A Complete Guide To Old Age Security (OAS)

In this video, we'll go through a complete guide of Old Age Security (OAS). We'll cover how you qualify, how much you could receive, the recovery tax (clawback), and more.

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TIMESTAMPS
0:00 - Eligibility
1:13 - How Much You Could Receive
2:26 - OAS Clawback
7:48 - OAS Increase At Age 75
8:17 - How To Apply
9:19 - Cancelling Your OAS

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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.

The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.

[marylongschimanke]

My husband has worked his entire life and at 65 he got a letter asking him if he wanted to get CPP and OAS. He went on-line and deferred it. He's going to be 70 in six months. High-income earner. Thanks for the video, we know now that he should not apply for OAS. Thanks.

[ronwiebe]

Am I ever glad you and your team (Paralleled Wealth) are working on optimizing this for me - Your team explains it so well in even more detail than you videos. Getting this right for your retirement can never start too soon.

[pilotgirl]

I’m a high income earner received a notice and immediately delayed receiving it until later. I didn’t realize that it’s based on previous years income. My birthday is in July so I’ll just wait until I’m retired and take after July of the following year. Thx for info. Very helpful.

[Leftatalbuquerque]

My father just died as he reached 80 due to cancer of the appendix. After a lifetime of being self-employed as a farmer and a small business owner who had yet to retire, this is what happened. He and Mom had taken their OAS when they were first eligible. Sometimes a bird in the hand is worth two in the bush.

[heatherbee]

This is a great video. I just wanted to add about the claw back. Just so everyone is aware when you're above the threshold and you have part or all of your OAS clawed back you're not actually losing it. The amount clawed back is immediately applied to your tax bill. It also doesn't have any impact on your income because the t4a OAS that you receive shows income with an immediate deduction. So there are advantages to receiving OAS even if part of it is called back. I know people who are having 50% of their OAS clawed back and being immediately sent to the CRA for their tax bill and they take the other 50% and put it in a tfsa

[mary-jojohnston]

So much useful information! Thank you!

[huib]

The ten years resident limit might be waived if there is a social security agreement with the country you lived before or after you reside in Canada.

[rustykatt]

Thanks! Lots of useful information! Good luck to us all 😊.

[DaveG-rsxp]

My understanding is that if you have less than forty years in Canada after the age of 18 in most cases only the years in Canada are you used to calculate the OAS amount. Years living in a country with a tax and pension agreement with Canada (Australia, Greece, UK and others) the foreign residence years only count towards eligibility.

[FrancisFernandes-mg]

Explained beer well in layman's terms.
Appreciate it!

[CentauriCentauri]

Thanks Adam for another great video. Can you do a video about CPP timing if someone wants to retire very early like age 55? I find it confusing with that 10 year non contributory years if you still hold off till 65 if you can afford to or is it more moola in your pocket if you just start CPP at 60?

[storytimewithunclekumaran]

Can you do a video on how O.A.S. combines with G.I.S. please for low income people.

[zeekay]

For an immigrant which date is used as the start of residency. I did my first landing in Canada 2 years before I moved here for good. My landing papers show the date of my first landing but my tax returns started 2 years after that. I have been living in Canada for over 20 years now.

[BRASS]

excellent. as added information and complementing this video: can you do a new video taking in consideration that OAS didi not increase in April. Probably wont increase in July and october since the inflation will probably be stable or going down (hence no increase). is it better to delay and benefit from the 0.6% increase or just take it knowning that it wont incease for the next 2 or 3 quarter. thanks in advance. have a great day

[wesvermey]

Submitted online to defer OAS and they still started it automatically anyways. I had to send them a letter and the cheques to correct their mistake. Much patience required when dealing with them.

[MrMr-pzqi]

Thank you for sharing this valuable information.

[scoopable]

When I was 64 Service Canada notified me that my OAS would start when I turned unless I deferred it. I told them I wanted to defer but they started to send me OAS cheques anyway as soon as I turned 65. I doesn't sound like they have a consistent approach.

[stanleywhite]

I have read somewhere that if you defer OAS it will not be until age 81 that you will break even. Also the current live expectancy of somebody 65 is approximately 83.

Also I am looking at my 2023 return and it shows line 23400 as net income before adjustments and line 23600 is after adjustments. .

[brassj]

I moved to Canada when I was 40 from the UK so I will have 24 full years when I am 65. By delaying until I am 70, not only does the payment increase by 0.6% per month or 7.2% per year, but also I will have 29 full years so there will be an additional 12.5%. That's the difference between 36% increase and 48.5% increase with zero chance of claw back for 5 years.

[tivertontom]

i got the forms and did NOT send them in. I called and they said it would NOT auto start. ... I'll be angry if i get a/the cheque/payment ... I guess I'll call then (?)