Old Age Security (OAS) Pension: Payment Dates through 2024, plus More, The Old Age Security (OAS) pension is a source of retirement income for the majority of Canadian seniors, allowing for a more comfortable lifestyle after retirement.
Old Age Security Pension Payment Dates 2024
This article will explain the payment dates for OAS in 2024, how much you can anticipate receiving, and the eligibility requirements for OAS.
2024 OAS Payment Dates
Here are the OAS payment dates for 2024 to help you better manage your finances:
| Month of the Year | Payment Date |
|---|---|
| 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 |
How Much OAS Will You Get?
The OAS pension amount varies based on age and income, but here are the maximums:
| Your Current Age | Maximum OAS Monthly Payment Amount (April to June 2023) | Your Annual Net World Income Must Be |
|---|---|---|
| 65 to 74 | $691.00 | Less than $129,757 |
| 75+ | $760.10 | Less than $129,757 |
Please keep in mind that these are the maximum monthly amounts for OAS; you may receive more or less.
To begin, the amount of OAS you receive is proportional to your age. You will receive a 10% raise if you are or will be 75 years old or older.
The amount you receive is also dependent on how long you have resided in Canada. If you have resided in Canada for fewer than 40 years (after the age of 18), you will be eligible for a partial payment from OAS. Your payout is calculated by dividing your years in Canada by 40.
Finally, if you earn more than a certain sum each year ($79,845 in 2021), you must repay some of your OAS. Check back here for any updates to that figure.
You can use the Government of Canada’s OAS calculator for a more precise estimation of how much OAS you will receive.
Who Qualifies for OAS?
You can get an OAS income even if you have never worked or if you are still working. It has nothing to do with your work experience. To get OAS, however, you must meet the following requirements:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident when your OAS pension application is approved
- Have resided in Canada for at least ten years since the age of 18,
All about OAS
The OAS pension, like the CPP, is a monthly payout for Canadians (and legal residents) aged 65 and older.
OAS payments normally begin the month after you reach the age of 65. You can, however, postpone your initial payment in order to get a larger OAS pension when you are older.
OAS pension payments are taxable.
You may be eligible for the Guaranteed Income Supplement (GIS) in addition to OAS if you receive the OAS pension and your income is less than the maximum annual income level for the GIS based on your marital status.
It can be difficult to navigate retirement, but understanding the OAS and its benefits might assist. Stay informed and take advantage of all available perks. For any changes or updates, always check the official Service Canada website.