The Canadian government provides Old Age Security (OAS) payments to help seniors manage their expenses in retirement. This benefit is available to eligible Canadians and is designed to support their financial planning. Residents who qualify for OAS can find payment schedules and further information to help them effectively manage their finances.
OAS Payment Dates 2024
The Canadian government provides financial assistance to seniors aged 65 and older through Old Age Security (OAS) payments. This program aims to support elderly individuals who may have limited income or struggle to cover their living expenses.
Unlike the Canada Pension Plan (CPP), which requires contributions from workers, OAS benefits are available to eligible seniors without the need for prior contributions. This makes OAS an essential safety net for many older adults.
The administration and management of OAS payments are handled by the Canada Revenue Agency (CRA). To ensure that OAS benefits keep pace with the rising cost of living, the government has adjusted the payments by 1.3%, based on the Consumer Price Index. This increase is designed to help seniors maintain their purchasing power in the face of inflation.
Eligible Canadians receive their Old Age Security (OAS) payments at the end of each month. These payments may include several components: a guaranteed income supplement, an allowance, and an allowance for survivors.
OAS recipients can expect to receive their upcoming payments on the following dates, as outlined in the 2024 payment calendar:
| Payment Month | Payment Dates |
| October | 29 Oct 2024 |
| November | 27 Nov 2024 |
| December | 20 Dec 2024 |
OAS Payment Eligibility Criteria 2024
Individuals living in Canada who meet the following eligibility criteria qualify for the OAS payment in 2024:
To qualify for Old Age Security (OAS) payments in 2024, you must meet specific eligibility criteria:
- Age and Residency: You must be at least 65 years old and a lawful resident of Canada. Additionally, you need to have lived in Canada for at least ten years after turning 18. This residency requirement ensures that you have a substantial connection to the country.
- Living Outside Canada: If you reside outside of Canada, you can still qualify for OAS if you meet the following conditions:
- You are 65 years of age or older.
- You are a Canadian citizen.
- You have lived in Canada for a minimum of 20 years since turning 18. This provision allows long-term citizens who may have moved abroad to still benefit from the program.
- Workers Abroad: Canadian citizens who work abroad, such as bank employees or members of the armed forces, may also be eligible for OAS if they fulfill one of the following criteria:
- They have returned to Canada within six months of leaving their job.
- They turned 65 while still living and working in Canada.
OAS Payment Amount 2024
Old Age Security (OAS) payments for eligible Canadians are determined by both the individual’s age and their net income from the previous year. This ensures that the benefits are tailored to the financial circumstances of each recipient.
As mentioned earlier, the Canadian government has adjusted the OAS benefits by increasing them from 1.3% to 1.4% for the October–December 2024 quarter. This increase reflects the government’s commitment to helping seniors maintain their purchasing power in the face of rising living costs.
OAS benefits are reviewed quarterly—specifically in January, April, July, and October—to ensure that payments align with the cost of living as measured by the Consumer Price Index (CPI). Importantly, OAS payments will not decrease if living expenses decline, providing a level of financial stability for recipients.
In the fourth quarter of 2024, OAS participants can expect the following maximum payments, which vary based on their annual net income and age:
| Age | Annual Net income | Maximum Monthly Payment |
| 65 to 74 | Below $148,451 | $727.67 |
| 75 or above | $154, 196 | $800.44 |
Other OAS Benefits
Canadians who qualify for Old Age Security (OAS) benefits may be eligible for several additional financial supports:
1. Allowance
Canadians aged 60 to 64 who are married to someone receiving the Guaranteed Income Supplement (GIS) can apply for the Allowance. This monthly benefit can provide up to $1,381.90 for individuals whose annual income is less than $40,800. The Allowance helps bridge the financial gap for lower-income households before they reach the age of 65 and become eligible for OAS.
2. Guaranteed Income Supplement (GIS)
The GIS is available to OAS beneficiaries whose annual income falls below a specific threshold. Those who qualify can receive additional financial support ranging from $654 to $1,000 per month, depending on their personal circumstances and net income. This supplement aims to provide a safety net for seniors living on limited means.
3. Allowance for the Survivor
The Allowance for the Survivor is designated for OAS recipients who have lost their spouse or common-law partner and have not remarried or entered into another common-law relationship. To qualify, the survivor must be aged 60 to 64 and have a net annual income below $29,712. Eligible survivors can receive a monthly benefit of up to $1,647.34.
Tax Implications
One important aspect of these benefits is that they are not taxable. Recipients do not need to worry about tax obligations arising from these payments, allowing them to fully utilize the financial support without the concern of reducing their income due to taxation.
Overall, these additional benefits under the OAS program—such as the Allowance, GIS, and Allowance for the Survivor—are designed to provide crucial financial support to Canadians in need, ensuring that seniors can maintain a basic standard of living in their later years.
How does your income affect your OAS payments?
Your annual net income significantly affects your Old Age Security (OAS) payments. According to the Canada Revenue Agency (CRA), your OAS payment for 2024 will be influenced if your annual income for the base year 2023 exceeds $86,912.
Income Threshold and Repayment
- Impact of Exceeding the Threshold: If your income surpasses $86,912, you will be required to repay a portion of your OAS benefits. This repayment mechanism ensures that those with higher incomes contribute back to the system, thereby reducing the benefit amount they receive.
- Taxable Income Considerations: The OAS payments you receive are classified as taxable income. This means that when you receive OAS, it will increase your overall taxable income, which could also affect your tax liability for the year.
- Old Age Security Recovery Tax: Canadians whose income exceeds the threshold will need to repay part of their OAS through what is known as the Old Age Security Recovery Tax. The specific amount you owe is determined by comparing your income to the annual threshold.
Calculation of Repayment
To calculate how much you must repay:
- Determine the Difference: Subtract the threshold amount from your total income. For instance, if your income is $90,000, the difference would be $90,000 – $86,912 = $4,088.
- Repayment Rate: You are required to repay 15% of this difference. Continuing with the previous example, you would calculate 15% of $4,088, which equals approximately $613.20. This is the amount you would need to repay from your OAS benefits.
Future Income Levels
Looking ahead, the income threshold for the years 2025–2026 will be adjusted to $90,997. This means that individuals earning above this new threshold will also be subject to the repayment rules, ensuring that the OAS program remains targeted toward those in greater financial need.
Summary
In summary, your annual net income plays a crucial role in determining your OAS payments. Exceeding the income threshold results in a requirement to repay a portion of your benefits, while also increasing your taxable income. This structure is designed to help maintain the sustainability of the OAS program by directing benefits to those who need them the most.
How to claim OAS payments?
o inform eligible Canadians about their entitlement to Old Age Security (OAS) and encourage them to apply for the benefit, the agency sends out notification letters. There are several ways you can apply for OAS benefits:
1. Online
If you wish to apply for OAS benefits before turning 65 and are not currently receiving a pension, you can do so through the official Service Canada website. Additionally, you can use your My Service Canada Account to complete the application online.
2. By Mail
You can also apply by printing the OAS application form from the official website. After filling out the form, send it along with any required supporting documentation to your local Service Canada office.
After receiving your application, the agency will review it and provide a decision regarding your OAS application within a few weeks. If your application is approved, the letter will include details about the amount of your benefit and the date of your first payment.
Seniors in Canada can apply for OAS benefits to receive monthly financial support from the government, helping them manage their expenses and maintain a comfortable quality of life.