What You Need to Know About Old Age Security Payments

Published on July 24, 2024

Canadian seniors could be getting hundreds of dollars in government payments before the end of July. Those 65 years of age and older who qualify for Old Age Security (OAS) could see as much as $700 deposited in their accounts on July 29. Here’s how OAS works, and how to qualify. What is OAS? Old Age Security is a government payment that is given to Canadians who are 65 years of age and older. It does not depend on employment history, only age and residency. OAS payments are considered taxable income. Those receiving money can arrange to have income tax deducted from the payments. Otherwise, it will need to be claimed on your tax return....

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