Key Takeaway Box
- Confirmed OAS Payment Date: April 26, 2024
- Monthly Amount: Up to $1,850 for eligible seniors
- Eligibility: Age 65+, legal resident, 10+ years in Canada
- Check Deposit Date: Via Service Canada Account
- More Info: HustleHub’s Comprehensive Guide
Hey there, Hustlers! Are you or a loved one nearing the golden age of 65? If so, it’s time to talk about the Old Age Security (OAS) program, a cornerstone of Canada’s retirement income system. This April, eligible seniors are set to receive up to $1,850 per month¹. Let’s dive into what this means for you and how you can ensure you’re in the loop for these payments.
Understanding OAS Payments
The OAS program provides a monthly payment to seniors who meet certain residency and legal status requirements. As of April 2024, the confirmed deposit date for these payments is April 26⁷. But what does it take to be eligible, and how can you check if your payment is on its way?
Eligibility Criteria for OAS
To qualify for OAS, you must be 65 years of age or older, a Canadian citizen or legal resident, and have lived in Canada for at least 10 years after turning 18[^10^]. If you’ve been contributing to the Canadian fabric for decades, it’s time for Canada to give back to you.
How Much Will You Receive?
The amount you receive from OAS can vary, but the maximum monthly payment amount is currently pegged at $1,850¹. This figure is adjusted quarterly to account for changes in the cost of living, so it’s always a good idea to stay updated with HustleHub for the latest figures.
Checking Your OAS Payment Deposit Date
Wondering when your next payment will land? The easiest way to check is through your Service Canada Account. Here, you can view your payment status and expected deposit dates¹⁵. No more guessing games – just straight-up information at your fingertips.
FAQs: Your Questions Answered
Q: How do I apply for OAS?
A: Most Canadians are automatically enrolled, but you can apply through Service Canada if needed.
Q: Is the OAS payment taxable?
A: Yes, OAS payments are considered taxable income.
Q: Can I defer my OAS payment?
A: Absolutely! Deferring your payment can result in a higher monthly amount when you do start receiving it.
IMPORTANT LINKS:
- What Expenses Can You Deduct from Your Rental Income? (Updated 2024)
- How to Get Your EITC Refund Faster in 2024
- CPP, RRSP, TFSA, FHSA, AMT and OAS Changes: What You Need to Know for 2024
- What Happens to Your CPP and OAS Benefits When Your Spouse Dies?
- ALERT: Alberta Residents to Receive Higher Canada Carbon Rebate in 2024 – Here’s How to Claim It
HustleHub’s Commitment
At HustleHub, we’re dedicated to providing you with clear, concise, and up-to-date information. Our goal is to ensure that you, the hustlers of today, are well-prepared for the financial aspects of retirement. For more detailed information, head over to our comprehensive guide on HustleHub.ca.
Remember, Hustlers, knowledge is power, especially when it comes to securing your financial future. Stay informed, stay prepared, and let’s make sure every senior gets the support they deserve.
This article is intended for informational purposes only. For personalized advice, please consult a financial advisor.
Source: (1) OAS Payment Dates 2024: How Much OAS Will You Get? – Money Reverie. https://www.moneyreverie.com/oas-payment-dates/. (2) Old Age Security payment amounts – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html. (3) Old Age Security: Do you qualify – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/eligibility.html. (4) OAS Payment Dates March 2024 – How to check Old Age Security Payment …. https://tscpget.com/oas-payment-dates-march-2024/. (5) Old Age Security payment amounts – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html.