OAS Payment Dates 2024, Old Age Security benefits eligibility requirements The waiting is over the OAS Payments are on the way get to know the Payout schedule for the year 2024,Old Age Security benefits eligibility requirements.
Old Age Security (OAS) is a pension program run by the Canadian government. It aims to support people aged 65 and older by providing regular financial assistance. This is one of the sources of income for seniors, alongside the Canada Pension Plan (CPP) and personal savings. Both CPP and OAS payments are issued on the same dates.
Who is eligible for OAS?
As soon as you turn 65, you are eligible to receive OAS. The month after you turn 64 you should receive one of two letters from Service Canada:
- A notification that you were selected for automatic enrolment
- A notification that you could be eligible for OAS and that you must apply as soon as possible
To qualify for OAS, you must be a Canadian citizen or legal resident, and have resided in Canada for 10 years after age 18. Or, if you are a Canadian and you are working outside the country for a Canadian employer, your working time abroad can qualify as residence if you return to Canada within six months of ending employment or if you turned 65 while still employed.
You may also qualify for an OAS pension or a pension from another country if you have been living in a country that has a social security agreement with Canada or if you’ve contributed to the social security system of a country which Canada has an agreement with.
How to Apply and Claim OAS Payments Successfully
If you are eligible for Old Age Security (OAS) payments, the government will send you a letter informing you that you may qualify. This letter invites you to apply for OAS so you can start receiving the payments. There are a few ways to claim OAS based on your preference:
- Online Application:
- You can apply online through the official Service Canada website. If you are nearing 65 and not yet receiving the OAS pension, this is a quick way to apply.
- You can also use your My Service Canada Account to apply for OAS benefits. This platform lets you track your application and manage your details.
- Mail Application:
- If you prefer, you can print the OAS application form from the official website. Complete the form and send it with the required documents to your nearest Service Canada Office by mail.
After you submit your application, the authorities will review it. Within a few weeks, you will get a decision about your OAS application. If approved, the letter will provide details about the payment amount and the date of your first payment.
For Canadian seniors who need financial support for daily expenses, applying for OAS can offer essential monthly assistance. This benefit helps seniors maintain a comfortable lifestyle and better manage the cost of living.
OAS Payment Schedule for 2024
Here are the payment dates for OAS in 2024:
January 29, 2024February 27, 2024March 26, 2024April 26, 2024May 29, 2024June 26, 2024July 29, 2024August 28, 2024- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
How Much Will You Receive in OAS?
The amount of OAS payment you could receive is determined by your income and how long you have lived in Canada after the age of 18. Payment amounts are adjusted quarterly (in January, April, July and October) according to the cost of living in Canada, as measured by the Consumer Price Index (CPI).
As you can see from the chart below, the 2024 maximum monthly amount paid by OAS is $713.34 for people between the age of 65 and 74, which comes out to $8,560.08 a year. If you are age 75 or over, the maximum payment is $784.67 in 2024.
| Maximum monthly amount for 2024 | OAS eliminated when income reaches | |||
|---|---|---|---|---|
| OAS pension benefit – Age 65 to 74 |
$713.34 | $142,609.00 | ||
| OAS pension benefit – Age 75 and over |
$784.67 | $148,179.00 |
The amount you’re eligible for also depends on the income you receive. Any OAS pension is eliminated if you earn over the maximum threshold, which in 2024 is $142,609 (between ages 65 and 74) or $148,179 (for recipients aged 75 and over) per year.
Understanding Additional OAS Benefits
Besides the regular Old Age Security (OAS) payments, eligible Canadians may qualify for additional benefits under the OAS program. These extra supports are designed for people with low incomes or specific needs. Here’s a simple overview of the other OAS benefits:
- Allowance:
- If you are between 60 and 64 years old and your spouse or partner receives the Guaranteed Income Supplement (GIS), you may qualify for the OAS Allowance.
- Your combined annual income must be less than $40,800. If approved, you could receive a monthly allowance of up to $1,381.90 to help cover your living expenses.
- Guaranteed Income Supplement (GIS):
- If you already receive the OAS pension and have a low income, you may qualify for the GIS.
- GIS payments offer extra financial help to OAS recipients whose income is below the set limit.
- The amount you get depends on your income, with payments ranging from $654 to $1,000 per month.
- Allowance for the Survivor:
- This benefit helps the surviving spouse or partner of an OAS recipient. To qualify, the survivor must be between 60 and 64 years old and have an income of less than $29,712.
- The survivor should not have remarried or entered a new common-law relationship. If eligible, they can receive up to $1,647.34 per month to manage their expenses.
How to Calculate OAS Repayment Based on Your Income
Your annual net income impacts your Old Age Security (OAS) payments. If your 2023 income is above $86,912, you may need to repay part of your 2024 OAS benefits. This repayment is called the Old Age Security Recovery Tax.
You will repay 15% of the amount your income exceeds the threshold. For 2025, the income limit is expected to rise to $90,997. If your income goes beyond this, your OAS payments will be reduced, and you will need to repay a portion.
How to increase your OAS payments
Like with Canada Pension Plan payments, you can also defer receiving OAS pension payments for up to five years, or until you turn 70. By deferring, your monthly OAS pension will increase by 0.6% (or 7.2% annually) for each month that you delay receiving benefits, up to a maximum of 36%. If you are automatically enrolled in OAS, you can request your deferment through your My Service Canada account or by completing and returning your automatic enrollment letter.
