OAS - OLD AGE SECURITY: Pension for Canadians in 2024

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Are you approaching retirement? looking to maximize your sources of income? If so, then you need to know about Old Age Security (OAS). As the second most common source of income for Canadian retirees, the OAS provides a stable foundation for your retirement income.
But how does the OAS work? How can you qualify for it? And what can you expect to receive from it? In this must-see video, we'll answer all of these questions and more.
We're not stopping there, though. In fact, we're just getting started. This is the first video in our exciting new mini-series on the OAS. In our next video, we'll walk you through everything you need to know about the OAS clawback.
And that's not all. In our third video, we'll share expert tips and strategies to help you reduce or even eliminate clawback. With our help, you can maximize your retirement income and enjoy greater financial security.
So what are you waiting for? Don't miss out on this valuable information. Tune in to our mini-series on the OAS and take control of your retirement income today!
DISCLAIMER: The videos and opinions on this channel are for informational and educational purposes only and do not constitute investment advice. Hervin Pesa does not provide investment advice and recommendations - For your own financial situation be sure to seek your trusted professional. Hervin is not responsible for investment actions taken by viewers and his content should not be used as a basis for investment trades.

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Опубликовано:

6 авг 2024

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Комментарии : 199

@thenailbusinesswithalex4631 4 месяца назад

Thank you for the clear explanations, you're the best and can't wait to watch them all. Thanks Hervin! I've just subscribed ;-)

@HervinPesa 4 месяца назад

Glad you found it helpful Alex!

@a2fit245 4 месяца назад

How to remove splinter in finger

@marcleblanc6293 4 месяца назад

What I find disgusting is that CPP and OAS is taxable income.....paid taxes for 50 years and now they tax the pittance they give me.....

@HervinPesa 4 месяца назад

I feel ya. All the more reason why we need to be smart about it's deployment. Can't be giving them back $ that we deserve.

@dimayotte 4 месяца назад

Don't pay it. Make them take you to court and fight it. It's illegal anyway. It is voluntary. You will find this truth when you do your research.

@marcleblanc6293 4 месяца назад

@@dimayotte they don't take anyone to court, they simply take it from what they send you until they get their pound of flesh. Only way this stops is a change in policy.

@sandywhite1550 4 месяца назад

OAS is a welfare payment. It can be declined.

@pambp5978 4 месяца назад

You must be making an excellent income, I have a decent income with money to spare and pay shockingly little income tax.

@Robby767 4 месяца назад

Old Age Security is vital, especially considering how expensive life can be in retirement. But it's concerning when individuals undergo multiple surgeries, only to face complications or unsatisfactory results.

@Sanchyfab 4 месяца назад

Facing multiple surgeries can indeed take a toll, both emotionally and financially. It highlights the importance of having a robust financial plan in place, including short-term investments to cover unexpected expenses

@roseyfischer 4 месяца назад

He understands the importance of flexibility and liquidity, especially for retirees facing unexpected challenges like medical expenses. Perhaps he could offer guidance on navigating such situations.

@har0ld551-hn6fm 4 месяца назад

He appears to be well-educated and well-read. I ran a google search on his name and came across his website; thank you for sharing.

@Annie2229 4 месяца назад

the complexities of retirement planning, including managing medical expenses, requires expertise and tailored strategies. I'll reach out to him for advice on securing my financial future amidst uncertainties in retirement.

@celticone4677 4 месяца назад

I am 81 years old, and since I was 74 years old I have not been allowed a Mammogram, a Pap smear, and now no longer can have a colonoscopy. Years ago I had a tumour removed from each breast, but thank goodness they were both benign. My husband takes pills for his Prostate, but he no longer gets a PSA test to check for prostate cancer. But there are millions of new immigrants coming into Canada each year. If long term residents are denied these tests, where are they getting the money to fund programs and health coverage for all these new people? Is our country and decent way of life being stolen from under our feet?

