Changes to OAS Rules
Posted 06 Jun 2014 by Melissa Allan
As you may have heard, recent measures have been taken to ensure the longevity to the Old Age Security Program. The OAS program is the single largest federal revenue program.
As you know, we are living longer lives and in 2030 it is projected that there will be twice as many people receiving OAS than there is today. In light of this, the government felt changes to the program, to defer eligibility for future recipients, were regrettably necessary.
This change will be gradual and increases the age of eligibility of these benefits. The following is a quick summary of what this means for you!
- If you were born in 1957 or earlier you are still eligible for OAS at age 65.
- If you were born between April 1st, 1958 and January 1st 1962 a pre-determined number of months gets added to your eligibility age as per the charts found on the government websites.
- If you were born in February 1962 or later you will not receive any OAS until the age of 67.
The formula is 1 month in deferred OAS for every 2 months after April 1958 that you were born. A few examples are below: (note; under the current rules the first payment is already one month after your birth date)