OAS Calculator

What is OAS and who qualifies?

Old Age Security (OAS) is a monthly federal pension paid to Canadians aged 65+. Unlike CPP, you don't need to have worked — eligibility is based on Canadian residency. To receive full OAS, you must have lived in Canada for at least 40 years after age 18. Less than 40 years qualifies for a partial OAS (e.g., 30 years = 75% of maximum). Non-residents may qualify if they lived in Canada for at least 20 years after age 18.

What is the OAS clawback?

The OAS Recovery Tax (clawback) reduces your OAS if your annual net income exceeds $86,912 (2024). For every dollar above this threshold, 15 cents of OAS is repaid. At approximately $141,917 income, single OAS recipients lose the entire payment. The clawback is based on your income from the previous year — if your income jumps unexpectedly, you can request an adjustment.

Should I defer OAS past age 65?

Deferring OAS to 70 increases payments by 36% — breakeven vs. taking at 65 is approximately age 82. If you're healthy and have other income sources (RRSP, CPP, pension), deferring makes financial sense. If you need income, or your health is a concern, take it at 65. Near the clawback threshold, deferring and collecting higher OAS at lower income later may be more efficient.

What is the Guaranteed Income Supplement (GIS)?

GIS is an additional non-taxable monthly benefit for low-income OAS recipients. Maximum GIS (2024): ~$1,065/month (single) on top of OAS. Eligibility: must receive OAS and have annual income below ~$21,624 (single). GIS is fully income-tested and clawed back dollar-for-dollar above the threshold. It's ideal for retirees with little or no other pension income.