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.
Table of Contents
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:
- January 29th
- April 26th
- July 29th (today!)
- 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.
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:
- Canada Revenue Agency – OAS Benefits: https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security.html
- Benefits Payment Dates: https://www.canada.ca/en/services/benefits/calendar.html
- Canada Revenue Agency My Account: https://www.canada.ca/en/revenue-agency/services/e-services/digital-services-individuals/account-individuals.html (allows you to view your payment history and update contact information)
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.
I received. $6.00 increase in my CPP that is very poor for an increase that doesn’t cover my increase in City taxes and all the other things my wife and I have to pay for. We give a lot more than that to people of other countries and food and everything else has risen a lot more hydro, water, food. We have major health issues and $6.00 doesn’t cover our prescriptions we take. That certainly won’t get my vote come election time.