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OAS Payment Dates 2023: How Much OAS Will You Get?

The Old Age Security (OAS) pension is one of the three main retirement income sources for seniors in Canada.

Like the Canada Pension Plan (CPP), OAS is paid out to eligible recipients monthly, with direct deposits hitting your bank account on specific dates.

What are the OAS payment dates for 2023? Read on to find out.

OAS Payment Dates 2023

Your OAS pension benefit is paid into your bank account on these dates in 2023:

  • January 27, 2023
  • February 24, 2023
  • March 29, 2023
  • April 26, 2023
  • May 29, 2023
  • June 28, 2023
  • July 27, 2023
  • August 29, 2023
  • September 27, 2023
  • October 27, 2023
  • November 28, 2023
  • December 20, 2023

If you haven’t yet set up a direct deposit and currently get your benefits by cheque, it may arrive on or after these dates.

Note that the Federal government is switching from cheques to direct deposit for all payments and benefits.

You can set up direct payments to a bank in Canada by calling 1-800-277-9914 or online through your My Service Canada Account.

For foreign banks, complete the foreign direct deposit enrolment form.

Here is a breakdown of CPP payment dates.

What is Old Age Security (OAS) in Canada?

Old Age Security (OAS) is a monthly pension payment available to most seniors from age 65.

It is designed to help seniors meet their retirement income needs and offers supplemental benefits (Guaranteed Income Supplement) to low-income retirees.

Unlike the CPP, you don’t need to make any contributions during your working years to qualify for the OAS pension.

Who is Eligible for OAS?

To qualify for the OAS, you must be at least 65 years of age and a resident of Canada at the time when your application is approved. You must also have lived in Canada for at least ten years.

OAS recipients living abroad may qualify if they meet the age requirement and were citizens or legal residents before leaving Canada.

They must also have lived in Canada for at least 20 years since the age of 18.

If you don’t meet these requirements, you may still qualify for OAS if you lived in a country with a social security agreement with Canada and contributed to that country’s social security system.

How Much is OAS in 2023?

The maximum monthly OAS payment in 2023 is $687.56 (age 65 to 74) and $756.32 (age 75 and over).

This amount is revised every quarter in January, April, July, and October to account for increases in the cost of living.

For example, the OAS amount increased for the January to March 2023 quarter to reflect an increase in the Consumer Price Index (CPI).

What is the OAS Clawback?

Your OAS pension amount is clawed back at a rate of 15% when your income exceeds a threshold ($79,845 for July 2022 to June 2023 payment period).

Also, for July 2022 to June 2023 payment period, you don’t qualify for OAS if your annual income exceeds $129,757.

Learn more about the OAS recovery tax (aka OAS clawback).

How is OAS Calculated?

You receive the full OAS pension amount if you have lived in Canada for at least 40 years since turning 18.

If you have lived in Canada for less than 40 years as an adult, you get a partial benefit based on how long you have resided in Canada.

For example, if you lived in Canada for 30 years after age 18, you get 30/40th of the maximum benefit, which is equivalent to $515.67 (i.e. $687.56 x 75%).

You can increase the OAS pension amount you qualify for by delaying your first payment past age 65.

OAS pension can be deferred for up to 5 years until age 70. For every month you delay, your pension payment increases by 0.60% for a maximum increase of 36% by age 70.

How To Apply For OAS

Service Canada may automatically enroll you for OAS or send you a letter asking you to apply.

If you haven’t received notification that you are enrolled after turning 64, you can apply online through My Service Canada Account or complete the paper application (Form ISP-3550) and mail it to the nearest Service Canada Centre.

For questions about your OAS benefit, contact Service Canada at 1-800-277-9914 or TTY at 1-800-255-4786.

Is OAS Taxable?

OAS pension benefits are taxable, and you should report them on your annual income tax return.

The tax you pay depends on your income tax bracket.

You can ask the CRA to withhold taxes at the source every month or pay quarterly.

Here are more details about OAS taxation.

Old Age Security Supplement

Lower-income seniors may also qualify for the Guaranteed Income Supplement (GIS). This tax-free monthly benefit increases their income so they can afford day-to-day living expenses.

The maximum monthly GIS amount in 2023 is $1,026.96, and GIS payments vary based on your marital status and income.

Seniors ages 60-64 years who are married (or common-law partners) to a GIS recipient may qualify for the Allowance benefit.

The maximum Allowance amount in 2023 is $1,305.71.

Lastly, if you are a low-income senior between the ages of 60 and 64 and your partner or spouse has died, you may qualify for the Allowance for the Survivor benefit.

The maximum Allowance for the Survivor amount in 2023 is $1,556.51.

Is OAS Increasing in 2023?

The OAS payment amount is increasing in 2023.

There was also a 6.3% increase in the monthly OAS pension based on quarterly indexation to the CPI (for the January-March payment period).

The OAS benefit is also expected to increase in 2023 in April, July, and September based on increases in the cost of living.

The OAS clawback cut-off also increases in 2023.

OAS Payment FAQ

What day does OAS get deposited?

OAS pension payments are usually paid to your bank account in the last week of each month, except for December. OAS cheques are sent out a bit earlier, so you receive them around the same time.

