Adult Financial Literacy Guide | Page 8

Federal Programs Old Age Security Benefits (OAS) There are four types of benefits available within the Old Age Security (OAS) program:     The Old Age Security Pension (OAS) The Guaranteed Income Supplement (GIS) The Allowance The Allowance for the Survivor Did you know …? The government needs about six months to process a request for benefits. Old Age Security Pension (OAS) You are eligible for the Old Age Security (OAS) pension if you are living in Canada, and you:    FreeImages.com-Miguel Ugalde Are 65 years old or older Are a Canadian citizen or a legal resident at the time they approve your Old Age Security pension application Have lived in Canada for at least 10 years after turning 18 An application must be filled out and mailed in if you did not receive a letter from Service Canada stating that you were selected for automatic enrolment after your 64th birthday. The Application for the Old Age Security pension form (ISP-3000) can be found at the following link: http://www.servicecanada.gc.ca/cgi-bin/search/eforms/index.cgi? app=profile&form=isp3000 Your work history is not a factor in determining eligibility: you can receive the OAS pension even if you have never worked or are still working. You can apply for the OAS pension one month after turning 64. Or you can delay receiving the OAS pension for up to 5 years after turning 65. The delay would result in a higher monthly payment. 8