Government Pension Eligibility question

[torontogal4388 20]

I have a bunch of questions actually and am hoping a financial planner or accountant type can help me. Or, in the alternative, someone can direct me to an advisor.... I live in a tiny town in Upstate New York and they haven't a clue here how any of this works.

I worked 40 years in Canada and am currently collecting Canada Pension while I reside in the US. I am eligible for OAS later this year.

Question 1: If I work the 40 quarters here in the US (I currently have 8 quarters in) will I be eligible to collect Social Security AND my CPP and OAS. My mother did (while living in Canada) but had to declare the US SS on her Canadian income taxes. My question is... is it an either/or now... you can only collect from one country?

Question 2: If you have to choose... which economically is the better payor?

Question 3: Canada recently changed the rules for collecting OAS at 65. Now you can defer it and gain 6% per year up to age 71. However, if I choose to do that does that simply mean more money will be clawed back for taxes because I reside in the US? This is a real tough one... do I hold off collecting only to find out taxes are wrecking it? Or do I start collecting this year and invest the money in dividend stocks held in a Roth IRA.

Sorry, but I will have to make decisions soon and there are just too many factors to consider and too many possibilities of making a financially damaging decision that I will have to live with the rest of my life and I can't seem to find anyone who can answer these questions. Any help would be very much appreciated.

Edited February 3, 2015 by torontogal4388