OAS Payment Dates 2024 Increased Benefits & More!

The Old Age Security (OAS) pension is a vital source of income for many Canadian seniors. Here’s a comprehensive breakdown of OAS payments in 2024, including dates, increases, and helpful resources.

OAS Payment Dates 2024

OAS benefits are paid out every quarter on the last business day of the month. Here are the specific dates for 2024:

  • October 29th

Important Note: If the last business day falls on a weekend or holiday, the payment will be made on the next business day.

2024 OAS Increase

OAS benefits are adjusted annually based on the Consumer Price Index (CPI) to keep pace with inflation. For the July to September 2024 quarter, OAS payments saw a 0.7% increase, translating to a 2.8% increase year-over-year (July 2023 to July 2024).

It’s important to remember: This is the maximum benefit amount. Your actual OAS payment may be lower depending on your income level and residency history in Canada.

Old Age Security pension (OAS)

How Much Will I Receive?

The exact amount of your OAS payment depends on two main factors:

  • Your Age: You must be 65 or older to receive OAS. There’s also an additional benefit available at age 75.
  • Residency: The amount you receive is based on the number of years you resided in Canada after turning 18.

Use the Canada Revenue Agency’s (CRA) online calculator to estimate your personalized OAS benefit: https://estimateursv-oasestimator.service.canada.ca/

Additional Benefit: You may also be eligible for the Guaranteed Income Supplement (GIS) if you meet low-income requirements.

CPP & OAS Payment Increase 2024: How Much Is Increase?

CPP & OAS Increase 2024: Future Benefits & What to Expect

CPP Payment Dates 2024, Increase, Disability Benefit, CPP Amount & Limit

$1,200 for Low-Income Seniors: Fact Check, Eligibility, and Payment Dates

$2,800 + $1,500 GIS & OAS Monthly Payments for Seniors in Canada: Know Eligibility & Payment Dates

How to Get Your OAS Payment

  • File your taxes: You must file your tax return each year, even if you don’t owe any taxes. This allows the CRA to assess your eligibility for OAS.
  • Direct Deposit: If you have direct deposit set up for your tax refund, your OAS payment will also be deposited electronically.
  • Cheque: If you don’t have direct deposit, you will receive your OAS payment by cheque mailed to your address on file with the CRA.

Need More Information?

Here are some helpful resources:

Important Remember:

  • Stay informed: The CRA website is the best source for up-to-date information on OAS benefits and any changes.
  • Consult a financial advisor: They can help you plan for your retirement and maximize your OAS benefits.
About Sophie Wilson 715 Articles
Sophie Wilson is a finance professional with a strong academic background, having studied at the University of Toronto. Her expertise in finance is complemented by a solid foundation in analytical and strategic thinking, making her a valuable asset in the financial sector.

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