To qualify for the Old Age Security (OAS) pension in Canada, there are specific residency requirements you need to meet. Here are the details:
General Eligibility
- Age Requirement: You must be at least 65 years old.
- Residency Requirements:
- Living in Canada: You must have lived in Canada for at least 10 years after the age of 18 to qualify for the OAS pension if you are currently living in Canada.
- Living Outside Canada: If you are living outside Canada, you must have lived in Canada for at least 20 years after the age of 18 to qualify for the OAS pension.
Full OAS Pension
To receive the full OAS pension, you generally need to have lived in Canada for at least 40 years after turning 18. If you haven’t met this requirement, you may still receive a partial pension.
Partial OAS Pension
If you do not qualify for the full OAS pension, you can receive a partial pension. The amount of the partial pension is calculated based on how long you have lived in Canada after the age of 18. Specifically:
- For each year of residency in Canada (after age 18), you will receive 1/40th of the full OAS pension amount.
- For example, if you have lived in Canada for 20 years after turning 18, you would receive 20/40ths (or half) of the full OAS pension.
Special Considerations
- International Agreements: Canada has social security agreements with many countries. These agreements can help you qualify for the OAS pension by allowing you to combine periods of residence in Canada with periods of residence or contributions in other countries.
- OAS Pension Deferral: You can choose to defer your OAS pension for up to 5 years after you become eligible. For each month you delay receiving your pension, your monthly payment will increase by 0.6%, up to a maximum of 36% at age 70.
Summary
- Minimum Residency for OAS: 10 years if currently living in Canada; 20 years if living outside Canada.
- Full Pension Residency: 40 years.
- Partial Pension: Calculated as 1/40th of the full pension for each year of residence in Canada after age 18.
