Many seniors in Canada await to receive their Old Age Security (OAS) pension every month. As of October 2024, eligible Canadians will be able to receive between $713.34 for the month. This helps supplement low- and middle-income seniors with this monetary benefit, plus other income such as top-ups of the Guaranteed Income Supplement. Here is everything you might want to know about OAS, eligibility, the dates, and additional benefits:.
What is the Old Age Security Pension?
The OAS pension is one of Canada’s primary social support programs for seniors, ensuring financial assistance without the need for prior work contributions. The monthly payment is adjusted quarterly to keep up with inflation, which helps maintain the purchasing power of retirees. In October 2024, the maximum OAS payment for seniors aged 65 to 74 is set at $713.34, while those aged 75 and above may receive up to $800.44.
Eligibility Requirements for OAS Pension
To qualify for the OAS, seniors must meet specific criteria:
- Age: You must be at least 65 years old.
- Residency: You must be a Canadian citizen or legal resident at the time of approval. Additionally, you need to have lived in Canada for at least 10 years after turning 18.
- Automatic Enrollment: Many eligible Canadians are automatically enrolled in OAS. However, if you turn 64 and don’t receive a notification, you may need to apply manually.
Note: If you’ve lived in Canada for fewer than 40 years, you may still qualify for a partial pension based on the number of years you resided in the country after age 18.
October 2024 Payment Date
For October 2024, the OAS pension payment is scheduled for October 29. This date falls on the third-to-last business day of the month, a standard practice to ensure seniors receive their payments before the end of each month.
| Month | OAS Payment Date |
|---|---|
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
Additional Benefits: GIS and Allowance
In addition to the OAS, seniors with low incomes may qualify for the Guaranteed Income Supplement (GIS), which provides additional monthly income. Eligibility for GIS is based on your annual income and marital status, with maximum amounts allocated to those in greater need. For seniors aged 60 to 64 with a partner receiving GIS, there is also an “Allowance” benefit that offers financial support before they reach the age of 65.
How to Apply
Most Canadians are automatically enrolled in OAS, but if you don’t receive a confirmation letter by the age of 64, you’ll need to apply through My Service Canada Account or by completing a paper application.
Application Steps
- Online: Log into My Service Canada Account to submit your application.
- Paper Application: Download the form from the Service Canada website or pick one up at a Service Canada location.
If you’re applying for the GIS, make sure to submit your income information as part of the application process.
Example of OAS Payment Calculation
Let’s take John as an example. He is 67 years old and has lived in Canada for 35 years after turning 18. Since John doesn’t meet the full 40-year residency requirement, he will receive a portion of the full OAS amount.
The formula to calculate John’s monthly payment is:
$713.34 x (35/40) = $623.65
So, John would receive about $623.65 each month.
Frequently Asked Questions (FAQs)
1. How can I check if I’m eligible for the OAS pension?
To be eligible, you must be at least 65 years old and have resided in Canada for at least 10 years after age 18. If you have lived in Canada for fewer than 40 years, you may receive a partial pension based on your years of residence.
2. Are OAS payments adjusted for inflation?
Yes, OAS payments are reviewed quarterly to reflect inflation rates, ensuring seniors’ purchasing power is protected.
3. Is the OAS pension taxable?
Yes, the OAS pension is considered taxable income. When filing taxes, remember to include your OAS payment amount in your total income.
I Work as a Content Writer and I like Writing Articles
