As you age, it is important to understand the resources available to you.
Getting an understanding of available government pensions can help ensure a comfortable retirement.
In this post, we’ll take a look at the Old Age Pension (OAP) program in New Brunswick and how much money you can expect to receive from it.
How Much Money is Your Old Age Pension in New Brunswick?
In New Brunswick, the maximum monthly OAP payment for someone who has reached the age of 65 is currently $1,007.89.
However, if your income from other sources exceeds a certain limit (which is set by the provincial government), then you may be ineligible for OAP payments or may only receive a reduced amount.
For example, if your total income (including OAP) exceeds $18,805 per year, then your OAP will be reduced by 50 cents for every dollar that your income exceeds that limit.
Other Eligibility Requirements
In addition to having an income below the prescribed threshold, there are other eligibility requirements that must be met in order to qualify for OAP payments in New Brunswick.
These include being a resident of New Brunswick for at least 12 consecutive months prior to applying for benefits and being at least 65 years of age at the time of application submission.
Additionally, individuals who are receiving CPP benefits must apply for Old Age Security benefits before they can receive any payments from the OAP program.
OAP in New Brunswick
The Old Age Pension program provides financial support to seniors in New Brunswick who meet certain eligibility criteria. If you are eligible, you could receive up to $1,007.89 per month depending on your income level and other factors.
It is important to note that this figure may change over time as it is determined by the provincial government each year.
To learn more about eligibility requirements and how much money you can expect to receive from this program, contact your local Service Canada office today!