OAS Payment Dates 2022: How Much OAS Will You Get?

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by Enoch Omololu

Updated

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

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

What are the OAS payment dates for 2022? Read on to find out.

OAS Payment Dates 2022

Your OAS pension benefit is paid into your bank account on these dates in 2022:

  • January 27, 2022
  • February 24, 2022
  • March 29, 2022
  • April 27, 2022
  • May 27, 2022
  • June 28, 2022
  • July 27, 2022
  • August 29, 2022
  • September 27, 2022
  • October 27, 2022
  • November 28, 2022
  • December 21, 2022

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)?

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

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

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 resident in Canada at the time when your application is approved. You must also have lived in Canada for at least 10 years.

OAS recipients who currently live 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 that has a social security agreement with Canada and made contributions to that country’s social security system.

How Much is OAS in 2022?

The maximum monthly OAS payment in 2022 is $642.25.

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 in the January to March 2022 quarter to reflect an increase in the Consumer Price Index (CPI).

OAS Clawback

Your OAS pension amount is clawed back at a rate of 15% when your income exceeds a threshold amount ($79,054 for July 2021 to June 2022 payment period).

Also, for July 2021 to June 2022 payment period, you don’t qualify for OAS if your annual income exceeds $128,149.

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 $481.87 (i.e. $642.25 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 2022 is $959.26 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 2022 is $1,219.68.

Lastly, if you are a low-income senior between ages 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 2022 is $1,453.93.

OAS Increases in 2022?

The OAS payment amount is increasing in 2022.

Seniors who are 75 years and older in July 2022 will see a permanent increase of 10% to their Old Age Security pension.

There was also a 1.1% increase in the monthly OAS pension based on quarterly indexation to the CPI (for January-March).

OAS Payment FAQs

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.

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 2022 are on January 27, February 24, March 29, April 27, May 27, June 28, July 27, August 29, September 27, October 27, November 28, and December 21.

How much is the old age pension in Canada?

The maximum OAS payment amount in 2022 is $642.25. If you defer OAS past age 65, your OAS benefit increases by 0.60% each month, for a maximum increase of up to 36%.

On what dates are Canada pensions paid?

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

Related:

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

OAS Payment Dates 2022: How Much OAS Will You Get?

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Author

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Enoch Omololu

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 has a passion for helping others win with their personal 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, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

20 thoughts on “OAS Payment Dates 2022: How Much OAS Will You Get?”

  1. 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. 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?

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

  3. 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. 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. 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 ?

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

  11. 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.

    • @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. 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. 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. 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. 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 .

    • 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. 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.

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