As people age, financial security becomes a top priority. In Canada, one important aspect of financial security for seniors is the Old Age Security (OAS) program. OAS is a monthly pension provided by the Canadian government to eligible seniors who have reached the age of 65, making it a crucial source of income for many older Canadians.
The OAS program is funded by Canadian taxpayers and is meant to provide a basic income to seniors in their retirement years. To be eligible for OAS benefits, you must be a Canadian citizen or legal resident and have lived in Canada for at least 10 years after the age of 18. It is important to note that even if you have not lived in Canada for a full 10 years, you may still be eligible for a partial OAS pension. In addition, the amount of your OAS pension is based on how long you have lived in Canada after the age of 18, so the longer you have resided in the country, the higher your pension amount may be.
It is also worth mentioning that in some cases, individuals may be able to receive OAS benefits while living outside of Canada, as long as they meet the residency requirements. However, there are certain countries that have a social security agreement with Canada, which can affect the amount of OAS pension you receive while living abroad.</p