The Old Age Security (OAS) program is an essential part of Canada’s social safety net. It provides a monthly payment to seniors aged 65 and older who meet the residency and income requirements.
The OAS payment schedule for 2024 has been released, and seniors can now plan their finances accordingly. According to the Canadian government, OAS payments will be made between the 25th and 29th of each month in 2024, except for December, when they will be paid on the 20th.
Seniors who have signed up for direct deposit will receive their payments on the payment date. Those who receive paper cheques should allow a few business days for delivery by mail.
OAS Payment Schedule 2024
The OAS payment dates are set by the government and are usually paid in the last week each month. In 2024, the payment dates are as follows:
January to March OAS Payments
For the first quarter of 2024, OAS payments will be issued on the following dates:
- January 29, 2024
- February 27, 2024
- March 26, 2024
April to June OAS Payments
For the second quarter of 2024, OAS payments will be issued on the following dates:
- April 26, 2024
- May 29, 2024
- June 26, 2024
July to September OAS Payments
For the third quarter of 2024, OAS payments will be issued on the following dates:
- July 29, 2024
- August 28, 2024
- September 25, 2024
October to December OAS Payments
For the fourth quarter of 2024, OAS payments will be issued on the following dates:
- October 29, 2024
- November 27, 2024
- December 20, 2024
Related: RRSP Contribution Limit Increased in 2024
OAS Benefit Amounts in 2024
Old Age Security pension amounts are reviewed quarterly to reflect increases in the cost of living as measured by the Consumer Price Index.
The maximum monthly payment amount for October to December 2024 is $727.67 for individuals aged 65 to 74, with an annual net world income of less than $148,451. For those aged 75 and over, the maximum monthly payment amount is $800.44, with an annual net world income of less than $154,196.
The payment amount is based on how long a person has lived in Canada after the age of 18.
It is important to note that if your income is higher than $90,997 (based on the 2023 tax year), you may have to repay part or all of your OAS pension. This is referred to as an OAS clawback.
If you delay your first OAS pension payment, you can receive a higher amount for each month you decide to delay. You can delay payment of the OAS pension for up to 60 months (5 years) after you turn 65.
The longer you delay, the larger your pension payment will be each month. After age 70, there is no advantage in delaying your first payment, and you risk losing benefits.
Eligibility and Application Process
To be eligible for OAS payments in 2024, you must meet the following criteria:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident of Canada
- Have resided in Canada for at least 10 years after the age of 18
Individuals who have not resided in Canada for at least 40 years after the age of 18 may receive a partial OAS pension, depending on their years of residency.
Oftentimes, Service Canada will let you know you have been automatically enrolled in the program. However, if you need to apply, you can do so online through the Service Canada website or by mailing in a paper application.
The application requires you to provide personal information, such as their social insurance number, date of birth, and contact information. They will also need to provide information about their residency in Canada, including dates of entry and exit, and information about their income and assets.
Once the application is submitted, Service Canada will review it and determine your eligibility for OAS payments. If approved, you will begin receiving payments on the scheduled payment dates. It is important to note that OAS payments are taxable income and may affect your eligibility for other benefits or credits.
OAS Payment FAQs
The scheduled dates for Old Age Security payments in 2024 are January 29, February 27, March 26, April 26, May 29, June 26, July 29, August 28, September 25, October 29, November 27, and December 20.
For 2024, the maximum CPP monthly benefit amount you could receive if you start your pension at age 65 is $1,364.60.
Related:
