Are You Eligible for Old Age Security
Digging deeper into the employment law issues for employees looking to retire or already retired.
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Old Age Security (also known by its acronym OAS) is a government-funded and administered pension that provides monthly payments to eligible Canadians that are 65 years of age or older.
One of the first questions that Canadians ask when thinking about Old Age Security is whether they qualify for OAS pension payments, such that we will look at the key eligibility requirements as set out by the Canadian federal government. One’s eligibility for receiving OAS pension payments is not determined on the basis of one’s employment history, such that you can receive OAS pension payments even if you have never worked or are still working. When it comes to OAS eligibility, if you are living in Canada, you must:
1. be 65 years old or older;
2. be a Canadian citizen or a legal resident at the time the government approves your OAS pension application; and
3. have resided in Canada for at least 10 years since the age of 18.
If you are living outside of Canada, you must:
1. be 65 years old or older;
2. have been a Canadian citizen or a legal resident of Canada on the day before you left Canada; and
3. have resided in Canada for at least 20 years since the age of 18.
Canadians working outside Canada for Canadian employers, such as the Canadian Armed Forces and banks, may have their time working abroad counted as residence in Canada. To qualify this time working abroad as residence, you must have either:
1. returned to Canada within 6 months of ending employment; or
2. turned 65 years old while still employed and maintained residence in Canada during your time outside of Canada.
For those who worked outside of Canada (under the qualifying criteria) and wish to have their time working abroad counted towards their residence, you must provide the following 2 documents:
1. proof of employment from the employer; and
2. proof of physically returning to Canada (unless you turned 65 while still employed outside Canada).
Under certain conditions, spouses, common-law partners, dependents, and Canadians working abroad for international organizations may also count time spent abroad as residence in Canada.
If neither of the above scenarios applies to you, you may still qualify for the Old Age Security pension, a pension from another country, or from both countries if you have:
1. lived in one of the countries Canada has established a social security agreement; or
2. contributed to the social security system of one of the countries with which Canada has established a social security agreement.
As with most government administered programs, there is considerable complexity that can arise with individual circumstances that are not clear cut for government workers to determine and administer. In those circumstances, it is important that you delve into greater detail about the Old Age Security pension program, including the considerable amount of information and legislation provided by the federal government, together with speaking with knowledgeable professionals.
If you are looking into Old Age Security, our law firm provides legal services of potentially significant value, including estate planning, wills and trusts, together with all too frequently overlooked employer payment obligations due to Canadian employees at the end of their employment. To learn more, contact our law firm today to schedule a confidential consultation at Chris@NeufeldLegal.com or 403-400-4092.