Old Age Security: How much you could receive
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|Maximum monthly payment amount||To receive the OAS your annual income must be|
|$613.53||Less than $128,137|
Find out more about Old Age Security (OAS) payment amounts.
The Old Age Security pension is reviewed in January, April, July and October to reflect increases in the cost of living as measured by the Consumer Price Index. Your monthly payment amount will not decrease if the cost of living goes down.
If your income is higher than $77,580 (2019), you will have to repay part or your entire Old Age Security pension. Find out more about Old Age Security pension recovery tax.
If you are already over 65, we may be able to give you a retroactive payment for up to a maximum of 11 months from the date we receive your application. If you delayed receiving your Old Age Security pension you will not be able to receive retroactive payment.
You might also be eligible to receive extra payments based on your income such as:
You will receive your first Old Age Security payment either:
- the month after you turn 65
- the specific date that you have chosen
Should you wait to start collecting Old Age Security
You can receive your first Old Age Security pension payment the month after you turn 65.
You can receive a higher amount for each month you decide to delay your first payment.
You can delay payment of the Old Age Security pension for up to 60 months (5 years) after you are 65. The longer you delay, the larger your pension payment will be each month.
After age 70, there is no advantage in delaying your first payment. In fact, you risk losing benefits. If you are over the age of 70 and are not receiving an Old Age Security pension, apply now.
If you are eligible for the Guaranteed Income Supplement, there is also no advantage in delaying your first payment.
Consider your personal circumstances
There are many factors you should consider when deciding when to start receiving your Old Age Security pension. These include your health, your financial situation, and your plans for retirement.
You should think about:
- whether you plan to keep working
- if your spouse or common-law partner wants to apply for the Allowance
- your health
- your retirement plans
If you are still working and receiving Old Age Security payments
If you are still working and your income is higher than $77,580, you will have to repay part of your Old Age Security pension payment. Delaying your first payment can let you keep more of your pension.
If you are planning on receiving the Guaranteed Income Supplement and your income is less than what you reported on your tax form last year, contact us.
Other benefits will be delayed if you delay your Old Age Security payment
If you are not in receipt of the Old Age Security pension:
- you cannot get the Guaranteed Income Supplement
- your spouse cannot apply for the Allowance
Note: The Guaranteed Income Supplement and Allowance amounts don’t increase when you delay receiving Old Age Security pension payments. You cannot receive the Guaranteed Income Supplement and your partner cannot receive the Allowance when you are not receiving the Old Age Security pension.
When monthly increases are not applied
If you decide to delay receiving the Old Age Security pension, you will not receive monthly increases during any month where you are:
- in federal prison as a result of a sentence of 2 years or longer (except for the first month of incarceration)
- outside Canada, have less than 20 years of residence in Canada and do not qualify under an international social security agreement
Applying to delay your first payment
If you received a letter from us and want to delay your first payment:
- log into your My Service Canada Account and follow the directions
- complete, sign, and return the enrolment letter by mail
Guide for calculating OAS amounts for each year the pension is delayed
|Age||Percentage increase||How much you could get for your OAS pension (July to September 2020)|
|66||12 months X 0.6% = 7.2%||$657.70|
|67||24 months X 0.6% = 14.4%||$701.88|
|68||36 months X 0.6% = 21.6%||$746.05|
|69||48 months X 0.6% = 28.8%||$790.23|
|70||60 months X 0.6% = 36%||$834.40|
Examples of delaying Old Age Security
Delaying 1 year
Michael turned 65 in July 2019. If he decides to delay receiving the Old Age Security pension for 1 year, his monthly amount will increase by 7.2% (0.6% x 12 months) to account for the 12-month deferral period from August 2019 to July 2020.
If Michael's payment amount is $549.89 per month, his increased monthly payment would be $589.48.
Delaying 5 years
Rita will be turning 65 in December 2019. If she decides to delay receiving the Old Age Security pension for the maximum deferral period of 60 months, her monthly amount will increase by 36% at age 70 (0.6% x 60 months).
If Rita's payment amount is $549.89 per month, her increased monthly payment would be $747.85.
Delaying with an earlier start date than the date of application
John could receive his Old Age Security pension in August 2018 and he decided to delay receiving it. In December 2019, John applied for Old Age Security. He writes on his application that he would like his benefit to be effective as of October 2019, 3 months earlier than his application date. His monthly benefit amount will then increase by 8.4% (0.6% x 14 months) to account for the 14-month period from August 2018 to September 2019. The monthly increase does not apply to the period from October 2019 to December 2019.
If John's payment amount is $549.89 per month, his increased monthly payment would be $596.08.
Other situations that can affect your Old Age Security pension amount
If you have lived in Canada less than 40 years
Not everyone receives the full Old Age Security pension. The amount you receive depends on the number of years you have lived in Canada.
If you lived in Canada for less than 40 years (after age 18) you will receive a partial payment amount. Your payment amount is based on the number of years in Canada divided by 40.
You can delay your first payment up to 5 years to get a higher amount.
If you lived in Canada for 20 years
If you lived in Canada for 20 years after age 18, you would receive a payment equal to 20 divided by 40, or 50%, of the full Old Age Security pension.
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