How Long Do You Have to Live in Canada to Get an Old Age Pension?

Are you wondering how long you need to live in Canada in order to be eligible for an old age pension? The answer to this question is not as straightforward as you might think. In order to qualify for the Old Age Security (OAS) pension, there are certain requirements that you need to meet. Let's take a closer look at what these requirements are.

Residency Requirements

In order to be eligible for an OAS pension, you must have lived in Canada for at least 10 years after the age of 18. This means that you need to have at least 40 years of residency in Canada in order to receive the full OAS pension amount. If you have lived in Canada for less than 40 years, your OAS pension amount will be reduced proportionally.

Application Process

When you are approaching the age of 65, you can start the application process for the OAS pension. You can apply online through the Service Canada website or by filling out a paper application and mailing it in. It is recommended that you apply for the OAS pension at least 6 months before you turn 65 in order to ensure that you start receiving your benefits on time.

Income Testing

It is important to note that the OAS pension is subject to income testing. This means that if you have a high income, your OAS pension amount may be reduced or completely clawed back. The income threshold for OAS clawback changes each year, so it is important to stay informed about these changes in order to ensure that you are receiving the correct amount of benefits.

Conclusion

Overall, in order to be eligible for an old age pension in Canada, you must have lived in the country for at least 10 years after the age of 18. The application process is straightforward, and it is important to apply in a timely manner in order to start receiving your benefits on time. Additionally, it is crucial to be aware of the income testing that applies to the OAS pension in order to ensure that you are receiving the correct amount of benefits.