<P> 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 if the 3 - month average CPI has increased . </P> <P> A person must apply to Employment and Social Development Canada (ESDC) and meet the eligibility criteria to receive benefits . </P>

What is basic old age pension in canada