Old Age Security Canada Payments Go Out Soon & You Could Receive Over $700
Eligibility, OAS amount and payment dates.
A stack of cheques from the Government of Canada.
Canadians have certainly been feeling the impact of inflation and the rise in the cost of living, and Canadian seniors are no exception.
The Government of Canada provides several federal benefits and credits to offer support, especially to families and seniors facing financial challenges. For individuals aged 65 and above, you are eligible for Old Age Security, a monthly stipend providing crucial monetary support to Canadians during their retirement years.
Payments for the Old Age Security will be disbursed soon, with the initial payment of 2024 scheduled for January 29. It's advisable to confirm your eligibility for Canada's pension plan, as you may qualify for monthly payments exceeding $700.
Here's everything you need to know about Old Age Security.
What is Old Age Security (OAS)?
According to the Canada Revenue Agency (CRA), the Old Age Security (OAS) pension is a monthly stipend available to individuals aged 65 and older in Canada, providing crucial financial support during their retirement years.
Service Canada typically facilitates an automatic enrollment process for the OAS pension, ensuring eligible individuals are seamlessly included in the program. If you meet the criteria and have the necessary information on file, Service Canada will automatically enroll you and notify you accordingly.
However, in some instances where there may be insufficient information available, individuals might need to proactively apply for the Old Age Security pension. This application process allows Service Canada to gather the necessary details to determine eligibility and ensure that all qualifying individuals receive the benefits they are entitled to.
Who is eligible for Old Age Security?
Your employment history does not impact your eligibility for the Old Age Security (OAS) pension, per the CRA. Regardless of whether you have never worked or are still actively employed, you can still qualify for and receive the OAS pension.
If you are residing in Canada, you must meet the following criteria:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident at the time of OAS pension application approval
- Have lived in Canada for a minimum of 10 years since the age of 18
For individuals living outside Canada, the eligibility requirements are as follows:
- Be 65 years old or older
- Have been a Canadian citizen or a legal resident of Canada on the day before leaving the country
- Have resided in Canada for at least 20 years since the age of 18
How much can you receive with Old Age Security?
Per the Canada Revenue Agency, the maximum Old Age Security payments and income thresholds are as follows:
- Canadians aged 65 to 74: $713.34
- Canadians aged 75 and up: $784.67
The Old Age Security (OAS) pension undergoes assessments in January, April, July, and October to adjust for changes in the cost of living, determined by the Consumer Price Index. Importantly, if the cost of living decreases, your monthly payment amount will not be reduced.
For individuals who are or will turn 75 years old in June 2022, there is an additional benefit. Starting in July 2022, an automatic 10% increase will be applied to your Old Age Security pension, providing enhanced financial support for those in this age bracket.
What are the Old Age Security payment dates?
The payment dates for the Old Age Security pension are as follows:
- January 29, 2024
- February 27, 2024
- March 26, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
This article's cover image was used for illustrative purposes only.
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