As of October 2024, Canadian seniors aged 65 and over can receive up to $713.34 per month through the Old Age Security (OAS) pension. This program is a key support for retired Canadians, helping them manage living expenses in retirement. For seniors aged 75 and over, the amount increases to $784.67 per month, reflecting the adjustments made for inflation.
Eligibility Criteria for the OAS Pension
To qualify for the Old Age Security pension, you must meet the following conditions:
- Age: You must be 65 years or older.
- Residency: You must have lived in Canada for at least 10 years after the age of 18. For those who have lived abroad, international agreements may allow you to qualify.
- Citizenship: You must be a Canadian citizen or legal resident at the time of your application.
If you’ve lived in Canada for fewer than 40 years, you may still qualify for a partial pension, calculated based on the number of years you resided in Canada after turning 18.
Payment Dates for October 2024
The OAS payments are made monthly, typically on the last business day before the end of the month. For October 2024, the OAS payment is scheduled for October 29, 2024. Here is a breakdown of the remaining payment dates for 2024:
| Month | Payment Date |
|---|---|
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
Make sure your banking information with Service Canada is up to date to avoid any delays.
How Much Will You Receive?
The amount you receive is based on how long you have lived in Canada after turning 18. The maximum payment for those aged 65 to 74 is $713.34 per month, while for those aged 75 and older, the maximum is $784.67. These amounts are adjusted quarterly for inflation, ensuring that seniors maintain their purchasing power.
For example, if you lived in Canada for 30 out of the required 40 years after age 18, you would receive 30/40ths of the full OAS pension, which comes out to $535 per month.
The OAS Clawback (Recovery Tax)
High-income earners may see their OAS payments reduced through the OAS Clawback, officially known as the Old Age Security recovery tax. If your income exceeds $86,912 in 2024, your OAS will be reduced by 15% of the amount over this threshold. If your income exceeds $142,609, your OAS payments will be fully clawed back.
How to Apply for OAS
In most cases, you will be automatically enrolled for OAS. You will receive a letter confirming your eligibility when you turn 64. If you do not receive this letter, you can apply through your My Service Canada Account or by submitting a paper application.
Additional Benefits for Low-Income Seniors
Seniors with low income may also qualify for additional benefits like the Guaranteed Income Supplement (GIS), which provides extra financial support. If you are eligible, the GIS can significantly increase your monthly payments.
FAQs
- When will I receive my October 2024 OAS payment?
The payment is scheduled for October 29, 2024. - What if my income is above the clawback limit?
If your income exceeds $86,912, your OAS payments will be reduced by 15% of the excess amount. - Can I receive OAS if I live outside of Canada?
Yes, but you must have lived in Canada for at least 20 years after the age of 18 to qualify for payments while living abroad. - How do I apply for OAS?
You can apply online through the My Service Canada Account or by submitting a paper application. - Is the OAS pension taxable?
Yes, OAS payments are considered taxable income.
