Old Age Security Payment 2024 – OAS Payout Date and Amount!

By Niks

Updated on:

OLD Age Security Payment

The Old Age Security (OAS) pension is a vital source of income for many Canadian seniors. It provides a monthly benefit to eligible residents aged 65 and over. As of 2024, there was a 0.7% increase, bringing the maximum amounts.

Old Age Security Payment 2024

The Old Age Security (OAS) payment is a vital program in Canada designed to support seniors in meeting their basic needs. In 2024, the OAS payment has undergone several changes, including increases and new eligibility criteria.

The maximum monthly OAS payment amount is adjusted quarterly based on the Consumer Price Index (CPI). As of 2024, there was a 0.7% increase, bringing the maximum amounts to $687.56 for recipients between 65 and 74 years old and $756.30 for recipients 75 years and older. 

To apply for the OAS payment, individuals must apply to the Canada Revenue Agency (CRA). The application can be done online through the CRA website or by visiting a local Service Canada office.

OAS Payment 2024 Eligibility Criteria

To receive the full Old Age Security (OAS) benefit in Canada, you need to meet specific eligibility criteria. Here’s a breakdown of the key points:

  • You must be at least 65 years old.
  • This is the main factor determining your eligibility for the full OAS amount.
  • You must have resided in Canada for at least 10 years after turning 18.
  • These 10 years of residence don’t have to be continuous, but any absences from Canada can affect your benefit amount.
  • Periods of residence in Canada include:
    • Time spent living in Canada with a valid immigration status (including permanent resident or citizen).
    • Time spent on certain social programs like Employment Insurance (EI) or Canada Pension Plan (CPP) disability benefits (with limitations).
  • If you lived in Canada for less than 10 years after turning 18, you may still be eligible for a partial OAS benefit.
  • The amount you receive is based on a prorated formula considering the number of years you resided in Canada.
  • For example, if you lived in Canada for 8 years after 18, you would receive 80% of the maximum OAS benefit amount.
  • If you are a Canadian citizen or permanent resident currently living outside Canada, special rules apply:
    • You generally need to have resided in Canada for at least 20 years after turning 18 to be eligible for any OAS benefit.
    • Any periods spent outside Canada after turning 65 may further reduce your benefit amount.
  • There are specific rules for people who become Canadian citizens after the age of 18.
  • Spouses and common-law partners of OAS recipients may be eligible for an Allowance under the Old Age Security Act, even if they haven’t met the residency requirements themselves.

OAS Payment 2024 Amount

The amount you receive through your Old Age Security (OAS) pension depends on two key factors:

  • There are two different maximum monthly OAS payment amounts:
    • $687.56 for recipients aged 65 to 74.
    • $756.30 for recipients aged 75 and older.

Clawback Provision:

  • This provision applies if your net income is above a certain threshold.
  • If your income is higher, you may have to repay a portion of your OAS benefits.
  • Maximum Amounts: The figures mentioned above are the maximum monthly OAS payments based on your age as of July 2024.
  • Quarterly Adjustments: The OAS payment amounts are automatically adjusted each quarter to reflect changes in the Consumer Price Index (CPI). This ensures the benefit keeps pace with inflation.

Partial Benefits:

  • If you haven’t resided in Canada for the full 10 years after turning 18, you may be eligible for a partial OAS benefit.
  • The amount is calculated proportionally based on your years of residence in Canada.

Deferring Payments: 

  • You can choose to delay receiving your OAS pension until you reach age 70. Deferring your payments will increase the monthly benefit amount you receive when you finally start collecting them.

OAS Payment Schedule 2024

OAS payments are typically deposited on the last business day of each month. However, the exact date may vary slightly depending on your financial institution.

Date Day of Week
July 29, 2024 Monday
August 28, 2024 Wednesday
September 25, 2024 Wednesday
October 29, 2024 Tuesday
November 27, 2024 Wednesday
December 20, 2024 Friday

How to apply for Old Age Security (OAS) Payment 2024

In most cases, Service Canada will automatically enroll you for the OAS pension if they have enough information on file. However, you may need to apply online yourself if:

  • You haven’t received a letter about your OAS pension by the month after you turn 64.
  • You are living outside Canada.

Below mentioned is a step-by-step guide for the online application process:

  • Go to the official Canada.ca website dedicated to applying for the OAS pension: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html
  • Click the “Apply now” button on the webpage. This will redirect you to the secure My Account login portal.
  • If you already have a My Account with the Canadian government, use your existing login credentials to proceed.
  • If you don’t have a My Account, you will need to register for one. The registration process will involve creating a username and password and may require answering some security questions.
  • Once logged in, follow the on-screen instructions to complete the OAS application form. 
    • This will likely involve providing personal information, details about your residency history, and your banking information for direct deposit of benefits.
  • Carefully review your application for accuracy before submitting it electronically.
  • Once submitted, you should receive an electronic confirmation of your application.

Leave a Comment