First level - Old Age Security Program
The Old Age Security program is the Government of Canada's largest pension program. It provides a basic pension to almost everyone over 65 who has lived in Canada for at least ten years.
The Old Age Security program provides 3.9 million seniors with more than $25 billion in monthly benefits each year. Nearly one third of all seniors rely solely on this program for their retirement income.
The Old Age Security program also provides additional benefits for low-income seniors, benefits such as the Allowance, the Allowance for the survivor, and the Guaranteed Income Supplement.
The Guaranteed Income Supplement provides additional support, on top of the Old Age Security pension, to low-income seniors living in Canada. Last year, the Guaranteed Income Supplement provided $5.2 billion in benefits to 1.4 million Old Age Security pensioners with little or no other income.
The Allowance pays monthly benefits to 60 to 64 year old spouses or common-law partners of low-income Old Age Security pensioners. Low-income widows and widowers between the ages of 60 and 64 may receive monthly benefits through the Allowance for the survivor.
Protection against inflation
All Old Age Security benefits are indexed quarterly to the Consumer Price Index, meaning that if the cost of living goes up, so does the amount of the benefit.
- First level - the Old Age Security program
- Second level - the Canada Pension Plan
- Third level - private savings