Old Age Security Calculator
Old Age Security Calculator
years
$
Do not include your first $5,000 of employment/self-employment income, and 50% of the next $10,000 of your employment/self-employment income
years
How many years have you lived in Canada since you were 18 years old?
Click "Calculate" to determine your potential earnings!
You could receive
from Old Age Security
How to Use the OAS Calculator
Step 1: Start by entering your age and the number of years you have lived in Canada since the age of 18. This helps the calculator determine if you'll be eligible for OAS benefits.
Step 2: Input your annual income and marital status. The calculator uses this information to estimate your OAS pension amount, taking into account the potential for OAS clawback based on higher income levels and based on marital status.
Step 3: Review your results. The calculator will provide an estimated monthly Old Age Security pension amount, helping you understand how much you can expect to receive upon retirement.
- Old Age Security (OAS) is a monthly pension paid to Canadians aged 65 and older who have lived in Canada for at least 10 years since they turned 18.
- The amount of OAS benefits you receive depends on factors such as age, length of residency in Canada, and income.
- For 2024, the monthly Old Age Security amount can be up to $713.34 for those aged 65 to 74 or up to $784.67 for those aged 75 and over.
- This Old Age Security calculator provides estimates of your potential OAS pension amount.
What is Old Age Security?
Old Age Security, also known as OAS, is a program by the federal government that provides a monthly pension to eligible individuals aged 65 and older. The pension amount is based on how long you have lived in Canada after age 18. You may be eligible for full or partial benefits depending on your total years of residency in Canada.
How Much is Old Age Security in Canada?
The maximum monthly OAS pension amount for 2024 is $713.34 for someone aged 65 to 74 for the months of April to June 2024, which works out to an annual total of $8,560.08. Those aged 75 and over will get a 10% increase in their Old Age Security to $784.67 monthly, which is $9,416.04 annually. However, this amount can vary depending on your income and years of living in Canada.
Old Age Security Monthly Payment 2024
| Age | Monthly Payment |
|---|---|
| 65 to 74 | $713.34 |
| 75 and over | $784.67 |
Note: Values are for April 2024 to June 2024
The amount paid by Old Age Security changes each quarter, or four times per year, in January, April, July, and October, based on changes in the cost of living as measured by the Consumer Price Index (CPI). In other words, as the cost of living increases, so does your OAS pension. This makes Old Age Security inflation-adjusted, ensuring that your pension keeps up with the rising cost of living.
Old Age Security benefits cannot decrease if the CPI decreases. If the CPI decreases over the previous 3-month period, then your Old Age Security monthly payment amount will remain the same.
The Guaranteed Income Supplement (GIS) is a government benefit designed to supplement the income of low-income seniors. The GIS is available to those who receive the OAS pension and have an annual income below a certain threshold.
How is Old Age Security Calculated?
The OAS pension amount is determined by a combination of factors, including your age, income level, and number of years living in Canada. The formula for calculating your OAS pension takes into account the following:
- Your total years of residency in Canada after the age of 18
- Your income
- Your age
The Old Age Security Calculator on this page uses a formula to estimate your potential Old Age Security amount, giving you a better understanding of how much you can expect to receive in retirement. Below, we’ll examine how your Old Age Security payment amount is estimated.
Years of Residency in Canada
The first factor in calculating your OAS pension is the number of years you have lived in Canada after age 18. You must have resided in Canada for at least 10 years to be eligible for any OAS benefits and at least 40 years to receive the maximum monthly amount.
Old Age Security requires you to have lived in Canada for at least 10 years because it is funded by tax dollars, and receiving benefits requires contributing to Canada's economy for an extended period.
If you have lived in Canada for less than 40 years after 18, your OAS pension is reduced based on the number of years you have lived in Canada. For example, if you have lived in Canada for 20 years after age 18, your OAS pension will be 20/40 of the maximum payment or 50%. If you have lived in Canada for 10 years after age 18, your OAS pension will be only 10/40 of the maximum payment or 25%.
Residing in Canada for over 40 years or more qualifies you for 100% of the maximum benefit. You do not get more than 100% for years lived in Canada over 40 years.
The table below gives a few numerical examples of your 2024 Old Age Security payment amount based on how long you have lived in Canada.
Old Age Security Monthly Payment by Residency Length
| Years Lived in Canada After The Age of 18 | Monthly Payment | Percentage of Maximum Payment |
|---|---|---|
| 0 | $0 | 0% |
| 10 | $178.34 | 25% |
| 20 | $356.67 | 50% |
| 30 | $535.01 | 75% |
| 40 | $713.34 | 100% |
| 45 | $713.34 | 100% |
Note: Values are for April 2024 to June 2024
Income
The second factor that affects your OAS pension amount is your annual income. If your income exceeds a certain threshold, you may be subject to an OAS clawback, resulting in a reduced pension amount. The income threshold is reviewed and updated annually, so it's essential to stay informed about any changes. There’s also a maximum income limit. To be eligible for Old Age Security, your 2023 income must be $142,609 or less for those aged 65 to 74 and $148,179 or less for those aged 75 and over. If your income exceeds this limit, you aren’t eligible to receive Old Age Security benefits.
