Actuarial Science 1021A/B Lecture Notes - Lecture 10: Collegehumor
9 Dec 2015
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Canada has reciprocal agreements with some countries so that social security benefits may be preserved when people emigrate or immigrate. Ex: if you are eligible for oas and move when you are 65 or older, oas benefits continue. If pensioner has at least 20 years of residency in canada, benefits will be paid as normal outside of. If not, benefits are paid for month of departure + 6 months, then 0. If you return to canada (after oas benefits have stopped), you may be able to resume oas, but will not be able to recuperate lost benefits. As of 1991, oas benefits are now based on income (based on net family income) If income is no more than 71,592 full benefits are paid. If net income exceeds this threshold, the oas benefit is reduced by 15% of the excess up to the full amount of the benefit.
