Old age security (OAS) pension

- The Old Age Security (OAS) pension is a monthly benefit that Canadians start to receive at age 65.

- You’ll be eligible for an OAS pension if you’re a Canadian citizen or legal resident and have lived in Canada for at least 10 years.

- You can receive OAS benefits even if you continue working beyond 65 or have never been employed in Canada.

- As a newcomer in Canada, you may not be eligible for the maximum amount if you’ve lived in Canada for less than 40 years at the time of retirement.

Canada Pension Plan (CPP) or Québec Pension Plan (QPP)

- If you’ve started working in Canada, you may have noticed deductions for the Canada Pension Plan (CPP) or Québec Pension Plan (QPP) on your payslips.

- These pension plans provide a monthly retirement pension to people who’ve contributed to the plans during their working years.

- The amount you receive each month after retirement will depend on how long and how much you contributed to the plan and the age at which you start receiving your QPP or CPP benefits.

- You can choose to start taking money from these plans when you turn 60 or as late as 70.

- The sooner you take your retirement pension, the lower the monthly amount will be.

Guaranteed Income Supplement (GIS)

- The Guaranteed Income Supplement (GIS) is a monthly non-taxable benefit for low-income OAS pension recipients living in Canada.

- You may qualify for GIS if you are 65 or older, have an income below $18,984, and you’re single, divorced, or widowed.

- If you have a spouse or common-law partner, you may qualify if your combined income is between $25,104 and $45,504 (including OAS and Allowance).

- The monthly amount for 2021 ranges between $563.27 and $935.72 based on your income or combined income.