Old Age Security (OAS) is a monthly benefit paid to eligible persons aged 65 or older and this benefit amount is indexed to inflation and adjusted every three months. The payments usually arrive during the last three days of the month.
It is not linked to employment history, nor must a recipient be retired from employment.
You should apply for the Old Age Security pension six months before you turn 65, or when you receive an Old Age Security Application form. Normally, you must apply on your own behalf and payments may begin the month following the individual’s sixty-fifth birthday. Taxpayers who apply late qualify for up to only one year of back payments.
You must be 65 years of age or older
You must live in Canada and be a Canadian citizen or a legal resident at the time your pension application is approved
You must have lived in Canada for at least 10 years after turning 18
OAS recipients receive a T4A(OAS) slip each year from Human Resources Development Canada.