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In order to receive the Old Age Security benefits, you must complete your Old Age Security Application in Canada. A variety of factors determine whether an individual is eligible for his or her Old Age Security (OAS). In order to determine whether one is eligible for the OAS is an individual's age, number of years he or she spent living in Canada, and one’s legal status.
It is important to look at other important factors and things considering that Old Age Security Pension is for individuals 65 years of age or older.Visit www.guaranteedinvestments.com for Retiree Type Investment Products.
At this stage in life, individuals should review their wills and estate plans, their investment portfolios, their RRSPs and a wide variety of financial matters.
Investments at this stage in life for most would probably consist of conservative type investments including GICs, Annuities, Guaranteed Investment Funds, Guaranteed Minimum Withdrawal Benefit Plans, Guaranteed Lifetime Withdrawal Benefit Plans and other types of similar conservative types of investments.
“If you are currently living in Canada and are 65 years of age or older and are a Canadian citizen or a “legal resident”, who has lived in Canada for at least 10 years after turning the age of 18 then you are eligible for Old Age Security in Canada”.
Individuals who live outside of Canada at the time of application must also be 65 years of age and must be a legal resident or Canadian citizen before one left Canada. One must have lived in Canada for at least 20 years after turning the age of 28 to be eligible for Old Age Security.
Note: For all the eligibility requirements please visit the Canadian Government’s website as rules and eligibility requirements may change.
The Old Age Security application should be completed before an individual turns 65 years of age. Individuals who need assistance completing the Old Age Security application should ask for help and assistance from knowledgeable individuals.
To receive an Old Age Security application, contact the Service Canada Centre and one will be mailed to you or you may pick one up from the Service Canada Centers.
Old Age Security (OAS) Claw back affects seniors who have high income levels. OAS Claw back means that some of an individual’s old age security will be clawed back if an individual’s annual income exceeds a certain dollar amount. The OAS Claw back level for 2011 is $67,668. This means that if an individual’s income is greater than that, an individual will have to repay 15% of the amount of this figure to a maximum amount of the amount received from OAS.
It is important to plan properly to ensure if possible that one’s OAS payment is not clawed back. There are many investment strategies that can be implemented by financial planners to help reduce one’s income to ensure if possible that OAS is not clawed back.
Investment products offered at Guaranteedinvestments.com may be able to help you. Guaranteedinvestments.com offers individuals with access to a wide variety of investment products including Annuities, Guaranteed Investment Funds, and Guaranteed Minimum Withdrawal Benefit Plans, Guaranteed Lifetime Withdrawal Benefit Plans and many other types of investments that have the potential to reduce your taxable income levels, thereby helping with OAS Claw backs.
The financial advisors at Guaranteedinvestments.com hold credentials and titles which include “Certified Financial Planner”, “Chartered Financial Analyst”, “Masters of Business Administration (MBA)” and “Certified Investment Manager”.
Investment products offered by Guaranteed Investments include but are not limited to: Guaranteed Investment Funds, Segregated Funds, Annuities and Insured Annuities, Guaranteed Withdrawal Benefit Plans and Guaranteed Lifetime Withdrawal Benefit Plans.
“The information and content on this website should not be viewed as financial advice nor should it be viewed as a solicitation for investment purposes. The information should be viewed as general information and does not replace the advice and recommendations of licensed and accredited advisors including financial planners, lawyers, trust advisors, accountants and other industry professionals. Investment product information is available in prospectuses and information statements and should be reviewed carefully before investing. Not all investments are guaranteed in value and unit values on certain investments will fluctuate.”
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1033 Bay Street, Suite 221
Toronto, Ontario,
Canada, M5S 3A5
