Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
62% - Often

Old Age Security

Synonyms:pension de la Sécurité de la vieillesse
Acronyms &
Filed Under: financial-banking, investments
Tags: annuity, pension, retirement, reverse mortgage

Definition of old age security (OAS)

old age security (OAS)
1. A pension plan run by the Canadian government that is available to most Canadians aged 65 or older. Those seeking Old Age Security (OAS) benefits must apply to the Department of Human Resources and Skills Development Canada (HRSDC). Monthly OAS payments are taxable.

Related Terms and Acronyms:

  • annuity   A financial instrument that disperses a number of payments over a set period of time.
  • Canada Pension Plan (CPP)   A public pension plan administrated by the Canadian government.
  • employment insurance (EI)   A Service Canada program where premiums are paid by taxpayers and benefits are provided for the unemployed.
      ➥  Formerly known as Unemployment Insurance (UI).
  • fringe benefit   Employee compensation other than your wages, tips and salaries, such as health insurance, life insurance and pension plans. Usually referred to as a Bonus.
  • garnishment   An amount withheld from your pay and remitted to another party, such as a creditor. You must include in your taxable income any amount that was garnished from your pay, because the full amount of your pay is considered to have been received by you even though some was withheld to pay your debts.
  • Guaranteed Income Supplement (GIS)
      ➥  Program offered through Canada’s Old Age Security (OAS) pension providing supplement income to Canadians 65 years of age or older.
  • income tax   The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
  • payroll taxes   A tax based on wages and salaries that is deducted from employees pay cheques.
  • pension   A retirement plan where money is set aside over many years for an individual's retirement.
  • Tax-Free Savings Account (TFSA)   A savings account for Canadians where income earned is not taxed.

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