RHYS MARTELL  |  financial advisor

How Much Money Will I Get From Old Age Security (OAS)?

Figuring out how much you'll get from Old Age Security is actually pretty straight forward. It's based on how long you've lived in Canada and if you've lived here your whole life you'll be eligible for the full amount when you turn age 65. You are actually allowed to delay it to a later age, and if you do that then you will get an increased benefit for the rest of your life.

As of the end of last year (2020) the full amount that someone could get at age 65 for OAS was just a little over $600 a month. So it's not a huge amount, but don't forget that most people will have Canadian Pension Plan (CPP) to attach on to that. And so, if you have CPP and OAS and you have a spouse who also has CPP and OAS then that's actually 4 streams of income coming in to get your retirement started. It's certainly not the lap of luxury, but it's a great start.


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This article is for educational purposes only and is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice. Opinions expressed are those of the owners and writers only. Every effort has been made to compile this material from reliable sources, however, no warranty can be made as to its accuracy or completeness. It may also include forward looking statements concerning anticipated results, circumstances, and expectations regarding future events. Forward-looking statements require assumptions to be made and are, therefore, subject to inherent risks and uncertainties. There is significant risk that predictions and other forward looking statements will not prove to be accurate. Please consult an appropriate professional regarding your particular circumstances. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus or the fund facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc., sponsoring mutual fund dealer. Other Products and Services are offered through Rhys Martell/Well-Built Plans Financial.

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