The Old Age Security pension (or OAS or OAS-GIS) is a taxable monthly social security payment available to most Canadians 65 years of age or older. As of January, 2012, the basic amount is C$540.12 per month. At tax time, recipients with 2010 incomes over C$67,668 must pay back a portion of their Old Age Security at a rate of 15% of net income. This is often referred to as a clawback. The OAS pension is fully clawed back for people with incomes over C$110,878.
Read more about Old Age Security: Eligibility Criteria, Social Security Agreements
Famous quotes containing the words age and/or security:
“Young people don’t know what age is, and old people forget what youth was.”
—Irish Proverb.
“The contention that a standing army and navy is the best security of peace is about as logical as the claim that the most peaceful citizen is he who goes about heavily armed. The experience of every-day life fully proves that the armed individual is invariably anxious to try his strength. The same is historically true of governments. Really peaceful countries do not waste life and energy in war preparations, with the result that peace is maintained.”
—Emma Goldman (1869–1940)