Thursday, February 21, 2013

Government of Canada is changing OAS eligibility

Currently the Old Age Security (OAS) Pension is a monthly benefit available to Canadian applicants 65 years of age who meet the Canadian legal status and residence requirements.  However, the Government of Canada is proposing to change the eligibility rules for the Old Age Security and Guaranteed Income Supplement payments.  If you were born before 1957 this will not affect you, but for the rest of us it may mean changing the way we plan our retirement years.

The Government of Canada has introduced measures to gradually increase the age of eligibility for the Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) between the years 2023 and 2029, from 65 to 67. However, those currently receiving OAS benefits will not be affected by the changes.  These and other changes will affect those born after 1957.  To find out more about these proposed changes use this link to read the entire article posted on the "Library" page of our website in the Newsletters section.

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