Old Age Security (OAS) is a benefit that helps Canadian seniors cover basic living expenses. Updated every quarter based on the Consumer Price Index (CPI), this taxable monthly pension payment is available to eligible seniors aged 65 or older.
The OAS benefit has increased by 0.70% for the third quarter of 2024. This increases the OAS amount for eligible seniors aged 75 and over to $800.44 from $790.16 last quarter. For those aged 65 to 74, the maximum monthly pension rose to $727.67 from $718.33.
Qualifying for OAS
To qualify for the OAS pension, you must meet the following:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident during the time of approval of your OAS pension application
- Have resided in Canada for at least 10 years since turning 18 years old
Estimating OAS Benefits
You can use the OAS Benefits Estimator to estimate your monthly payments, find out when you become eligible, and view changes in your payments based on your situation.
Factors that affect OAS amounts
Your income and how long you have lived in Canada are the two components that determine the amount of OAS pension payment you can receive.
If you have not resided in Canada for at least 40 years after turning 18, you may be eligible to receive a partial OAS pension amount, depending on how long you have been a resident.
If you want to receive a larger pension amount, you can opt to delay receiving your OAS benefits for up to 60 months (5 years) after you turn 65 years old.
How much you can receive
The OAS payment amount you receive depends on these three factors:
- Your age (65 or older)
- Your income
- How long you lived in Canada after turning 18
Maximum payments and income thresholds
The table below shows the OAS pension amounts for July to September 2024.
| Age | Maximum monthly payment amount | Required annual net world income |
| 65 to 74 | $727.67 | Less than $148,451 |
| 75 and over | $800.44 | Less than $154,196 |
The OAS pension amounts are adjusted quarterly (in January, April, July and October) according to the cost of living, as measured by the Consumer Price Index (CPI.)
As mentioned, since the CPI has increased over the last 3 months, the OAS payment amounts have also risen for the October to December 2024 period.
Payment Dates
The following are the OAS payment dates for 2024:
- January 29, 2024
- February 27, 2024
- March 26, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
Applying for OAS
There’s no need to apply for the OAS pension yourself. One month after you turn 64, you may receive a letter informing you that you will be eligible for the OAS pension. You will need to decide between the two below when you want to receive your benefit:
- Starting at age 65 (the month after your 65th birthday), or,
- At a date you specifically choose
When you apply, you can choose between these two methods:
- Online via the My Service Canada Account (MSCA)
- Paper application, in which you print and fill out the Application for the OAS and the GIS (ISP-3550) form
Once you have submitted your application, you’ll need to wait for a response. If you have been approved, you will receive a letter detailing the amount you will receive each month and the date for your first OAS payment.
You can receive your pension by check or direct deposit. If you choose the latter, you must sign up for direct deposit.
Updates and Changes
You are required to contact Service Canada if your situation changes, particularly if the changes involve the following:
- Personal information
- Address or phone number
- Marital status or common-law union
- Divorce or separation
- Death of a spouse or common-law partner
- Death of a beneficiary
- Cancelling or delaying OAS payments
- Leaving Canada for over 6 months
- Returning to Canada
Other OAS Benefits
Apart from the OAS, there are extra benefits and payments that you and your spouse or common-law partner may be eligible for.
Guaranteed Income Supplement (GIS)
The GIS is a non-taxable monthly supplement paid out to low-income OAS pensioners aged 65 or older. For the quarter of October to December, the GIS payment ranges from $654.23 to $1,086.88, depending on your previous year’s income and marital status.
Allowance
This benefit is a non-taxable payment available to seniors aged 60 to 64 who have lost their spouse or common-law partner. The maximum amount for the October to December 2024 quarter is up to $1,381.90, depending on your previous year’s income and marital status.
Allowance for the Survivor
This benefit is available to eligible spouses aged 60 to 64 who are Canadian citizens or legal residents and have an annual net income of less than $29,712. For the October to December 2024 period, the maximum monthly payment amount is up to $1,647.34.
Related:
- Canadian Government Grants for Seniors
- What Age is Considered a Senior in Canada?
- Dental Coverage for Ontario Seniors
