As October 2024 approaches, many Canadian seniors are eagerly awaiting their Old Age Security (OAS) payments. If you’re eligible, you’ll want to know the exact amount coming your way and how the OAS program works, including any potential adjustments. Here’s a detailed breakdown of what you can expect for your OAS payment in October 2024, and updated information on eligibility and related benefits.
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How Much is the OAS Payment in October 2024?
For October 2024, the maximum monthly OAS pension amount is $718.33. This amount is part of the regularly adjusted payments that reflect the rising cost of living and inflation. Every quarter, OAS payments are indexed to inflation, ensuring that seniors maintain purchasing power as prices rise.
OAS Eligibility Criteria
To receive the Old Age Security (OAS) pension, you must meet the following conditions:
- Age: You must be 65 years old or older.
- Residency: You need to have lived in Canada for at least 10 years since the age of 18 to qualify for a partial OAS pension. For the full OAS pension, you must have lived in Canada for at least 40 years after turning 18.
- Citizenship/Legal Status: You must be a Canadian citizen or legal resident at the time of applying or when you last lived in Canada if you’re applying from abroad.
Deferring OAS for a Higher Amount
If you haven’t applied for OAS yet and are nearing or have reached the age of 65, you have the option to defer your payments. For each month you delay taking your OAS pension (up to a maximum of 5 years), your monthly amount will increase by 0.6%. This means that if you defer your OAS until age 70, you could receive up to 36% more each month. This can result in a significantly higher pension for those who can afford to wait.
How to Apply for OAS Payments
You can apply for OAS payments up to 11 months before your 65th birthday. Most Canadians are automatically enrolled, but it’s essential to ensure your information is up-to-date with Service Canada to avoid delays. If you haven’t been automatically enrolled, you can apply online through the My Service Canada Account or by mail using the paper application forms.
Income and the OAS Clawback
For higher-income seniors, it’s important to be aware of the OAS clawback (also known as the OAS Pension Recovery Tax). If your income exceeds $86,912 in 2024, you may have to repay part of your OAS pension. This repayment amount will be deducted from future OAS payments if your income surpasses the threshold.
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$2,385 with the New CPP One-Time Payment for Seniors – Eligibility and Payment Dates Revealed
$558.74 CPP Disability Payment Coming in October – Are You Eligible?
Other Benefits Linked to OAS
If you’re eligible for OAS, you may also qualify for other programs, such as:
- Guaranteed Income Supplement (GIS): Available to low-income seniors, the GIS provides additional monthly payments to OAS recipients who meet the income eligibility criteria.
- Allowance: Available for individuals aged 60 to 64 who are the spouse or common-law partner of an OAS and GIS recipient, or a widow(er).
- Allowance for the Survivor: A benefit for widowed spouses aged 60 to 64 who have low income.
Important Dates for October 2024 OAS Payment
In October 2024, OAS payments will be made on October 27th. Be sure to check your bank account or mailbox (if you receive your payments by cheque) on or around that date.
For October 2024, Canadian seniors can expect to receive a maximum of $718.33 in their OAS pension payments. As one of the essential pillars of financial security for seniors in Canada, the OAS provides valuable income support, and adjustments for inflation ensure that seniors maintain their quality of life.
Make sure you’re aware of the payment dates and check whether you may qualify for additional benefits like GIS or Allowance. If you haven’t started your OAS yet and are considering deferring it for a larger monthly payment, it’s a decision worth exploring to maximize your financial future.