Important information about retirement tax implications.
Click here to see changes to your taxes when you retire or turn 65 years old
Old Age Security (OAS) is a monthly payment available to most Canadians over 65 years of age. You must apply to receive the Old Age Security pension (OAS) or the Guaranteed Income Supplement as the application is not automatic. You will have to apply for them at your Service Canada Centre.
There is now an option to defer your Old Age Security for up to 60 months in exchange for a higher monthly amount.
For more information on the OAS Program, visit the Service Canada website.
The OAS pension is taxable and will be reported to you each year on a T4A (OAS) slip.
- A Retiring Allowance is an amount received when retiring from or leaving a long held position. Some or all of this may be eligible to be transferred to your RRSP.
Your T4 orT4A slip will show the amount of your retiring allowance. There will be two entries, one to show the amount eligible for transfer and one to show the amount that is not transferable.