You can defer the receipt of Old Age Security benefits until you have reached the age of 70. Much like the option to defer your Canada Pension Plan benefits, this would allow you to receive an increased Old Age Security payment once you turn 70. The most significant advantage would be to those people who, perhaps for reasons of increased private pensions or employment incomes during their 60s, would have their Old Age Security clawed back until they reached the age of 70, when their pension or employment income decreases. You must apply to defer your Old Age Security payment within six months of your 65th birthday.
Why Hire a Professional?
Unlike many other professionals, anyone can call themselves an accountant. The term accountant is not reserved or in any way restricted.
The Kemp Harvey Group is pleased to offer over a century of collective accounting experience. Discover how we can meet your needs with our ability. Click here to see the broad range of services we provide at Kemp Harvey.