OAP determined by years of residency
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Updated: November 04, 2009 7:57 AM
To the editor:
I am responding to last week’s page A15 letter, headlined “Bill C-428 is irresponsible,” referring to the reduction in the waiting period for the collection of Old Age Pension (OAP).
From the tone of the
letter, it would appear new immigrants to Canada, after only
three years of
residency, would be entitled to full OAP. This is not true.
In general, you must have resided in Canada since age 18 and have been a resident of
Canada for 40 years to be entitled to receive the full OAP that is currently $516.96 per month.
If you have only been a resident in Canada for 10 years, you would receive $129.20 (based on the 40-year residency requirement for a full pension) a month.
This means someone who has lived here for three years would get $38.76 (3/40th) per month, if this new proposed bill is passed.
This information was taken directly from the government website – www.hrsdc.gc.ca/eng/isp/oas/oasoverview.shtml.
Judy Simkins
Franchise president
Money Concepts
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