@edithkalcantara6413 4 месяца назад

Hi! About receiving the OAS upon residency of 10 yrs...I feel there is some unfairness in some instances. Why? The immigrants who come in and have resided in Canada for 10 yrs, receive more than those who have lived here for more than 10 yrs and have worked here for more than 10 yrs. They have not contributed through Income taxes at all and us who lived and worked for more than 40 yrs are receiving less than these immigrants. Do you think that is equitable or fair?

@parkerbohnn Месяц назад

You must have failed mathematics in school. At least you got the part right about 10 years is the minimum to get any OAS.

@torontoguys 4 месяца назад

Straight forward and easy to understand. Great video.

@HervinPesa 4 месяца назад

Thanks for watching! Let me know if there's a particular topic you may find helpful.

@mmmmlllljohn 4 месяца назад

Thanks for this video - very helpful.

@brianbrooks6349 4 месяца назад

I think a good election platform would be to pay seniors Oas and Cpp tax free i think all of us that worked for 35 to 40 years deserves this for sure

@HervinPesa 4 месяца назад

I wish we had control over this.

@pambp5978 4 месяца назад

Good way to alienate younger income earners. I don't know if aging out of income tax is a good idea, we don't age out of using government services.

@parkerbohnn Месяц назад

Or raise the OAS clawback to something reasonable like half a million dollars like the top tax bracket in America.

@mcc0725 4 месяца назад

This is so informative. Thank you

@HervinPesa 4 месяца назад

Thanks for leaving us a comment! Glad it was helpful

@charmainekirk1512 4 месяца назад

very good explanation.well done!

@HervinPesa 4 месяца назад

Thanks so much!

@paulinemckenny 3 месяца назад

Thanks for the information. Am now a subscriber ❤

@joeharvie8362 4 месяца назад

Excellent explanation! Thank you!

@HervinPesa 4 месяца назад

Glad you enjoyed it!

@jeftyprietos3279 5 месяцев назад

Thanks Hervin, permission to share your video :)

@HervinPesa 4 месяца назад

Please do!

@subhastheboss 4 месяца назад

Very well explained. Thank you.

@HervinPesa 4 месяца назад

I appreciate you!

@user-hx5qh5sq5b 4 месяца назад

Thank you for good informatins

@jefffalcioni1758 4 месяца назад

Well done, very informative

@HervinPesa 4 месяца назад

Thanks so much!

@clifflayne9073 4 месяца назад

Would it be possible for you to take a deep dive into GIS and be able to show Canadians either how fair or unfair this selective payment is for the majority of Canadians. If you have never worked in Canada, or never lived in Canada during your working years, you are eligible for GIS due to a low income. However, if you lived here all of your life and lived here 40+ years, you are not eligible for GIS because OAS and CPP makes your income too high to qualify. However, I see many anecdotal stories where GIS (especially when it is included with a rent subsidy), allows some elderly recipients to draw a monthly benefit that is almost equal to what they would have received from combined CPP/OAS. To me, this represents not only income redistribution but represents EQUITY (equality of outcome)

@litwah579 3 месяца назад

What is the latest OldAge benefit

@eddychen607 Месяц назад

Hi, Im 64 and receiving allowance, am I automatically enrolled oas /gis when I m turning 65. Thanks lot!

@josevich 3 месяца назад

So my mom started receiving her pension in PH and has been working in Canada for 5 years. That means she can qualify for OAS right?

@garrymorris-fd2jd 3 месяца назад

Does CPP death benefit, if you paid 5 years, then, then are a stay at home mother, can it be added to the 5 years you paid, to cover the 10 years

@Katrn30 4 месяца назад

I am a 66 year old Canadian citizen who lived and worked in Canada except for approximately 9 years in the US. When I applied for my OAS, they were not aware of any reciprocity with the US, and I got my benefit pro rated. I was in the US under the TN Treaty during 1997 to 2005. Is there anything I can do to get this rectified?

@parkerbohnn Месяц назад

If you make too much like me you've got nothing to worry about. I bust on my OAS in the first week of the calendar year.

