As July comes to a close, Canadian residents can expect a couple of final monthly payments from the Government of Canada, including the Canada Pension Plan and Old Age Security.
The Old Age Security (OAS) payment will be issued in the coming days, offering eligible Canadians potentially hundreds of dollars this month.
The federal government recommends verifying your eligibility for government benefits and programs available, as some may or may not require automatic enrollment when you file 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 Old Age Security?
The Old Age Security (OAS) pension is a monthly payment available to individuals aged 65 and older, according to the Canada Revenue Agency.
Typically, Service Canada can automatically enroll you for the OAS pension if they have enough information. They will notify you if you have been enrolled automatically.
If you haven't received a notification about the OAS pension by the month following your 64th birthday, you may need to apply for it.
Who is eligible for Old Age Security?
To qualify for the Old Age Security pension, your employment history is not a factor, meaning you can receive it regardless of whether you have worked or are still working, the Canada Revenue Agency indicated.
If you are living in Canada, you must be 65 years or older, a Canadian citizen or legal resident at the time of OAS pension approval, and have resided in Canada for at least 10 years since the age of 18.
If you are living outside Canada, you must be 65 years or older, have been a Canadian citizen or legal resident on the day before you left Canada, and have resided in Canada for at least 20 years since the age of 18.
How much does Old Age Security pay?
From July to September 2024, the maximum monthly Old Age Security (OAS) pension payment is $718.33 for individuals aged 65 to 74 and $790.16 for those aged 75 and over.
Furthermore, your annual net world income in 2023 must be less than $142,609 if you are aged 65 to 74, and less than $148,179 if you are 75 and over.
When do Old Age Security payments go out?
The next payment going out this month will be issued on July 29.
The following OAS payments for 2024 are as follows:
- 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.
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