OAS Payment Dates 2021: How Much OAS Will You Get?

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by Enoch Omololu


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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 2021? Read on to find out.

OAS Payment Dates 2021

Your OAS pension benefit is paid into your bank account on these dates in 2021:

  • January 27, 2021
  • February 24, 2021
  • March 29, 2021
  • April 28, 2021
  • May 27, 2021
  • June 28, 2021
  • July 28, 2021
  • August 27, 2021
  • September 27, 2021
  • October 27, 2021
  • November 26, 2021
  • December 22, 2021

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?

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 2021?

The maximum monthly OAS payment in 2021 is $626.49.

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 by 1.3% in the July to September 2021 quarter to reflect an increase in the Consumer Price Index (CPI).

Your OAS pension amount is clawed back at a rate of 15% when your income exceeds a threshold amount ($79,054 in 2021).

For the 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.

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 $469.87 (i.e. $626.49 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 2021 is $935.72 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 2021 is $1,189.76.

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 2021 is $1,418.25.

Will OAS Increase in 2021?

Seniors who are 75 years old or turn 75 by July 2022 received a one-time increase of $500 in their OAS payment this August.

There was also a 1.3% increase in the monthly OAS pension based on quarterly indexation to the CPI.

Will OAS Increase in 2022?

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

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.

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 remaining GIS payment dates for 2021 are on August 27, September 27, October 27, November 26, and December 22.


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

OAS Payment Dates 2021: How Much OAS Will You Get?
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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. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, 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.

5 thoughts on “OAS Payment Dates 2021: 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!

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