As February marches on, seniors across Canada are eagerly awaiting the next round of government benefit payments. For those relying on Old Age Security (OAS) and Canada Pension Plan (CPP) benefits, this month’s payments can provide a crucial boost to help ease the burden of rising living costs.
The Old Age Security program, managed by Employment and Social Development Canada (ESDC), is an essential source of income for seniors, designed to assist with the daily expenses of retirement. If you’re already receiving OAS payments or planning to apply soon, these payments can offer much-needed financial relief.
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In February 2025, OAS payments will be deposited directly into eligible Canadians’ bank accounts as soon as next week. However, it’s important to remember that not everyone qualifies automatically. It’s always a good idea to double-check the eligibility criteria to ensure you’re set to receive this government support.
Here’s everything you need to know about the upcoming OAS payments, including the eligibility requirements, how much you could receive, and key dates to remember.
What is Old Age Security (OAS)?
Old Age Security (OAS) is a monthly financial benefit aimed at providing financial support to Canadians aged 65 and older. This program helps to cover the essential living costs during retirement and is a key part of the Canadian government’s support for seniors. The best part? OAS is not tied to a work history, meaning even if you’ve never been employed, you may still be eligible to receive these payments.
Most eligible seniors are automatically enrolled in OAS as soon as they reach the qualifying age of 65, though those nearing 65 should ensure they’ve received the necessary notifications from Service Canada.
Who is Eligible for Old Age Security?
The eligibility criteria for OAS are straightforward:
- Age: You must be at least 65 years old.
- Canadian Citizenship or Legal Residency: You need to be a Canadian citizen or a legal resident when your application is approved.
- Residency Requirements: To be eligible for OAS, you must have lived in Canada for at least 10 years after turning 18. If you’re living abroad, you could still qualify, provided you were a Canadian citizen or legal resident before leaving and spent at least 20 years in Canada as an adult.
OAS eligibility doesn’t depend on your work history, making it accessible for nearly every senior in Canada, whether you’ve worked or not.
How to Apply for Old Age Security
If you’re turning 65 soon and haven’t received a notification about your OAS eligibility from Service Canada, you might need to apply. Many Canadians are automatically enrolled, but if you don’t receive a notice by the month after your 64th birthday, it’s a good idea to apply for OAS.
There are two ways to apply for OAS:
- Online: You can apply through your My Service Canada Account. Make sure you have all the necessary personal information on hand, as the system does not allow you to save your progress.
- By Mail or In-Person: You can complete the application form, attach certified copies of any required documents, and either mail them or drop them off at a nearby Service Canada office.
How Much is Old Age Security in Canada?
For February 2025, the maximum OAS payment is:
- $727.67 per month for individuals aged 65 to 74.
- $800.44 per month for those aged 75 and older.
The amount you’ll receive depends on your income. To be eligible for any OAS payment, your net world income for 2024 must be below $148,451 if you’re between 65 and 74, or below $154,196 if you’re 75 or older.
To help estimate your payments, Service Canada provides an OAS Benefits Estimator Tool on their website. OAS payments are reviewed quarterly (January, April, July, and October) to keep up with inflation, ensuring your payments reflect the rising cost of living.
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Is Old Age Security Taxable?
Yes, OAS payments are considered taxable income, and you will need to claim them on your tax return. Taxes are not automatically deducted from OAS payments, but you can choose to have voluntary federal income tax deductions withheld to avoid a large tax bill when filing your taxes. To set up tax deductions, log into your My Service Canada Account or complete the Request for Voluntary Federal Income Tax Deductions (CPP/OAS) form.
If you don’t opt for deductions, you may be required to make quarterly tax payments. Upon filing your taxes, you will receive a T4 slip (if living in Canada) or an NR4 slip (if living abroad) to report your OAS payments.
When Do Old Age Security Payments Go Out?
The next OAS payment will be deposited into bank accounts and mailed to seniors on Wednesday, February 26, 2025. After that, here are the scheduled OAS payment dates for the remainder of 2025:
- March 27, 2025
- April 28, 2025
- May 28, 2025
- June 26, 2025
- July 29, 2025
- August 27, 2025
- September 25, 2025
- October 29, 2025
- November 26, 2025
- December 22, 2025
Stay informed by marking these dates in your calendar so you never miss an OAS payment.
With these helpful tips, you can ensure that you’re fully prepared for the February 2025 OAS payment. Whether you’ve been receiving OAS for years or are just about to apply, understanding how the system works will ensure you’re receiving the maximum amount you’re eligible for.
As the cost of living continues to rise, government support like OAS is more important than ever for Canadian seniors. Be sure to review your eligibility, check your payment amount, and mark the next payment date to make sure you’re on track.
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