Changes to the Old Age Security Program | McEvoy Lelievre & Associates

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Changes to the Old Age Security Program

Canada’s Old Age Security Program affects us all.

The Government of Canada, in Budget 2012, announced three changes:

1. The age of eligibility for Old Age Security (OAS) pension and the Guaranteed Income Supplement (GIS) will gradually increase from 65 to 67 over six years, starting in April 2023.

2. The ages of eligibility for the Allowance and the Allowance for the Survivor will also gradually increase from 60 to 62.As of July 2013, a voluntary deferral of the OAS pension allows you to delay receipt of your OAS pension by up to 60 months after the first date of eligibility in exchange for a higher monthly amount.

3. An automatic enrollment process will eliminate the need for many seniors to apply for the OAS pension.

This change is being phased in gradually starting in April 2013.

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