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With recent changes to OAS benefits you now have choices on when your benefits begin. In fact you can defer benefits as late as age 72 if desired. Also for younger clients, benefits cannot start prior to age 66 or 67, depending your birth date while previously everyone’s benefits started at age 65.
Note: For clients who were born in 1959 or earlier, you will find that the OAS benefits start age is still defaulting to age 65 when it should be recognizing the benefits can’t start at age 65. Thus the estimated benefit gets set to zero. At the present time you should review the start age for OAS benefits and for these younger clients, change the start age to 66 or 67.
So, the system is smart enough to recognize the earliest age benefits can start, but is still using a default age of 65. This will be fixed in a future release, but for the time being this start age must be adjusted manually for these clients born in 1959 or earlier.
Here’s what you should use:
- Use Age 65 - for individuals born in 1958 or earlier
- Use Age 66 - for individuals born in 1959 or 1960 and
- Use Age 67 - for individuals born in 1961 or later
As mentioned above, the new OAS rules also allow clients to defer OAS benefits by up to 5 years. This means benefit can start as late as age 72. When you set your start age to a later age, the program will calculate the increased benefit automatically.