Canada Old Age Security
Canada old age pensions, or better known as Old Age Security, are available to those over the age of 65. In Canada, OAS (Old Age Security) is funded via general tax revenues and is meant to provide a basic income onto which they can build a more solid retirement. It is a monthly benefit with a few restrictions for qualification.
Canadian seniors heavily rely upon the Old Age Security benefit program. In 2004-5 over four million Canadian seniors received approximately $28 billion through the Old Age Security program. In order to be eligible, you must have lived in Canada for a period of at least 10 years. Benefits may come as early as age 60 if you qualify as a low-income senior. The Old Age Security benefit is subject to taxation.
The Old Age Security Act came into force in 1952 through an Act of Legislation in the House of Commons. There have been many revisions to the original Act, with the most recent being the extension of benefits and obligations to same-sex common-law partners in Canada, which happened in the year 2000.
Canada's Old Age Security is an indexed benefit. Changes in the benefits payable are adjusted quarterly every year in the months of January, April, July and October. The benefit is increased for recipients if there is a rise in the cost of living as measured by the Consumer Price Index.
Guaranteed Income Supplement
The Guaranteed Income Supplement is available to those Canadians who already receive a basic, full or partial Old Age Security pension, but have little or no other income available for retirement. Guaranteed Income Supplement payments are paid as monthly benefit to those who apply yearly and meet the income cut-offs.