As we age, retirement and financial security become increasingly important. In Canada, a government program is in place to assist seniors with this goal, called Old Age Security (OAS). This blog post will take a closer look at the program and what it offers to eligible Canadians. We will also discuss how Athabasca Financial Ltd can help you apply for OAS and other programs you may qualify for.

Old Age Security (OAS) is a government-funded pension program in Canada that provides a basic income to eligible seniors who are 65 years of age or older. OAS is designed to help with retirement funds by providing a regular source of income for seniors to help cover their basic needs.

The amount of OAS benefits a person receives is based on their individual circumstances, such as their income and the number of years they have lived in Canada. It is important to note that OAS is not enough to live on; it is a supplement to other retirement income sources like CPP, work pension, personal savings, or other government benefits.

Eligibility for Old Age Security

To be eligible for Old Age Security (OAS) in Canada, you must meet the following criteria:

Age: You must be 65 years of age or older.

Residency: You must have lived in Canada for at least 10 years after the age of 18.

Canadian citizenship or legal status: You must be a Canadian citizen or a legal resident at the time of application.

If you meet these requirements, you may be eligible to receive the Old Age Security pension, which is a monthly payment from the government. Additionally, you may be eligible for the Guaranteed Income Supplement (GIS), which provides additional income to those with low income, and the Allowance for the Survivor programs.

The main benefit of Old Age Security is a monthly pension, which is paid to eligible seniors. The amount of the pension is determined by the government and is based on the number of years an individual has lived in Canada after age 18. The current maximum monthly pension amount is $613.53 as of Jan 2023.

In addition to the monthly pension, there are also two other benefits available to eligible seniors through the Old Age Security program:

The Guaranteed Income Supplement (GIS): This is a monthly benefit paid to low-income seniors who are receiving Old Age Security. The government determines the amount of the GIS benefit and is based on the senior's income and marital status.

The Allowance: This is a monthly benefit paid to seniors who are between 60 and 64 years of age, and who are the spouse or common-law partner of a senior receiving Old Age Security.

Applying for Old Age Security (OAS) in Canada is generally considered to be a straightforward process. You can apply for OAS online through the Government of Canada's My Service Canada Account (MSCA) or by mail.

When applying online, you will need to provide your personal information and proof of citizenship or legal status in Canada. You will also need to provide your banking information for direct deposit of your benefits.

When applying by mail, you will need to complete and sign a paper application form, provide the required documents, such as proof of citizenship or legal status in Canada, and mail it to the appropriate address.

It's important to ensure you have all the required documents and information before beginning the application process to avoid delays. If you are in doubt, you can always contact Service Canada for assistance or Athabasca Financial Ltd for a more personalized experience.

Overall, the process is not hard, but you will have to provide some personal information and documents, also it's important to keep in mind that the process can take several weeks to complete, so it's best to apply as soon as possible to ensure that you start receiving your benefits as soon as possible.

At Athabasca Financial Ltd, we understand that the process of applying for Old Age Security can be overwhelming. That's why we're here to help. Our team of financial experts has the knowledge and experience to guide you through the application process and ensure that you have all the necessary documents and information needed.

We can also help you understand the different benefits available through the Old Age Security program, such as the Guaranteed Income Supplement and the Allowance, and determine if you qualify for any additional financial assistance.

In addition, we can also help you plan for your retirement by creating a financial plan that takes into account your current income, expenses, and future goals. This will help you make the most of your Old Age Security benefits and ensure that you have the financial security you need in your golden years.

Don't let the process of applying for Old Age Security stress you out. Let Athabasca Financial Ltd help you navigate the process and secure your financial future.