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The Government of Canada provides old age security benefits to
citizens of Canada who have reached their retiring age. Most of
the individuals applying for Old Age Security Canada Applications
are 65 years of age and are probably close to or presently retired
and at this stage of life, one should revisit their investment
portfolios and start planning for withdrawals from their RRSPs
and look at options such as converting RRSPs to RRIFs and/ or
purchasing annuities. As well, as one is obviously in the later
stages of life, he or she must educate themselves with other investment
options which may be more suitable from an Estate Planning perspective
as some investment vehicles enable assets/ investments to bypass
government probate fees.
OAS is just one of the benefits
and facilities which are furnished by the Government of Canada
to its citizens. The minimum age requirement in order to be eligible
to receive Old
Age Security from the government of Canada is 65 years or
older.
Types of Old Age Security 
Old Age Security is of two basic types – Full Pension
and Partial Pension. The eligibility of a Canadian to receive
full pension or partial pension depends on a certain criteria
which has been set by the Government of Canada. The most important
factor, in order to determine whether an individual is eligible
to receive full pension or partial pension, is the time period
in which the individual has spent living in Canada.
Eligibility Criteria to Receive Old Age
Security
A citizen of Canada becomes eligible to receive
full pension when:
- The individual has lived in Canada
for at least 40 years following the age of 18 or,
- If the individual had been born
on or before July 1, 1952 and between the time period when
the applicant turned 18 years of age and July 1, 1977, the
Canadian had lived in Canada for any time period, and the
individual had been living in Canada since the last ten years
before the approval of the old age security Canada application.
- If the Canadian has not lived in
Canada in the last ten years as mentioned above, then he would
be eligible to receive full pension if he had been living
in Canada since the last one year before the old age security
Canada application approval and after turning 18, the individual
had lived in Canada at least 3 times, for a time period which
equals his absence during the 10 years.
As far as the partial pension is concerned, an individual
of Canada become eligible for partial pension when:
- He is the age of 65 or older and,
- He is a Canadian citizen or permanent
resident of Canada and,
- Has been living in Canada since
the last ten years.
How can Guaranteed Investments.com Help
You?
The Old
Age Security Canada Application should be submitted with the
Human Resources Development Canada, which is the department of
the government of Canada which performs wide ranging responsibilities
of social services on behalf of the government of Canada. Guaranteed
Investments.com is one of the best financial institutions in Canada
which assists citizens of Canada to submit the Old Age Security
Canada Application along with their details.
Submission of the Old Age Security Canada Application
requires technical knowledge about the regulations of old age
security benefits it becomes very difficult for individuals to
apply on their own. This is where the financial advisors of Guaranteed
Investments.com come to help you and with the professional assistance
of these professionals, you would be eligible to receive the old
age security from the government of Canada. We have assisted thousands
of Canadians already who had their old age security Canada application
approved and are successfully receiving their old age security
every month.
You may also visit www.guaranteedinvestments.com
in order to obtain information on investments which provide safety
and capital preservation – You can save your Estate and heirs
potentially thousands of dollars if not more!
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