The Old Age Security Not Enough To Play Lotto Monthly

Post Reply
Frances S
Posts: 3
Joined: Wed Jul 15, 2020 4:16 am

The Old Age Security Not Enough To Play Lotto Monthly

Post by Frances S » Fri Nov 06, 2020 5:38 pm

I know some of you are hitting the age of 65 and here in Canada that is when you can collect old age security pension. The amount you will get is not much, it leaves little in the way to have entertainment such as playing the lottery.

The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older. In some cases, Service Canada will be able to automatically enroll you for the OAS pension. In other cases, you will have to apply for the Old Age Security pension. Service Canada will inform you if you have been automatically enrolled.

In most cases, you do not have to apply to get this benefit.

Why you may have to apply
You may have to apply for the Old Age Security. They may not have enough information to enroll you automatically.

When payments start
You can receive your first payment the month after you turn 65.

Delaying your first payment
You can receive a higher Old Age Security pension amount for each month you decide to delay your first payment (Good to think about this)

Old Age Security pension amount
You can receive up to $614.14 per month (October to December 2020 maximum monthly payment). The amount you receive depends on how long you lived in Canada or specific countries after the age of 18.

You will have to pay tax on the Old Age Security pension payment. (this sucks)

Extra payment based on your income
Guaranteed Income Supplement
You may also be eligible for the Guaranteed Income Supplement if:

you are 65 or older
you live in Canada
you get the Old Age Security pension
your income is below:
$18,624 if you are single, widowed or divorced
Your income plus the income of your spouse/common-law partner is below:
$24,576 if your spouse/common-law partner receives the full OAS pension
$44,640 if your spouse/common-law partner does not receive an OAS pension
$44,640 if your spouse/common-law partner receives the Allowance
You apply for the GIS at the same time as you apply for the OAS pension.

Benefits for your spouse or common-law partner
Allowance
If you are eligible to receive the Guaranteed Income Supplement, your spouse or common-law partner may be able to receive the Allowance if your spouse or common-law partner:

is 60 to 64 years of age
is a Canadian citizen or a legal resident
resides in Canada and has resided in Canada for at least 10 years since the age of 18
your combined annual income is less than $34,416 (October to December 2020 maximum annual income threshold)
Allowance for the Survivor
You could receive the Allowance for the Survivor if:

you are 60 to 64 years of age
your spouse or common-law partner has died and you have not remarried or entered into a common-law relationship
your annual income is less than $25,080 (October to December 2020 maximum annual income threshold)

Just thought i would inform you people who are getting close to or are 65 years of age.

R Lawrence
Posts: 4
Joined: Fri Feb 21, 2020 4:47 am

Re: The Old Age Security Not Enough To Play Lotto Monthly

Post by R Lawrence » Fri Nov 13, 2020 4:49 am

I think if your only means of support at age 65 is old age security, best not to gamble.

Post Reply