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:
“Were not the right man on our side,
The man of God’s own choosing.
Dost ask who that may be?
Christ Jesus, it is he,
Lord Sabaoth is his name,
From age to age the same,
And he must win the battle.”
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