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October 30, 2013
OAS pension can now be deferred

Canadians can now choose to defer receiving their Old Age Security (OAS) benefits for up to five years.

Effective July 1, 2013, eligible individuals can choose to delay receiving the benefit until age 70.  For every month of deferral, an individual’s potential OAS pension will increase by 0.6 per cent, or 7.2 per cent annually.  For those who wait to age 70, the OAS benefit will increase by 36 per cent over the benefit available at age 65.

Currently, the benefit pays $546.07 per month, or $6,552.84 annually beginning at age 65.  Deferral of the pension to age 70 would increase the benefit to $709.89 per month, or $8,518.69 per year.

Those who have received the OAS pension for less than six months may elect to cancel their pension and defer receipt of it until a later date, to a maximum age 70.  However, they will have to repay all benefits they received in that time.

According to Service Canada, individuals should apply to receive the OAS pension no earlier than 11 months before the date they wish to begin to collect the pension.

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