@stephentaylor358 4 месяца назад

I happened to see your informative video this morning and then got my notice of pension application approval in the post this afternoon. I delayed my application until now as I approach 70. Prior to age 65 I had lived in Canada 33 years so will receive 33/40 of the full pension + 36% actuarial adjustment for the delay. I have actually lived in Canada 38 years now so could get 38/40 of the full pension but no actuarial is added to this and that total amount is lower. Curious! (I can request to receive the lower amount if I want...)

@parkerbohnn Месяц назад

But your name is Stephen Your last name is the same as Phil "The Power" Taylor. You must have been born in Canada. I'll tell them down at Queen's Park to pay you the max.

@stephentaylor358 Месяц назад

@@parkerbohnn Haha...I've discovered that Taylor is the 4th most common British surname. And I do have a brother called Phil, but he doesn't play darts!

@CharlesBrown-yh1zc 4 месяца назад

I think only citizens should be able to collect OAS.

@kevinsmith5318 2 месяца назад

Cpp and oas should not be taxed.

@david_fl507 4 месяца назад

can you move permanently to another country if you are on CPP Disability? i can't find an answer. ty.

@user-ci1kz1cc6t 4 месяца назад

I doubt it. You have to be a resident of Canada to receive any kind of benefit as far as I know.

@davidyoung7955 4 месяца назад

So many questions. So I was born in Canada. Father was armed forces so lived in Germany when for two years. So why does it take a 150 days to process my application. I am 67 now after 147 days no update on their site. So I assume the application did not go through. When I call the oas line they say no application received. Now on the live line they say we got it. Got both. Oh you want to resolve this call us back in a month . Seems simple couple of questions are you a Canadian resident yep my whole life. Are you over 65 yep 68 these year. Do you meet eligibility requirements. Yep so why does it take them 5 months to process that simple claim

@captiandarwin 2 месяца назад

Not many people make it to 75 years

@mariavisitacion4680 4 месяца назад

My casei came here 1982 I work right away and same time I go to school now I m 65 last 2023 I’m receiving $713 but I’m still working and I will complete 41 years May 30th but i didn’t get any increase increased as yet .. when can I received my increased for 2024 ? Please explain

@parkerbohnn Месяц назад

The CPI pushed year over year therefore no OAS increase until this September. The OAS is indexed to the inflation rate which was flat year over year. OAS varies every 3 months if the index is positive year over year. If its negative the amount stays the same.

@kdrm5 4 месяца назад

Hi. Just make sure I got it right. If I worked in the Philippines and contributed to SS for 22 years, worked and contributed in the USA for 10 years, then another 9 years residence in Canada, will I be qualified to get the full OAS payment?

@HervinPesa 4 месяца назад

Hello. This is something you need to check with service Canada and get them to review your specific case. Where this gets complicated is if you're taking th pensions from each countries. My point of adding this in the video is to prompt people such as yourself to review since a lot of people forgo potential benefits.

@kdrm5 4 месяца назад

@@HervinPesa Thanks for getting to me so promptly. More.power to your channel!

@franksaria8835 4 месяца назад

You need 40 years of residency in Canada for full pension if not partial payment only

@berniesilab3122 4 месяца назад

good info thank you kababayan I'm planning to retire in 2029 makes me living in canada for 55 years .

@parkerbohnn Месяц назад

The Philippines is not on the tax treaty list with Canada. You get partial SS from America and no OAS from Canada if you're age 65 or older today. If you're age 64 or younger today you'll get partial OAS from Canada at age 65.

@peopledustcanada 4 месяца назад

OAS should only be for people born in the country. Like you said even at 65, wait a few more years and then collect some OAS...at that age probably did not pay very much if any income taxes...

@HervinPesa 4 месяца назад

Not sure we can agree much on this. I think anyone who has contributed to the economy, specially if the minimum is 10 year, should be entitled to this. It's already a small enough benefit, let alone get a quarter of it?

@parkerbohnn Месяц назад

My great grandfather and great grandmother on both sides of my family were born in Canada in the 1850's. I'd be one of the first to get paid if they didn't have that communist clawback.

