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Old Age Security (OAS) benefits are an important source of retirement income. If you have resided in Canada for at least 10 years since the age of 18, you may be eligible to receive an Old Age Security (OAS) pension.

You can take a standard pension at age 65, or an increased pension after age 65. If you take your pension late, your monthly payment amount will increase by 0.6% per month after age 65 (but before age 70), or 7.2% per year. This means that an individual who starts receiving OAS benefits at the age of 70 will receive 36% (7.2% x 5) more per year for life than if it was taken at age 65.

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