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As we head into September, Canadians can expect another round of government benefit payments, including the Canada Pension Plan and Old Age Security.
Old Age Security (OAS) is a monthly pension provided to Canadians aged 65 and up, and it’s one of the ways the federal government supports seniors.
The OAS monthly payment for September will be issued next week, bringing eligible Canadians hundreds of dollars to help with their monthly expenses.
If you’re unsure whether you’re eligible, it’s worth checking out the requirements for government programs like this one. Sometimes you’re automatically enrolled, but in other cases, you might need to apply to get the Government of Canada benefits and credits you’re entitled to.
Here’s a quick breakdown of what Old Age Security is, how you can qualify and how much you could receive this month.
How to apply for Old Age Security
Old Age Security (OAS) is a monthly pension provided to Canadians aged 65 and up. It’s one of the ways the federal government supports retirees. According to the Canada Revenue Agency, you might be automatically enrolled if Service Canada already has the necessary information, and you’ll be notified if that’s the case.
However, if you haven’t heard anything about OAS by the month after your 64th birthday, you may need to submit an application.
More about applying for OAS
Who is eligible for Old Age Security?
One of the great things about OAS is that your work history doesn’t matter, so you can get it whether you’re still working or have never worked.
To qualify, you must:
- Be at least 65 years old
- Be a Canadian citizen or legal resident when your pension is approved
- Have lived in Canada for at least 10 years since turning 18
If you’re living outside of Canada, you can still qualify if you were a Canadian citizen or legal resident before leaving and have lived in Canada for at least 20 years after turning 18.
More about OAS eligibility
How much is Old Age Security in Canada?
For September 2024, the maximum OAS payment is $718.33 per month for those aged 65 to 74. If you’re 75 or older, that amount increases to $790.16 per month.
Your payment amount varies depending on your income, but as long as your 2023 annual net world income was less than $142,609 (for ages 65 to 74) or under $148,179 (for those 75+), you should receive an OAS payment. The CRA has a payment estimator you can use to calculate the amount you could receive.
The pension is adjusted quarterly in January, April, July, and October to keep up with inflation, so your payments are always in line with the cost of living.
More about OAS payment amounts
Is Old Age Security taxable?
Yes, Old Age Security payments are considered taxable income. Taxes aren’t automatically deducted from your monthly OAS payments, but you can request it. To have taxes deducted, you can either sign into your My Service Canada Account or complete the Request for Voluntary Federal Income Tax Deductions CPP/OAS form and submit it to Service Canada.
If you don’t request monthly deductions, you may need to pay your taxes quarterly. Residents of Canada will receive a T4 tax slip, while those living outside of Canada will get an NR4 tax slip to include when filing their income taxes.
More about OAS and your taxes
When do Old Age Security payments go out?
The next OAS payment will hit bank accounts on September 25, 2024.
Here are the remaining payment dates for 2024:
- October 29, 2024
- November 27, 2024
- December 20, 2024
More about OAS payment dates
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