@forbiddenramzi2011 4 месяца назад

I am in Canada for 30 years and I worked for the day I came and I still worked today ,not I day on welfare and what I got 256 $ federal. Do you think is fair?

@user-ci1kz1cc6t 4 месяца назад

Is that Old Age Pension or Canada Pension Plan?

@user-ci1kz1cc6t 4 месяца назад

What do you mean by claw back?

@parkerbohnn Месяц назад

Thievery they take 15 percent for every dollar on about 91 grand net last years tax year assuming no Canadian dividends. I made more than 100 times that last year.

@seemaa130 4 месяца назад

They only give to single people and immigrants not senior who have worked all there life not got any increase but a single pensioner got increase how come ? Itshould be for all Canadians seniors

@carrieeade7173 4 месяца назад

Hi Hervin, I am a 5th generation Canadian so I have lived in Canada all my life. I turned 65yo in January and just received my first OAS check the end of February. I have been on a Ontario disability check for 14 years now. I would like to know if you can help ❤does my ODSP check have to be stopped now or am I still entitled to it. Any help would really be helpful 😊 thank you so much ❤

@HervinPesa 4 месяца назад

Hello Carrie, I have a video on the disability tax credit too make sure you watch that. As far as the ODSP you need to disclose all other sources of income. They will calculate what's available to you after considering that you already have the OAS as well. It won't stop per se. But it will likely be reduced. Please chat with your caseworker.

@carrieeade7173 4 месяца назад

@@HervinPesa I can't thank you enough ❤️ Where can I find that video I'm not very good with the new technology 😔

@carrieeade7173 4 месяца назад

I found it Hervin but I don't think it would help me because every year when I file my taxes I always get 0$ back.

@HervinPesa 4 месяца назад

Here's the vid I was talking about. You may already have this tax credit, but it's worth making sure you have a good handle on it. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-003rp4FDF-8.html

@user-ci1kz1cc6t 4 месяца назад

@@HervinPesa Has this changed in the last 5 years? I was on disability and as soon as I got my OAS, that disqualified me from ODSP. I had no other source of income either.

@torontoash45 4 месяца назад

i just turned 65 this year .however i have been living outside of Canada for almost 20 years so i am not sure i would be eligible for the full amount

@Dennis0824 4 месяца назад

I just went through that. I have lived outside Canada for 30 years but I paid into CPP for 20 years so I do get a prorated amount. The same thing with OAS. You are definitely not eligible for the full amount. The social security system here in the Netherlands facilitated the payments from Canada and Social Security payments from the USA. I lived in the USA for 20 years. I still have my Canadian citizenship.

@torontoash45 4 месяца назад

my problem is that i live in South America and the country i live in doesn´t have the agreement with the Canadian government in regards to pensions and OAS , so i am not sure it is even worth returning to Canada for the OAS because it will basically a very small portion i will receive

@Dennis0824 4 месяца назад

@@torontoash45 You can still try it on your own. It is worth a shot. You can find the information on line. Download the application and fill in your SIN number as well as your last address in Canada. Then send the application to the Revenue Canada office nearest to your last address in Canada.

@virgilBallinos8380 4 месяца назад

Question for you. I heard if you’re a senior and you have lived in Canada for 40 yrs, you can receive your OAS pension outside Canada. Some people I know were in Florida for 2 yrs and can receive their OAS.

@lyndabenjamin4300 4 месяца назад

Any retirement earning that are taxed are ungodly and unrighteous. I never saw any increase this month so I don’t know what all the hype was about.

@olgablonski7139 4 месяца назад

If this is real why is it not on the news. How I wish I could believe this. I know it’s all over, but I haven’t seen it in the news. I’m praying it’s not a scam.

@HervinPesa 4 месяца назад

I believe you may have been responding to a spam comment that lead to a fake news article.

@fynwho5920 4 месяца назад

@@HervinPesa They're asking why we are not seeing this on the news!!! I would also like to know.

@HervinPesa 4 месяца назад

@@fynwho5920 I think they are referring to another video that was a click bait from a different channel. That's why it's not on the news. Because those claims are fake.

