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As June 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.
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.
What is the Old Age Security benefit?
According to the Canada Revenue Agency, the Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older.
Service Canada will typically automatically enroll you for the OAS pension if sufficient information is available and will notify you if this has been done. However, if you do not receive a letter about the OAS pension the month after you turn 64, you may need to apply for it.
More about Old Age Security
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 (OAS) 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 you are 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 typically automatically enroll you for the OAS pension if sufficient information is available and will notify you if this has been done. However, if you do not receive a letter about the OAS pension the month after you turn 64, you may need to apply for it.
More about Old Age Security eligibility
How much can you receive from Old Age Security?
The Old Age Security (OAS) pension provides up to $713.34 monthly for people aged 65 to 74 and $784.67 for those 75 and older, with payments adjusted quarterly based on the Consumer Price Index. You can delay receiving OAS to increase your monthly payment by 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. Additionally, if you are already over 65, the CRA may be able to give you a retroactive payment for up to 11 months from the date the federal government received your application.
More about Old Age Security payment amounts
When are the Old Age Security payment dates?
The Old Age Security payment for June will be sent out on June 26, 2024.
The remaining payment dates for this year will be sent out as follows:
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
More about Old Age Security payment dates
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