02/16/2012 04:00 EST | Updated 04/16/2012 05:12 EDT

Some facts about Old Age Security

OTTAWA - Here are some facts about Old Age Security:

Who gets it: 98 per cent of Canadians aged 65 or older, regardless of whether they are retired, and regardless of their pre-retirement income.

Amount: Maximum monthly benefits are $540.12, and average benefits are slightly more than $500.

Clawbacks: OAS is considered taxable income. It is also clawed back for people earning more than $69,562 a year. Anyone making more than $112,772 has to pay it all back.

Importance: For people aged 65 to 69, OAS makes up 13 per cent of their income, on average.

Poverty: About a third of OAS recipients also get the Guaranteed Income Supplement top-up, targeted at low-income seniors. GIS is income tested.

Maximum: The maximum benefit for someone collecting OAS and GIS is $1,240 per month.