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When it comes to the Old Age Security pension, the monthly amount you receive is based on your annual income and is given in addition to your other forms of retirement income. For those who are low-income, there’s an added benefit to OAS that can help supplement your income, which is called the Guaranteed Income Supplement. Many seniors who don’t receive other forms of retirement pension will qualify for this benefit.
2024 Payments
Every year, Old Age Security payments are made around the same time each month, but they do vary based on the day of the week that the date falls. Here are the direct deposit payment dates for 2024 to help you determine when your next payment will be.
- January 29
- February 27
- March 26
- April 26
- May 29
- June 26
- July 29
- August 28
- September 25
- October 29
- November 27
- December 20
If you receive your pension benefits via cheque, you won’t receive OAS payments on these dates. That said, the cheques will be sent out by the Canada Revenu Agency either on these dates or within a few business days. It could then take up to 10 business days for the funds to arrive in your mailbox. At any time, though, you can sign up to have the funds directly deposited into your bank account so you can receive payments faster.
Qualifying for OAS
In order to start receiving OAS, you don’t have to be retired. The only requirements to start receiving OAS depend on whether or not you live in Canada. If you live in Canada, in order to start receiving benefit payments, you must:
- Be 65 years old
- Have lived in Canada for at least 10 years since you turned 18
- Be a Canadian citizen or legal resident at the time your application is approved
If you don’t live in Canada, you also have to be 65 years old, but you must have lived in Canada for at least 20 years since you turned 18. You must also have been a Canadian citizen or legal resident the day before you left Canada.
That said, there are exceptions that are different from the above eligibility criteria in order to qualify. These are available for those who work outside of Canada for a Canadian employed and live in one of the Countries that have an established social security agreement with Canada or have contributed to one of the social security systems that have a social security agreement with Canada. In either of these cases, you can still get OAS as long as you meet the conditions.
OAS Amounts
With Old Age Security payments, there are maximum amounts you can receive. These maximum amounts are based on age and annual income.
| Age | Maximum Thresholds | Maximum Monthly Payment Amount |
| Age 65 to 74 | Under $148,451 | $727.67 |
| 75 and older | Under $154,196 | $800.44 |
How much you actually receive of the maximum monthly payment is based on your age, your annual income and how long you’ve lived in Canada since your 18th birthday. However, you can also receive more than the OAS amount if you qualify for additional benefits.
If you have an income higher than $90,997, whether you work or not, you can be subjected to a recovery tax, also referred to as OAS clawbacks. This amount is the net world income threshold for 2022 and could change for 2023. You could also be charged the recovery tax if you live in a country where the non-resident tax for Canadian pensions is 25% or higher.
It’s important to remember that while OAS pension payments are taxable, tax payments aren’t automatically deducted. You will have to pay your tax amounts when you file your annual income tax return, and any amounts received will be counted as taxable income.
OAS Payment Increases
The current maximum OAS payment amounts for OAS recipients are for the period of October 2024 to December 2024. The federal government assesses the Consumer Price Index. If the cost of living is seen to have increased, then the monthly maximum payments will increase, but if it doesn't, your payments will stay the same.
Other Benefits You Can Get With OAS
Along with Old Age Security, there are other benefits that you can receive based on your annual income and your situation. These different benefits are:
- The Guaranteed Income Supplement
- Allowance
- Allowance of the Survivor
If you qualify for any of these benefits, you can receive more than just the maximum monthly payment amount.
Guaranteed Income Supplement
The GIS benefit is meant to provide financial assistance to low-income individuals while supplementing their income. In order to be approved for this benefit, you must already be approved for OAS and meet the net income requirements.
Allowance
Once you start receiving OAS and also qualify for the GIS, you can also qualify for the Guaranteed Income Supplement Allowance. This allowance is based on your marital status as well as your annual income. Those who have a spouse or common-law partner who receives OAS and GIS can receive up to $1,381.90 per month as long as their combined annual income is under $40,800.
Allowance of the Survivor
The Allowance of the Survivor is different than the GIS. It’s for those who had a spouse or common-law partner who died and haven’t remarried or entered a new common-law relationship since they died. However, you also have to have an income below the maximum income threshold of $29,712, as well as meet the other requirements. However, if you do qualify, you can receive up to $1,647.34 per month.
How to Apply
You may not have to apply to receive OAS. As long as Service Canada has the required information, they can enroll you automatically. If you’re automatically enrolled, then you’ll receive a notification. If you haven’t received any notification by the month after you turn 64, then you will need to apply.
If you do need to apply, then you can choose when to receive your Old Age Security payments. You can either choose to receive your first payment the month after your 65th birthday or any specific date you want. That said, you have to start receiving your payments by the time you’re 70.
When you apply, you can apply using a paper application mailed or delivered in person to the Service Canada Office or through your My Service Canada Account (MSCA). That said, in order to apply online, you must meet the requirements, which include the following:
- Not currently receiving OAS
- Be currently living in Canada
- Be at least 1 month past your 64th birthday
- Not having an authorized third party on your account
If you don’t meet these requirements, you need to fill out a paper application. No matter how you apply, though, you will have to provide your Social Insurance Number. As a bonus, if you apply after your 65th birthday, you may qualify for up to 11 months of retroactive payments.
Overview
With OAS benefits, most Canadians meet the eligibility details for these pensionable benefits. You can start receiving these federal benefits at the age of 65, while other pensionable benefits are available at the age of 60. However, you don’t have to start receiving these benefits at the age of 65; you can wait until your 70th birthday, and after that, you have to start receiving benefits.
While there is a maximum amount you can receive from Old Age Security benefits, those who are considered to be low-income seniors can receive additional benefits. In order to receive these benefits, you have to meet specific income thresholds. Based on your income, you may not even need to apply and can start automatically receiving the benefits. Before you start receiving OAS, it’s important to take a look at what you qualify for in order to determine your monthly income.
