Key Takeaway Box
- The Old Age Security (OAS) pension is a monthly benefit available to most Canadians 65 years or older who meet the eligibility requirements.
- The maximum monthly OAS payment in 2024 is $713.34 (age 65 to 74) and $784.67 (age 75 and over).
- The OAS payment dates for 2024 are as follows: January 29, February 27, March 26, April 26, May 29, June 26, July 29, August 28, September 25, October 29, November 27, and December 20.
- You can use the OAS Benefits Estimator to calculate your monthly benefits based on your income and situation.
Introduction
Are you a senior citizen who is receiving or planning to receive the Old Age Security (OAS) pension? If so, you might be wondering when and how much you will get paid in 2024. In this post, we will answer these questions and provide you with the OAS payment schedule for 2024. We will also explain how the OAS pension works, who is eligible, and how to apply.
What is the Old Age Security (OAS) pension?
The Old Age Security (OAS) pension is a taxable monthly benefit available to most Canadians 65 years or older who meet the eligibility requirements. Much like the Canada Pension Plan (CPP), it’s designed to help bolster senior Canadians’ retirement income.
The OAS pension amount is determined by how long you have lived in Canada after the age of 18 and your income. It is reviewed every quarter to reflect increases in the cost of living as measured by the Consumer Price Index. Your monthly payment amount will not decrease if the cost of living goes down.
In addition to the OAS pension, there are three other benefits available under the OAS program: the Guaranteed Income Supplement (GIS), the Allowance, and the Allowance for the Survivor. These benefits are not considered taxable income and are based on your income and marital status.
How much OAS Payment will you receive in 2024?
The maximum monthly OAS payment in 2024 is $713.34 (age 65 to 74) and $784.67 (age 75 and over)³. This amount is revised every quarter in January, April, July, and October to account for increases in the cost of living.
The OAS pension increase at age 75 is a new measure that was introduced in July 2022. It provides an automatic 10% increase of your OAS pension starting in the month following your 75th birthday². The 10% increase in the maximum OAS pension rate will not affect the calculation of your GIS.
If your income is higher than $81,761 (2022), you will have to repay part or your entire OAS pension. This is called the OAS pension recovery tax or clawback. The amount you have to repay is 15% of the excess income over the threshold².
You can use the OAS Benefits Estimator to estimate your monthly benefits based on your income and situation. You can also use the OAS Repayment Calculator to find out how much you may have to repay if your income is above the threshold.
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When will you get paid in 2024?
| Month | Payment Date |
| January | January 29 |
| February | February 27 |
| March | March 26 |
| April | April 26 |
| May | May 29 |
| June | June 26 |
| July | July 29 |
| August | August 28 |
| September | September 25 |
| October | October 29 |
| November | November 27 |
| December | December 20 |
You can receive your benefit payment by cheque or direct deposit to your bank account in Canada, the United States, or some specific countries. You will have to sign up for direct deposit.
You will receive your first OAS payment either the month after you turn 65 or the specific date that you have chosen. You can receive a higher amount for each month you decide to delay your first payment. You can delay payment of the OAS pension for up to 60 months (5 years) after you are 65. The longer you delay, the larger your pension payment will be each month.
How to apply for the OAS pension?
In most cases, Service Canada will be able to automatically enroll you for the OAS pension. Service Canada will inform you if you have been automatically enrolled. You may have to apply for the OAS pension if Service Canada does not have enough information to enroll you automatically².
You can apply for the OAS pension online or by mail. You will need to provide some personal information, such as your Social Insurance Number, your date of birth, your marital status, and your banking information. You may also need to provide proof of your legal status in Canada and your residence history.
You should apply for the OAS pension at least six months before you want to start receiving it. If you are already over 65, you may be able to get a retroactive payment for up to a maximum of 11 months from the date Service Canada receives your application.
Conclusion
The OAS pension is a monthly benefit that can help you supplement your retirement income. It is based on your age, your income, and your residence history in Canada. The OAS payment schedule for 2024 shows you when and how much you will get paid. You can use the OAS Benefits Estimator to calculate your monthly benefits and the OAS Repayment Calculator to find out if you have to repay any amount. You can apply for the OAS pension online or by mail, and you may be eligible for other benefits under the OAS program.
We hope this article has provided you with useful information about the OAS payment schedule for 2024. If you have any questions or comments, please feel free to leave them below. Thank you for reading and happy retirement!
Source: Old Age Security – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html. (2) Old Age Security: How much you could receive – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html. (3) What Is Old Age Security and How Does It Work? – NerdWallet. https://www.nerdwallet.com/ca/investing/what-is-old-age-security. (4) Old Age Security – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html.