How much is the old age pension in Canada?

The maximum OAS payment amount in 2023 is $687.56 if you are aged 65 to 74 and $756.32 if you are 75 and older. If you defer OAS past age 65, your OAS benefit increases by 0.60% each month, for a maximum increase of up to 36%.

When do I get my first OAS payment?

Your first OAS pension is paid the month after you turn 65.

When is GIS paid?

GIS payments are deposited in your bank account in the last week of each month. The GIS payment dates for 2023 are January 27, February 24, March 29, April 26, May 29, June 28, July 27, August 29, September 27, October 27, November 28, and December 20, 2023.

On what dates are Canada pensions paid?

CPP and OAS are paid on the same monthly dates to your bank account via direct deposit.

What are the CPP payment dates in 2023?

CPP pension benefits are paid on the same day as the OAS. The remaining CPP payment dates in 2023 are January 27, February 24, March 29, April 26, May 29, June 28, July 27, August 29, September 27, October 27, November 28, and December 20.

Related:

Have questions about OAS benefits and payments? Leave them in the comment section below.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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38 thoughts on “OAS Payment Dates 2023: How Much OAS Will You Get?”

  1. Gravatar for Deborah Drebit

    What do people age 73 receive as an increase in 2022
    I really think this should be based on a seniors income not their age
    Definitely not fair

  2. Gravatar for Kevin warner

    I turned 65 on October 1 this year. Am signed up for OAS. Have not seen a deposit to my account and I do have direct deposit. Should I be concerned yet that something isn’t right?

    • Gravatar for Enoch Omololu

      @Kevin: If you haven’t received notification that you were automatically enrolled, you should definitely be sending in an application right away.

  3. Gravatar for gord Reid

    Why is my OAS below the average. I have only lived in Canada. My spouse has died . Is there a way for me to apply for an increase?

  4. Gravatar for gord reid

    You receive the full OAS pension amount if you have lived in Canada for at least 40 years since turning 18.
    I have only lived in Canada yet my OAS is 535.26 whereas the max is over 600$. I compared my OAS to the Max and not to an average amount. Old age troubles!

  5. Gravatar for Robert Butler

    I have been a citizen of Canada for 40 years I have been retired for 15 years I don’t receive the full oas pension of $618.00 but $ 382.00 now I have been a citizen for over the forty will my pension be upgraded to,the full amount ?

    • Gravatar for Enoch Omololu

      @Robert: I’d suggest you reach out to OAS to confirm. Do you perhaps have a high retirement income resulting in some OAS clawback?

  6. Gravatar for Catherine MacKinley

    I would really like to know why only seniors 75 and over get all the increases? I am a 66 yr old senior who is barely able to get by on my pensions, but all the increases by pass my age group, are we not as important as those seniors that are older?

  7. Gravatar for Ben Penner

    I have been in the work force for 51 years. I retired at the age 67, I am now 72. I feel betrayed by our govt. that people under the age of 75 have lesser value than those 75 or older. I think it cruel

  8. Gravatar for Barbara

    I’m with you….in my world a Senior is a Senior…Our very own Government is discriminating against their own Senior’s. Who decided that 75 and over need more help then the rest of us who have worked their whole life. It should be equalization between all Seniors’!

  9. Gravatar for Marlene Holmes

    I don’t agree with the government giving the $500 and 10% increases to only seniors 75 and over. Groceries and fuel prices are impacting everyone that is on a fixed income. This practice is unfair to seniors. It should be rectified. Thank you

  10. Gravatar for Marlene Holmes

    All seniors should be getting increased OAS payments not just 75+. Not fair. All seniors are struggling that have only government pensions.

  11. Gravatar for Don McLean

    It is my understanding that new immigrants get more per month than Canadians on old age Security get. Is this true and if it is , Why? Senior citizens can’t make ends meet anymore with the inflation rate going up so fast and the steady taxation increases and gas prices.

    • Gravatar for Enoch Omololu

      @Don: That’s inaccurate…OAS benefit amounts are based on your length of residency in Canada as an adult i.e. 40 years in Canada after age 18 gets the maximum payment.

  12. Gravatar for Joan

    I agree that Seniors cannot afford to live on our pensions.. My husband passed away 4 years ago, we were ok on both pensions, but since his passing, I have had to go into debt with credit just to be able to live… Something needs to change and quickly, since Covid everything has gone up in price & they’re going up more now.. We Seniors need a substantial raise to keep up with today… The fact that we haven’t even had a raise since 1973 is absolutely disgusting and now most of us probably won’t even get $100. more.. That’s for as close as you can get to 50 years… Please give us a proper amount so we can keep up with groceries, rent & utilities.. NOW…

  13. Gravatar for Robert ST. John

    Why do they take money away from oas plan you pay into when working and if you make more then I believe its somewhere around $78 thou including your own private pension plan you paid for with a company they then take it away from your oas in a monthly big amount till paid back they say.ripoff for 65 plus people still wanting to work.

