Canada

Basic country data

  • Population 60 and over (2018)
  • 8,871,668
  • % of total
  • 24.0%
  • Population 60 and over (2050)
  • 14,368,190
  • % of total
  • 38.9%
  • Total pension coverage*
  • 100%
  • Type of contributory pension
  • Social insurance
  • Does the country have a social pension?
  • Yes
  • Region
  • North America
  • Income group
  • High income

Data on social pensions

Pension de la Securite Vieillesse (S.V.) (Old Age Security Pension)

Basic scheme information

Data on social pensions

  • Name of pension or programme
  • Pension de la Securite Vieillesse (S.V.) (Old Age Security Pension)
  • Year first social pension introduced
  • 1927
  • Legislative Underpinning
  • Old Age Security Act, 1952

2012. Starting in April 2023, the age of eligibility will gradually increase from 65 to 67 over six years, with full implementation by January 2029.

Canadian Government: Old Age Security Payment Amounts (Webpage)

Eligibility criteria

  • Age of eligibility
  • 65
  • Targeting approach
  • Universal (with recovery from high-income earners)
  • Detailed eligibility criteria
  • Maximum annual income to receive pension is $118,055. The Guaranteed Income Supplement (GIS) is means-tested to those on low-incomes.
  • References and notes

2015

Canadian Government: Old Age Security Payment Amounts (Webpage)

Adequacy

  • Monthly benefit (local currency)
  • 569.95 Canadian Dollars
  • US$
  • 428
  • % of GDP per capita
  • 12.3%
  • $ PPP
  • 467.6
  • % of $1.90 poverty line (PPP)
  • 809%
  • Local amount detailed/other benefits
  • $569.95 a month is the maximum amount of the Old Age Security Pension. This does not include the Guaranteed Income Supplement. The maximum transfer amount of the GIS for an individual is $772.83 a month. Other transfer amounts available for couples. Tapered transfer amounts for those with a net income between $72,809 to $118,055. Those with a net income above $118,055 receive a transfer value of zero.
  • References and notes

2015

Canadian Government: 2015 CPP and OAS Statistics Tables (webpage)

Coverage

2015/16

Canadian Government: 2011 CPP and OAS Statistics Tables (webpage)

Cost

Resources on the pension in Canada

Social pensions database

Explore the Social pensions database

Calculator

Calculate the cost of a universal pension in your country