This Old Age Security (OAS) calculator helps calculate the OAS benefits that you may be eligible to receive. This will help you to calculate the OAS clawback and help you plan for retirement.
What is Old Age Security (OAS) in Canada?
Old Age Security is a pension program available to eligible Canadians who are 65 years or older. The amount that you are eligible to recieve is based on how long you have lived in Canada since you were 18 years old.
What is the maximum OAS pension amount?
For the 2024 year the maximum OAS pension amount was $713.34 per month which amounts to an annual total of $8,560.08 for Canadians 65 to 75. Eligible Canadians who are 75 years or older will receive a 10% increase which means they would receive $784.67 monthly or $9,416.04 annually.
The OAS amount changes quarterly based on the Consumer Price Index (CPI) which measures inflation in Canada. This ensures that they OAS amount you receive keeps up with the cost of living in Canada.
OAS clawback
Once you earn above a certain amount of annual income in Canada the amount of OAS that you will receive is clawed back and reduced to zero after a certain amount.