OAS (Old Age Security)

Quick Definition

A monthly federal pension for most Canadians 65 and older.

Full Explanation

Old Age Security is a monthly payment available to most Canadians aged 65+ who meet residency requirements, regardless of work history. Higher-income retirees repay part or all of it through the OAS recovery tax. Benefits increase by 10% at age 75.

Related Terms

CPP (Canada Pension Plan)

A contributory public pension based on your working earnings.

RRIF (Registered Retirement Income Fund)

A mandatory account RRSP converts to at age 71, requiring minimum annual withdrawals.

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