Old Age Security (OAS) received a small boost in January after increasing by 0.80% for the first quarter of 2024. Eligible seniors aged 65 to 74 will receive a maximum of $713.34 monthly, and this increases to as much as $784.67 for those aged 75 and over.
OAS payments are updated every quarter based on the Consumer Price Index (CPI), a measure of inflation, to help seniors keep up with the rising cost of living.
The OAS payment increase for 2024 is good news for seniors who rely on this program to make ends meet. Eligible retirees can expect to receive a slightly higher amount on January 29, 2024, when the first payment for the year goes out.
OAS payments in April to June will remain at the same levels.
Key Takeaways
- The OAS payment amount increased in January 2024 based on the Consumer Price Index. They will remain at the same level for the April to June quarter.
- OAS recipients may qualify for up to $713.34 monthly if they are between 65 and 74, or up to $784.67 if aged 75 and over. This represents an increase of under $6 monthly over the 2023 amounts.
- Seniors who rely on OAS payments should check their eligibility for other benefits, including the Guaranteed Income Supplement.
OAS Payment Dates in 2024
Monthly OAS payments occur on these dates in 2024:
- January 29, 2024
- February 27, 2024
- March 26, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
You can receive your benefit payment either through a mailed cheque or by direct deposit into your bank account.
If you have recently applied to the program, you can expect to receive your first OAS payment the month after turning 65 or on a specific date you choose.
To qualify for the maximum Old Age Security pension, you must have resided in Canada for at least 40 years since age 18.
Recipients who have lived in Canada for less than 40 years after turning 18 will receive a prorated payment based on the number of years they have lived in Canada.
Related: CPP Contributions Increasing
Eligibility Criteria
To be eligible for the Old Age Security (OAS) pension, an individual must meet the following criteria:
- Be 65 years of age or older
- Be a Canadian citizen or a legal resident of Canada
- Have resided in Canada for at least 10 years since the age of 18
- Have applied for the OAS pension
Application
To apply for the OAS pension, individuals can complete and submit the application form online through the Service Canada website or by mail. The application form requires individuals to provide personal information, such as their Social Insurance Number, date of birth, and mailing address.
If an individual is unable to complete the application form on their own, they can appoint someone to act as their legal representative or have a family member or friend assist them.
In many cases, Service Canada will send you a letter to let you know you will be receiving the OAS pension.
Important Deadlines
It is recommended that individuals apply for the OAS pension several months before they turn 65 years of age. The earliest an individual can receive the OAS pension is the month after they turn 65 years of age. However, if an individual delays their application, they may receive retroactive payments for up to 11 months.
The OAS pension is subject to income testing, and some individuals may receive a reduced pension or no pension at all if their income exceeds a certain threshold. For 2024, OAS clawbacks start when your income exceeds $81,761.
Other OAS Benefits
Canadian seniors and couples may qualify for additional OAS benefits, including the Guaranteed Income Supplement which offers a maximum monthly benefit of $1,065.47 in 2024.
There is also the Allowance Benefit for eligible spouses, which is up to $1,354.69 monthly, and the Allowance for the Survivor Benefit, which pays up to $1,614.89 monthly.
Frequently Asked Questions
The 0.80% OAS payment increase for 2024 takes effect from January 1, 2024.
The OAS payment increase you will receive in 2024 depends on your current OAS payment amount and your eligibility. The maximum monthly OAS payment amount is expected to increase from $707.68 in 2023 to $713.34 in 2024 for seniors aged 65 to 74, and from $778.45 in 2023 to $784.67 in 2024 for seniors aged 75 and over. You can use the OAS payment calculator available on the Government of Canada website to estimate your monthly benefits.
The pension indexing rate for OAS in 2024 is 0.8% for the January to March quarter. OAS payment amounts are adjusted every quarter to reflect increases in the cost of living as measured by the Consumer Price Index.
There is no information available regarding a special one-time payment for seniors in addition to the OAS increase in 2024.
When did old age security become prejudice? Now there is a difference between age 65-74. Why do people 75 and up get more than 65-74? Once you are 65 you become a senior. Now if you are not 74 and up you are segregated. Disgusting. She on government.
us seniors from 65 and up should get all the same
I agree with the other posts all seniors should get the same pension amount