OAS (Old Age Security)

Government Benefits

Monthly payment from the Canadian government to Canadians age 65 and older, regardless of work history. Unlike CPP, you do not need to have worked to receive it. The amount depends on how long you have lived in Canada. High income seniors may have to pay some back.

Related Terms

CCB (Canada Child Benefit)

Tax-free monthly payment from the Canadian government to help families with the cost of raising children under 18. The amount depends on your income and number of children. Paid automatically on the 20th of each month if you file your taxes.

GST/HST Credit

Tax-free quarterly payment from the Canadian government to help low and modest income individuals and families offset the sales tax they pay. Paid automatically four times per year (January, April, July, October) if you file your taxes.

GIS (Guaranteed Income Supplement)

Additional monthly benefit from the Canadian government for low income seniors already receiving OAS. You must apply for it because it is not automatic. Helps ensure seniors have a minimum income level.