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 $114,815. As of April 2015, the basic amount is $563.74 per month. At tax time, recipients with a 2014 income of over $71,592 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 (generally, increased) four times per year.