when did the old age pension start in canada
1965
title: Old Age Security text: Old Age Security The Old Age Security pension (or OAS or OAS-GIS) is a taxable monthly social security payment available to most Canadians 65 years of age or older with individual income less than $122,843. As of January 2018, the basic amount is C$586.66 per month. At tax time, recipients with a 2017 income of over $74,788 must pay back a portion of their Old Age Security at a rate of 15% of net income. This is often referred to as the "OAS clawback". OAS amounts are indexed to the Canadian Consumer Price Index and are adjusted every calendar quarter title: Old Age Security text: Income Supplement depends on income, marital status and the age of the spouse in married couples. As of April 2018, the maximum supplement for a single individual with no other source of income is C$880.61 per month, and C$530.12 per month to each spouse of a married couple. Old Age Security should not be confused with the Canada Pension Plan, which is a contributory, earnings-related pension paid in addition to the OAS to those who have contributed to it. Canada is the only G7 nation (and one of the few OECD nations) that does not have a plan to adapt title: Old Age Security text: to rising life expectancy by raising the age of eligibility of its public retirement program. According to the government's own estimates, raising the age of eligibility by two years would reduce federal expenditures in 2030 by $10.8 billion. Old Age Security The Old Age Security pension (or OAS or OAS-GIS) is a taxable monthly social security payment available to most Canadians 65 years of age or older with individual income less than $122,843. As of January 2018, the basic amount is C$586.66 per month. At tax time, recipients with a 2017 income of over $74,788 must pay back a portion title: Old age text: become available. In commercial contexts, where it may serve as a marketing device to attract customers, the age is often significantly lower. In the United States, the standard retirement age is currently 66 (gradually increasing to 67). In Canada, the OAS (Old Age Security) pension is available at 65 (the Conservative government of Stephen Harper had planned to gradually increase the age of eligibility to 67, starting in the years 2023–2029, although the Liberal government of Justin Trudeau is considering leaving it at 65), and the CPP (Canada Pension Plan) as early as age 60. The AARP allows couples in title: Pensions in Canada text: Pensions in Canada Pensions in Canada can be public, private, and collective, or come from individual savings. The Canada Pension Plan (CPP) forms the basic state pension system. All those employed aged 18 or older must contribute a portion of their income to a pension plan. In all provinces and territories except Quebec, these plans are administered by Employment and Social Development Canada, while Quebec administers them separately with the Quebec Pension Plan (QPP). Upon retiring, a contributor receives regular CPP pension payments equal to 25% of the earnings on which CPP contributions were made over the entire working life