Old Age Security Income Limits 2024
| Age | Your 2023 Income Must Be Less Than |
|---|---|
| 65 to 74 | $142,609 |
| 75 and over | $148,179 |
Note: For the July 2024 to June 2025 OAS payment period
For Old Age Security payments between July 2024 and June 2025, your 2023 income is used to determine if your OAS benefits will be reduced by the Old Age Security pension recovery tax. For the July 2024 to June 2025 payment period, the income threshold was $86,912 in 2023.
If your income was less than $86,912, you would receive the full OAS payment. If your income was above $86,912, your OAS payment will be reduced by a monthly tax. This tax is 15% of the difference between your income and the income threshold of $86,912.
For example, if your income was $100,000, the difference is $100,000 - $86,912 = $13,088. Taking 15% of $13,088 results in $1,963.20, which is $163.60 per month.
If you were otherwise eligible to receive 100% of the maximum payment, but your income was $100,000, then your OAS would be reduced by a $163.60 monthly tax. This decreases your OAS from $713.34 per month to $549.74. You will instead receive $549.74 per month from Old Age Security.
Age
Lastly, your age also plays a role in determining your OAS pension amount. You become eligible for OAS benefits at 65, but you can delay receiving payments up to the age of 70. By delaying your OAS pension, you can receive a higher monthly amount when you do begin claiming it.
Each month you delay your first payment, your OAS pension amount increases by 0.6%. This means that each year you delay can increase your payment by 7.2%, up to a 36% increase for delaying 5 years until age 70.
For example, if you delayed a $713.34 monthly OAS payment for 5 years, you would instead receive $970.14 per month at the age of 70.
Even if you don’t delay your payment, all Old Age Security recipients will receive a 10% increase in Old Age Security pensions when they turn 75 years old.
Additional Benefits for Low-Income Seniors
Aside from the Old Age Security pension, there are other benefits that low-income seniors may qualify for, such as:
- Allowance: Available to individuals aged 60 to 64 with a spouse or common-law partner receiving OAS and an annual income below a certain threshold.
- Allowance for the Survivor: Available to individuals aged 60 to 64 who are a surviving spouse or common-law partner and have an annual income below a certain threshold.
- Guaranteed Income Supplement (GIS): A benefit available to low-income seniors also receiving Old Age Security.
Provincial Financial Assistance Programs for Seniors
Alberta
- Seniors Financial Assistance Programs: In addition to the Alberta Seniors Benefit, the province offers programs such as Special Needs Assistance for Seniors and the Senior Property Tax Deferral Program.
British Columbia
- BC Seniors' Supplement: Provides a monthly payment to low-income seniors who receive the federal OAS and GIS.
- BC Home Owner Grant for Seniors: This program helps senior residents offset their property tax burden by providing an annual payment of up to $1,045. It aims to support elderly homeowners in managing their finances and maintaining their independence.
Ontario
- Ontario Guaranteed Annual Income System (GAINS): Provides additional income to low-income seniors who qualify for the federal GIS.
- Ontario Senior Homeowners' Property Tax Grant (OSHPTG): Receive up to $500 annually to help cover your property tax costs.
Quebec
- Senior Assistance Tax Credit: Provides financial assistance to low-income seniors receiving the federal GIS.
Manitoba
- Manitoba 55 PLUS Program: Offers quarterly benefits up to $161.80 for single seniors and $173.90 for couples, depending on their income level. This program is for low-income seniors aged 55 and over.
Nova Scotia
- Senior Citizens Assistance Program (SCAP): This program offers financial assistance to low-income seniors aged 65 and over who wish to remain in their own homes.
Saskatchewan
- Seniors Income Plan: This program provides a monthly benefit to eligible low-income seniors aged 65 and over.
New Brunswick
- New Brunswick Seniors’ Home Renovation Tax Credit: This credit provides financial assistance to eligible seniors for home renovations that improve accessibility or reduce safety risks.
Prince Edward Island
- Seniors Independence Initiative: Prince Edward Island offers several financial assistance options for seniors, including programs that help with housekeeping, maintenance, snow removal, grass cutting, and general living expenses for those with low incomes.
Newfoundland and Labrador
- Income Supplement and Seniors’ Benefit: The province offers the Newfoundland and Labrador Income Supplement and Seniors’ Benefit, which provides additional financial support to low-income seniors.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.