How to Maximize OAS
Prior to turning 65 years old, Canadians must decide whether to take Old-Age Security (OAS) benefits or defer them until a later time. For each month that benefits are deferred past age 65, one's benefits are increased by 0.6%.
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The following table shows the age at which OAS benefits begin (horizontally) and life expectancy (vertically). The highlighted rows are where the amounts crossover.
For those with a life expectancy of less than 79 years old, beginning OAS at age 65 is beneficial.
For those with a life expectancy of 87 years old or higher, then it's optimal to delay OAS benefits until age 70.
Maximizing OAS benefits is a function of life expectancy. The following table includes the increase offered to those aged 75 and up.
| Age | 65 | 66 | 67 | 68 | 69 | 70 |
|---|---|---|---|---|---|---|
| 65 | $8,560 | |||||
| 66 | $17,120 | $9,176 | ||||
| 67 | $25,680 | $18,353 | $9,793 | |||
| 68 | $34,240 | $27,529 | $19,585 | $10,409 | ||
| 69 | $42,800 | $36,706 | $29,378 | $20,818 | $11,025 | |
| 70 | $51,360 | $45,882 | $39,171 | $31,227 | $22,051 | $11,642 |
| 71 | $59,921 | $55,058 | $48,964 | $41,636 | $33,076 | $23,283 |
| 72 | $68,481 | $64,235 | $58,756 | $52,045 | $44,102 | $34,925 |
| 73 | $77,041 | $73,411 | $68,549 | $62,454 | $55,127 | $46,567 |
| 74 | $85,601 | $82,588 | $78,342 | $72,863 | $66,152 | $58,209 |
| 75 | $95,017 | $92,682 | $89,114 | $84,313 | $78,280 | $71,014 |
| 76 | $104,433 | $102,776 | $99,886 | $95,763 | $90,408 | $83,820 |
| 77 | $113,849 | $112,870 | $110,658 | $107,213 | $102,536 | $96,626 |
| 78 | $123,265 | $122,964 | $121,430 | $118,663 | $114,664 | $109,432 |
| 79 | $132,681 | $133,058 | $132,202 | $130,113 | $126,792 | $122,238 |
| 80 | $142,097 | $143,152 | $142,974 | $141,563 | $138,920 | $135,044 |
| 81 | $151,513 | $153,246 | $153,746 | $153,013 | $151,048 | $147,850 |
| 82 | $160,930 | $163,340 | $164,518 | $164,463 | $163,176 | $160,656 |
| 83 | $170,346 | $173,434 | $175,290 | $175,913 | $175,304 | $173,461 |
| 84 | $179,762 | $183,528 | $186,062 | $187,363 | $187,432 | $186,267 |
| 85 | $189,178 | $193,622 | $196,834 | $198,813 | $199,559 | $199,073 |
| 86 | $198,594 | $203,716 | $207,606 | $210,263 | $211,687 | $211,879 |
| 87 | $208,010 | $213,810 | $218,378 | $221,713 | $223,815 | $224,685 |
| 88 | $217,426 | $223,904 | $229,150 | $233,163 | $235,943 | $237,491 |
| 89 | $226,842 | $233,998 | $239,922 | $244,613 | $248,071 | $250,297 |
| 90 | $236,258 | $244,092 | $250,694 | $256,063 | $260,199 | $263,103 |
All amounts in the table are as of the first quarter of 2024, rounded to the nearest dollar.
This page was last updated January 2024.
The information provided is for informational purposes only and does not constitute advice.