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1. Old Age Security (OAS)
Your Old Age Security (OAS) pension amount is determined by how long you have lived in Canada after the age of 18. It is considered taxable income and is subject to a recovery tax if your individual net annual income is higher than the net world income threshold set for the year ($77, 580 for 2019).
Subsequent to the increase in the Consumer Price Index, OAS benefit amounts will increase by 0.1% for the October to December 2020 quarter.
* As of January 2020, the maximum annual OAS for a 65 year old is $7362.36
2. Canada Pension Plan (CPP)
The Canada Pension Plan (CPP) retirement pension is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you’ll receive the CPP retirement pension for the rest of your life. To qualify you must:
be at least 60 years old
have made at least one valid contribution to the CPP
Valid contributions to CPP can be either from work you did in Canada, or as the result of receiving credits from a former spouse or former common-law partner at the end of the relationship.
* As of January 2020, the average CPP recipient would receive $8524.92 per year. The maximum annual CPP benefit at age 65 is $14,109.96.