  14. Gravatar for John Arrayet

    I turn 75 in October of this year; will I get the 10% increase from then on, or do I have to wait until July 2023and get it retroactively

  15. Gravatar for Ros Anderson

    Tell me why 75 year old seniors is more important than a 71 year old like me. It is time for all of us to be treated fair not sit back and wait for all of us to die .

    • Gravatar for Pam

      Why is only 75 the age to receive the $500 payment? ALL of us seniors are struggling. Since Covid, things have gotten worse. And for those of us that rent, the freeze was lifted Jan. 2022, and our rents jumped! Yet we aren’t getting the $500 because we’re under 75? How is THIS fair. Please rectify. Thank you. No one is more important than the other.

  16. Gravatar for George Harris

    The oas and cpp is disgusting, i live on 775.00 per month. Rent groceries gas insurance, car payments. Utilities clothes, i will be homeless soon. Cant get gis because i made to much in 2020, thats what they say, 40 thousand. haven’t worked since. Applied for gis to no avail. The situation is not good.

  17. Gravatar for Sena

    People are complaining on this forum without really telling the full story. People who are 65 and older, who have been in Canada for 20 years after the age of 18 will receive the full amount of OAS UNLESS of course their actual earnings the year before included other sources such as working income, Rental income, business income, Capital Gains from investments or the sale of Capital property or interest earned from Savings accounts, RRSP’s or Retirement Pension Plans from former employers. This is just to name several sources of taxable income.
    And why are people not contacting OAS if they feel they are not getting the correct amount of OAS ?
    If you stopped working in 2021 and are not working in 2022 and have no other source of income in 2022 then you can ask for a review of your situation which is called a Derogation. Call OAS.

    • Gravatar for Enoch Omololu

      @Sena: I believe the full OAS requires a 40-year residency after the age of 18.

  18. Gravatar for Carolyn Loewen

    I did receive the increase for seniors 75 and older. I was also receiving a small amount of GIS which I was not entitled to receive after July 2022..Increase of the OAS and losing Gis put me $18 less on my cheques for 2022. I didn’t gain anything but lost.

  19. Gravatar for Denis Brunen

    I recently read that starting April first of next year {2023) the eligibility to apply for OAS will change from 65 to 67. Is this true? If it is I am wondering if it will affect my eligibility because I don’t turn 65 until next fall but it says on here that I can apply for it this fall a month after I turn 64. Does anybody have any information about this?

    • Gravatar for Tim

      You read wrong. Past conservative governments led by harper tried to make you wait longer to collect your pension. Mr Trudeau and his Liberal party reinstated it back to age 65

  20. Gravatar for Carol MILLIGAN

    In August 2021 we received a lump sum payment of $500.00. Do not remember if this was federal or provincial. Was this a one time only? For some reason I thought we were to get it again in 2022. Carol

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Carol: The one-time $500 payment was for 2021 only.

  21. Gravatar for Nancy

    When we finally turn 75 do we get the 500.00 start up like the others did? Or are we not good enough for that either.

  22. Gravatar for Chris

    Hello. It is my understanding that the OAS year runs from July to June. So my total income in 2022 determines how much OAS I will get from July 2023 to June 2024.
    I am retiring January 2023 and my total 2022 income exceeds the clawback upper limit.
    So this means if I apply for OAS to being January 2023 I wont in fact receive any OAS payments until July 2024.
    Is that correct?
    Should I instead apply for OAS to begin July 2024?
    All help greatly appreciated!

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Chris: I think benefits from July to December 2023 are based on your 2022 income tax return. Yes, I think that could be one way to avoid a complete clawback. Delaying could also increase the benefit by a bit.

  23. Gravatar for joe francel

    Hi My moms OAS hasn’t received 10 percent increase yet? she got letter in July saying it was going up and its Nov and hasn’t gone up. she’s in her 80’s.Does anybody have any updates?
    thanks

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Joe: The increase was implemented in July, and subsequent increases are based on CPI (inflation index).

  24. Gravatar for Maggie Barrett

    I,m glad people are talking about seniors 65 not recieving these increases that seniors 75 are getting . It,s wrong on every level once you receive oas we should all be treated the same .Hope you,r reading this Mr T.

    • Gravatar for Janet mcglade

      Totally agree I’m 68 and on paper considered a senior we should all be getting. It not just people over 75 . Probably because there are so many of us baby boomers retired . Doesn’t matter we are seniors and should get the an out the over 75 are getting 😡

  25. Gravatar for Tariq

    Hi,Very informative threads.Thank you.

    Am a 77 years old senior Canadian citizen receiving OAS.Became a permanent resident in April 2001.Have been getting Old age pension amounting to 1/4 of the maximum as had lived in Canada for 10 years when I applied.

    As now I have been in Canada for over 20 years should not my pension increase to 50% of the total amount.

    • Gravatar for Enoch Omololu, MSc (Econ)

      @Tariq: I think the pro-rated amount is based on how long you lived in Canada as an adult before collecting OAS. You should check with the OAS office to confirm.

  26. Gravatar for Lillian Fitzsimmons

    Hi . I read the oas was going up by 6.3 % but according to my service canada account its went up only $5 which is not 6.3%. Why is this

  27. Gravatar for Bill Kennettle

    I am grateful for all that I have received from the government.

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