If you are a senior or planning to retire in Canada, it’s good to know when the CPP and OAS benefits are arriving in your account each month. Both programs are of significant importance for older Canadians to support their income, so keeping track of the dates of payment and eligibility helps ensure you are always prepared.
November 2024 Payment Dates
Wednesday, November 27, 2024 – CPP and OAS – These are delivered on the third-to-last business day of each month and have become somewhat predictable regarding when you can expect to receive your cheque. We’ll review each benefit below:
| Benefit | November 2024 Payment Date |
|---|---|
| CPP | November 27, 2024 |
| OAS | November 27, 2024 |
| GIS (Guaranteed Income Supplement) | November 27, 2024 |
Canada Pension Plan (CPP)
The CPP provides a monthly retirement pension to contributors starting at age 60, though the age at which you start affects the amount you receive. Waiting until 65 or even later can increase your monthly payments, with a maximum monthly amount currently near $1,300, depending on your contributions over your working years.
Eligibility for CPP:
- Must be at least 60 years old to apply.
- You need to have made CPP contributions through work or self-employment.
- The amount you receive depends on your contributions and the age you start.
Old Age Security (OAS)
The OAS program offers financial support to Canadians 65 years and older, helping ensure a basic income level. Unlike CPP, OAS doesn’t require contributions, but residency plays a role in determining eligibility. Many Canadians qualify automatically at 65 if they’ve lived in Canada for at least ten years after the age of 18. For those with lower income levels, the GIS (Guaranteed Income Supplement) is also available alongside OAS.
Eligibility for OAS:
- Must be 65 years or older.
- Must have lived in Canada for at least 10 years after turning 18.
- Non-residents may also qualify under specific conditions based on their residency history.
Applying for CPP and OAS
The application process can be done online through the My Service Canada Account (MSCA) portal. It’s best to apply several months before you’d like to start receiving payments, as processing can take some time. For CPP, you can decide when you want your payments to start and delay to increase your monthly benefit.
Frequently Asked Questions (FAQs)
- When are CPP and OAS payments made each month?
- CPP and OAS payments are issued on the third-to-last business day of the month. In November 2024, this is scheduled for November 27.
- Can I receive both CPP and OAS payments at the same time?
- Yes, you can receive both benefits simultaneously if you qualify. CPP is based on contributions, while OAS depends on age and residency.
- How do I apply for GIS along with my OAS?
- GIS is automatically assessed when you apply for OAS, but you must update your income yearly to continue qualifying if you’re a lower-income senior.
I Work as a Content Writer and I like Writing Articles
