Chapter 4: Government Benefit Plans

Question 1

Who administers OAS?
What are the 3 OAS programs?

Answer 1

Employment and Social Development Canada (ESDC)
1. OAS
2. GIS
3. Allowance

Question 2

What is the current maximum OAS benefit? How often is it indexed?

Answer 2

As of 4th quarter 2023, max benefit is $707.68 (65 - 74), $778.45 (75+). Benefits are indexed quarterly.

Question 3

Can you split OAS income?

Answer 3

No.

Question 4

What is the impact of deferring OAS?

Answer 4

0.6% increase per month, 7.2% per year for a maximum of 36% if deferred to age 70.

Question 5

What are the residency requirements for OAS?

Answer 5

Must have lived in Canada for at least 10 years. Maximum OAS granted for 40 years of residency, where residency in another country may count as Canadian residency under the terms of a Social Security Agreement. OAS benefits are prorated by a reduction of 2.5% for every year below 40 years of residency.

Question 6

OAS CLAWBACK