Q:

What are payment amounts for the Old Age Security benefits?

A:

Quick Answer

The two maximum payment amounts for Canada's Old Age Security benefits, as of July 2015, are $765.93 and $507.87, depending on marital status, annual income and years lived in Canada, according to Service Canada. The government adjusts the payment tables quarterly.

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Full Answer

The Old Age Security program is the largest pension program of the Government of Canada, states Service Canada. The program's funding comes from the government's general revenues. Canadians aged 65 and older who are single, widowed or divorced and make an annual income of $17,136 or less receive a monthly benefit up to $765.93. The same amount is payable to an eligible citizen making up to $41,088 per year with a spouse or common-law partner who doesn't receive an OAS pension.

A citizen whose spouse receives the full OAS pension and has a combined income of $22,608 or less receives a maximum monthly benefit amount $507.87, states Service Canada. The same amount applies to a recipient who has a combined income up to $31,680 with a spouse aged 60 to 64 who receives an OAS allowance.

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