Old Age Security payments go out soon and here's how much $ you can receive
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The exterior of a Government of Canada building. Right: A person holding Canadian banknotes.
As May draws to a close, Canadian residents can expect one final monthly payment from the Government of Canada.
The Old Age Security (OAS) payment will be distributed soon, providing eligible Canadians with potentially hundreds of dollars this month. According to the Canada Revenue Agency (CRA), OAS is a monthly, taxable benefit available to seniors aged 65 and older.
The federal government advises exploring the various financial benefits and programs available, many of which may or may not require automatic enrollment upon filing your annual income taxes.
Here’s everything you need to know about OAS eligibility, the application process, and the expected payment amount this month.
Do you qualify for Old Age Security?
According to the Canada Revenue Agency, your employment history does not affect your eligibility for the Old Age Security pension, which you can receive regardless of your work history.
To qualify in Canada, you must be 65 or older, a Canadian citizen or legal resident when your application is approved, and have lived in Canada for at least 10 years since turning 18. If outside Canada, you must be 65 or older, have been a Canadian citizen or legal resident the day before leaving, and have lived in Canada for at least 20 years since turning 18.
Service Canada will be able to automatically enroll you for the OAS pension if sufficient information is available. Service Canada will inform you if you have been automatically enrolled.
If you did not receive any letter about the OAS pension the month after you turned 64, you may need to apply for the OAS pension.
How much can you receive from the Old Age Security?
The Old Age Security pension provides up to $713.34 monthly for people aged 65 to 74 and $784.67 for those 75 and older. Payments are adjusted quarterly based on the Consumer Price Index.
You can delay receiving OAS to increase your monthly payment, up to 36% more by age 70. If your annual income exceeds $81,761, you may have to repay part or all of your OAS.
Furthermore, if you are already over 65, the CRA may be able to give you a retroactive payment for up to a maximum of 11 months from the date the federal government received your application.
When do Old Age Security payments go out?
The upcoming Old Age Security payment goes out on May 29, 2024. The following payments will be sent out as follows:
- 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.