People in Canada can provide for their financial security in old age by contributing toward an old-age security program, according to Government of Canada. This program has three ways in which members can benefit: the OAS pension, the guaranteed income supplement and the allowance.Continue Reading
Citizens or permanent residents of Canada are eligible for benefits if they are 65 years or older, states the Government of Canada. Applicants must have lived in Canada for at least 10 years after their 18th birthday.
Under the old-age security pension, those who have lived in Canada for more than 40 years after their 18th birthday may get a full basic pension, explains the Government of Canada. Those who have lived in Canada for 10 years since turning 18 may receive a partial pension. A guaranteed income supplement provides extra benefits for those under the OAS program with a low income but living in Canada. Some seniors living in Canada under OAS pension also receive benefits.
The allowance and the allowance for survivors are for people between 60 and 64 who are too young to receive benefits under the OAS pension and GIS, explains the Government of Canada. This also includes spouses, common-law partners or widows of GIS recipients.Learn more about Financial Planning