Plain meaning
A federal pension benefit for eligible seniors, funded from general government revenues rather than direct contributions.
Also called
OAS
Key points
- Old Age Security affects how individuals report income, claim relief, receive benefits, or plan savings and retirement decisions.
- Eligibility and amounts often depend on annual tax filing, family status, age, income, residence, or documented expenses.
- The concept can affect both tax payable and income-tested benefits, so the after-tax result may differ from the headline amount.
- Readers should treat the glossary entry as orientation; the actual result depends on the current rules and personal facts.
Why it comes up
OAS amounts, recovery tax, and eligibility rules affect retirement income and public finances. It can affect tax payable, benefit eligibility, after-tax income, or the timing of CRA-administered payments.