How much do Canadians get in old age pension

In Canada, the old age pension system primarily comprises two main programs: the Old Age Security (OAS) pension and the Canada Pension Plan (CPP).

1. Old Age Security (OAS) Pension:
   • The OAS pension is a monthly payment available to most Canadians 65 years of age and older.
   • As of 2024, the maximum monthly amount you could receive if you start at age 65 is approximately CAD 615.37.
   • If you defer receiving your OAS beyond age 65, your monthly payment will increase by 0.6% for each month you delay up to a maximum of 36% at age 70.
   • Eligibility is determined by how long you have lived in Canada after the age of 18, with full benefits typically available to those who have lived in Canada for at least 40 years.
2. Canada Pension Plan (CPP):
   • The CPP is a contributory, earnings-related social insurance program.
   • The amount you receive depends on your contributions during your working years, your average earnings, and the age at which you start receiving the benefit.
   • As of 2024, the maximum monthly amount for a new recipient starting at age 65 is CAD 1,306.57.
   • You can choose to start receiving your CPP retirement pension as early as age 60 or as late as age 70, with adjustments to the amount you receive based on the age you start (reduced if taken before 65, increased if taken after).

Additional Benefits

• Guaranteed Income Supplement (GIS): Low-income OAS recipients may be eligible for the GIS, which provides additional monthly payments.
• Allowance and Allowance for the Survivor: Available to low-income individuals aged 60 to 64 who are the spouse or common-law partner of an OAS recipient or who are widowed.

Total Possible Income

For a Canadian who qualifies for both maximum OAS and CPP benefits, the combined monthly income could be up to CAD 1,921.94 starting at age 65. However, actual amounts vary based on individual circumstances such as work history, income, and residency.

It’s important to note that these figures are subject to annual adjustments for inflation and may vary slightly depending on the specific year and any government policy changes. For the most current and personalized information, it’s advisable to check directly with Service Canada or consult their official resources.