receive a <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-a-t4-slip\">T4 slip<\/a> (or an NR4 slip if you live outside of Canada) that shows the amount you received. You\u2019ll need to include this amount on your tax return each year.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">What is the OAS recovery tax?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">Your OAS pension could be subject to a recovery tax, commonly referred to as the \u201cOAS clawback,\u201d if your net annual income exceeds an income threshold set each year by the government.<\/p>\n\n\n\n<p class=\"\">For 2024, the minimum income recovery threshold is set at $90,997. If you earn more than $90,997 in 2024, you will be subject to the recovery tax. To calculate how much you\u2019ll need to repay, first figure out the difference between your income and the threshold by subtracting your income from the threshold. You\u2019ll repay 15% of that difference.<\/p>\n\n\n\n<p class=\"\">For example, if you make $100,000 in 2024, the amount over the threshold is $9,003. Multiply it by 0.15 to get the amount you\u2019ll need to repay: $1,350.45.<\/p>\n\n\n\n<p class=\"\">There\u2019s also a maximum income recovery threshold. If your income is greater than this amount, you\u2019ll have to pay back all of the OAS payments you received for the year. The maximum income recovery threshold depends on your age. For 2024, the amounts are:<\/p>\n\n\n\n<ul class=\"\">\n<li class=\"\">$148,065 for ages 65 to 74<\/li>\n\n\n\n<li class=\"\">$153,771 for age 75 and older<\/li>\n<\/ul>\n\n\n\n<p class=\"\">If your income exceeds either of these thresholds, you\u2019ll receive an OAS Return of Income form and an NR4 OAS information slip that must be submitted to the Canada Revenue Agency (CRA). If you don\u2019t submit the Return of Income form by the April 30 tax deadline, you\u2019ll stop receiving OAS benefits.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n\n\n<div class=\"c-block-accordion-item\">\n\t<div class=\"c-block-accordion-item__header\">\n\t\t<div>\n\t\t\t<div class=\"c-block-accordion-item__title\">What happens to OAS if the beneficiary dies?<\/div>\n\t\t\t\t\t<\/div>\n\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"23\" height=\"23\" fill=\"\" viewBox=\"0 0 256 256\"><path d=\"M213.66,101.66l-80,80a8,8,0,0,1-11.32,0l-80-80A8,8,0,0,1,53.66,90.34L128,164.69l74.34-74.35a8,8,0,0,1,11.32,11.32Z\"><\/path><\/svg>\n\t<\/div>\n\t<div class=\"c-block-accordion-item__content\">\n\t\t\n<div class=\"wp-block-nerdwallet-blocks-accordion-item\">\n<p class=\"\">If the <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-a-beneficiary\">beneficiary<\/a> of an Old Age Security pension dies, their benefits must be cancelled as soon as possible. The estate may receive payments for the month of death, but all payments received after that month must be repaid. You can notify Service Canada of the death by mail or phone. Either way, you\u2019ll need the person\u2019s full name, dates of birth and death, address and <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/what-is-social-insurance-number\">Social Insurance Number (SIN)<\/a>.<\/p>\n<\/div>\n\t<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Sandra MacGregor photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\">\n\t\t\t\t\t\t<strong>Sandra MacGregor<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Sandra MacGregor is a freelance writer who has been covering personal finance, investing and credit cards for over a decade. Her work has appeared in a variety of publications like&hellip;<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" title=\"Read more about Sandra MacGregor\">\n\t\t\t\t\t\t\t<span>Read more about Sandra MacGregor and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1316\" class=\"c-block-card post-1316 page type-page status-publish has-post-thumbnail hentry content-classification-investing topic-investing-basic cluster-retirement\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-the-canada-pension-plan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/What-is-the-Canada-Pension-Plan-e1627403060153-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Canada Pension Plan (CPP): How to Contribute, Receive Benefits\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-the-canada-pension-plan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tCanada Pension Plan (CPP): How to Contribute, Receive Benefits\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The Canada Pension Plan (CPP) is a monthly social insurance payment for retired Canadians. The amount you receive is based on your average earnings, CPP contributions and age.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1316 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1313\" class=\"c-block-card post-1313 page type-page status-publish has-post-thumbnail hentry content-classification-investing topic-investing-product cluster-registered-investment-products\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-rdsp\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Registered-Disability-Savings-Plans-e1627338303122-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How Does Canada\u2019s Registered Disability Savings Plan (RDSP) Work?\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-rdsp\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow Does Canada\u2019s Registered Disability Savings Plan (RDSP) Work?\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The Registered Disability Savings Plan (RDSP) helps those with disabilities create long-term savings. The government matches contributions and gives up to $20,000 to qualifying low-income plan beneficiaries.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1313 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1144\" class=\"c-block-card post-1144 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-type-of-banking-accounts cluster-registered-banking-products\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-an-rrsp\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/What-is-a-Registered-Retirement-Savings-Plan--e1626727406612-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Registered Retirement Savings Plans (RRSPs): How They Work\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/what-is-an-rrsp\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tRegistered Retirement Savings Plans (RRSPs): How They Work\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>An RRSP is a retirement account that you or your common-law partner or spouse can contribute to and receive huge tax benefits. Start saving early to plan for a happy retirement.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sjahagirdar\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/03\/Headshot_Siddhi-Jahagirdar-e1648746969870-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Siddhi Bagwe<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1144 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1310\" class=\"c-block-card post-1310 page type-page status-publish has-post-thumbnail hentry content-classification-investing topic-investing-basic cluster-retirement\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-rrif\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/what-is-a-rrif-e1627337611527-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"RRIF: How to Maximize Your Registered Retirement Income Fund\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-rrif\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tRRIF: How to Maximize Your Registered Retirement Income Fund\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Avoid a large tax bill when you turn 71 by converting your RRSP retirement savings into retirement income with a RRIF.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1310 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s Old Age Security (OAS) is a benefit paid to seniors. Enrollment is often automatic, and the amount you receive depends on age, income and how long you lived in Canada as an adult.<\/p>\n","protected":false},"author":4,"featured_media":1324,"parent":2483,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":""},"content-classification":[35],"topic":[112],"cluster":[265],"pp_author":[24],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Old Age Security (OAS): What It Is and How It Works - NerdWallet Canada<\/title>\n<meta name=\"description\" content=\"Canadians age 65 years and older are eligible for monthly payments through Old Age Security (OAS). 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