Changes to Old Age Security
In the 2012 Budget the federal government introduced the voluntary deferral of the Old Age Security (OAS) benefit. Starting on July 1, 2013, you will be able to defer the start of your OAS benefit for up to five years. This voluntary deferral will allow you to postpone the receipt of your OAS to a later time in exchange for receiving higher benefit payments later.
Visit the Service Canada website to read more about these changes.