@anthonykajvid Месяц назад

@@HervinPesa Yes this is the very spam that has been on RU-vid for months now! Best ignore the garbage that never realize!

@Viewpoint314 4 месяца назад

Is this really true?

@HervinPesa 4 месяца назад

What's really true?

@juanawheatley5721 4 месяца назад

You were advertising that lap were going to get 1000 dollars in our accounts on mon march 18 . That was BS .What was your reason for doing that.

@HervinPesa 4 месяца назад

We did no such thing. It's likely you watched another video or a different channel? Could you kindly direct me to that? We are not part of any such activity.

@HervinPesa 4 месяца назад

Hello, we take this type of claim seriously and I just wanted to reiterate that we made no such video, claim or advertisement. If you can send us anymore information as there may be people falsely using out company and my name. Thanks for your help.

@elainebaitinger1720 4 месяца назад

Take a look at Canada benefits hub RU-vid video … I find it hard to believe as well. He’s quoting 28%/30% then starts talking about CPP increases as well to the same tune.

@HervinPesa 4 месяца назад

There's no way that's feasible. Likely a clickbait channel.

@plantbasedsenior4240 4 месяца назад

@@HervinPesa It came across my feed yesterday. It's on a channel called Canada Benefits Hub. I did a bit of checking and it certainly seems to be clickbait.

@roberthelmeczi8246 4 месяца назад

Any honest country would not tax these benefits

@HervinPesa 4 месяца назад

For most lower income retirees, these become effectively tax free.

@Germany._.Kit77 3 месяца назад

First when applied minimum 150 days waiting time so someone one current applying can't get, at so Useless hope and propaganda 😭😞😭😞😭

@jfb2000 4 месяца назад

How can you live on $700.00 plus dollars a month. Then having to pay income tax on your benefit.

@gwarlow 4 месяца назад

If you only make $700 per month, you will not pay income tax. The basic exemption is around $15,000 per year. I’m not sure who can live on $700 per month though… 😢

@jfb2000 4 месяца назад

@@gwarlow I didn't say l make $700.00. But many seniors do.

@bayboybob 4 месяца назад

Nobody can live on the O.A.S. alone and that is why you get G.I.S., however, we all knew we could not live on this so we tried to work and pay into the C.P.P. and maybe put a little into an RRSP. Unfortunately, some people cannot do this and have to live on O.A.S. alone.

@gwarlow 2 месяца назад

@@jfb2000 Glad that you don’t, but sorry for those who have no choice.

@shuffleslunuffle 4 месяца назад

The CRA has garnished my CPP! I was waiting for an answer from CRA Relief Dept. I guess that wasn't good enough for them! I am going to talk to a 'Pro-Bono' Tx Lawyer to see what can be done....

@ronaldbertin9455 4 месяца назад

The KICKBACK KING OF CANADIAN POLITICS IS STILL,HAS HIS HAND IN YOUR POCKET

@mariejensen8311 4 месяца назад

I googled it and OAS. Is not increasing our income this term.

@HervinPesa 4 месяца назад

Marie, you may be responding to the wrong video. I found out thay other channels are running ads in front of my video.

@robertalkemade989 4 месяца назад

people who don't need it get the maximum

@HervinPesa 4 месяца назад

How do we know they don't need it?

@garth217 4 месяца назад

One thing that can affect your OAS clawback is an RRSP meltdown!!

@HervinPesa 4 месяца назад

My video from last night talks about that. If the meltdown is intended, there needs to be a coordination with both the OAS and CPP anyway. Otherwise, you can screw up and lose OAS.

@rulyddumbrique7846 4 месяца назад

HOW ABOUT IF YOU DO NOT DECLARE YOUR PENSION FROM ANOTHER COUNTRY

@HervinPesa 4 месяца назад

Bro, are you yelling at me? Just kidding. I would highly suggest you declare worldwide income as that is the tax law requirement.

@user-jv6km5vh8j 23 дня назад

if you worked it about 632.00 you do not get full pension

@Mysteri13 4 месяца назад

My income is less than $20k a year.

@JohnMHill-oi6rb 2 месяца назад

I am asking Trudeau to reply to this. John M. Hill, a Nova Scotian. JMH

@HervinPesa 2 месяца назад

Reply to what?

@jrb_sland 4 месяца назад

The repetitive music in the background is annoying, imho. This video would be better with just your voice.

@HervinPesa 4 месяца назад

Thanks for the feedback!

@PeterFranks-ls5qw 4 месяца назад

do you get health care,do you live in a safe country wake up

@HervinPesa 4 месяца назад

I think it's fairly safe given where I am from. Happy to be here and I'm busy doing what I can to make it better.

@angiedipaspule6113 4 месяца назад

Sorry l do. Not blieve treadeau said all. Of that l watch the news all the time cp24 and 7 not one word and another thing l will. Get a letter by mail with the increase this is sad to. Fool. A poor senior and believe they are getting this money so this gov to allow all. This on. U troube Sad lm very. Hurt that they can do. That. T. O. Seniors

@user-wx8cv2jw6c 4 месяца назад

No Hume’s can make a living with this kind of money.

@HervinPesa 4 месяца назад

I agree completely. This is why I want to help shed light on this early on. Most people blindly believe that these programs are enough to retire on.

@Pineconepicker1 4 месяца назад

Without fail, governments will always find a wat to claw back what they allow you to have. Many in Canada who aged out of disability and were left with nothing due to unfair tax laws and regulations were legislated into poverty and homelessness. This will do little to nothing increase our standard of living.

@user-tu8jo3ub6l 2 месяца назад

how would u know u know nothing

@anthonykajvid Месяц назад

This is sooooo FAke news!!!!!!! hounting for subs thats all!

@HervinPesa Месяц назад

Anthony, I think you're seeing a spam ad on top of this vid.

@garth217 4 месяца назад

OAS CLAWBACK is a tax on success

@HervinPesa 4 месяца назад

My video from last night shows how you can win it back

@garymoore3159 4 месяца назад

!00% scam

@lightgiver7311 4 месяца назад

SCAMMER people.

@donaglosser4272 4 месяца назад

Theres nothing secure about old age

@HervinPesa 4 месяца назад

It's definetly not enough to give what everyone needs.

@josephburke6155 4 месяца назад

This is so Fake

@boydkelloway3532 4 месяца назад

this a hoax

@MoniqueLandreville-p7q 28 дней назад

FAUX FAUX FAUX. SCAM SCAM SCAM

@MAGGIEHURSZT 4 месяца назад

SCAM, SCAM, SCAM,

@figgerhead 4 месяца назад

Another idea would to pay us minimum wages for the OAS. That is O AS plus GIS equates minimum wage in the province where you live.

@HervinPesa 4 месяца назад

Great IDEA for sure. The sourcing and balancing for our already broken budget... that's another issue.

@user-ci1kz1cc6t 4 месяца назад

Who can live on minimum wage?

@tonymalerba1067 4 месяца назад

Canadian government retirement benefits are PATHETIC! Stop making it sound like it's a blessing.

@mflazar 4 месяца назад

As an 82 year old retired banker, I have to say this is a pretty good video. But I really wish you would do away with the "claw back" term because it is stupid. The term "Claw back" infers that the related is deduction is simply taken away from you when, in fact, all it is is a tax deduction. YOU GET CREDIT FOR THIS DEDUCTION on on your T4OAS and if your total income was not sufficient to attract any income tax, you will get this moeny back. I can see that the presenter of this video understands this but I do feel he shoulld either not use the term "claw bacK' or at least explain why it is inappropriate ans misleading.

@HervinPesa 4 месяца назад

Mike I appreciate the comment. I actually address that and explicitly call it a recovery tax in the "clawback" video and even address how that counts as a potential tax-prepayment if too much is taken. However as far as the nomenclature is concerned, that's what is being searched and the question being asked, so I have to word it that way. Thanks for the feedback and kind words! 🎉