As of July 2013, you can defer receiving your Old Age Security (OAS) pension for up to 60 months (5 years) after the date you become eligible for an OAS pension in exchange for a higher monthly amount. If you delay receiving your OAS pension, your monthly pension payment will be increased by 0.6% for every month you delay receiving it, up to a maximum of 36% at age 70.
If you choose to defer receipt of your OAS pension, you will not be eligible for the Guaranteed Income Supplement, and your spouse or common-law partner will not be eligible for the Allowance benefit for the period you are delaying your OAS pension.
In deciding when to start receiving your OAS pension, you should consider your personal situation, taking into account such things as:
current and future sources of income employment status now and in the future health, and plans for retirement
There is no financial advantage in deferring your OAS pension after age 70. In fact, you risk losing benefits. If you are over the age of 70, apply now.
YOU MAY REFER TO THE FOLLOWING LINK FOR ADDITIONAL INFORMATION: