As September draws to a close, Canadian residents can look forward to receiving their final monthly government payments, including the Canada Pension Plan (CPP) and Old Age Security (OAS). For those eligible, the upcoming OAS payment could amount to hundreds of dollars.
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What is Old Age Security (OAS)?
Old Age Security (OAS) is a monthly pension provided by the Canadian government to individuals aged 65 and older. According to the Canada Revenue Agency, many Canadians are automatically enrolled in the OAS program, and Service Canada will notify you if you’re automatically enrolled. If you haven’t received a notification by the month after your 64th birthday, you may need to apply for the OAS pension.
Who is Eligible for Old Age Security?
Eligibility for the Old Age Security pension does not depend on your employment history. Whether you’re working or retired, you can qualify if you meet the following criteria:
- Living in Canada: You must be 65 or older, a Canadian citizen or legal resident when your OAS pension is approved, and have lived in Canada for at least 10 years since turning 18.
- Living Outside Canada: You must be 65 or older, have been a Canadian citizen or legal resident on the day before you left Canada, and have lived in Canada for at least 20 years since turning 18.
How Much Does Old Age Security Pay?
The amount you receive from Old Age Security varies based on your age:
- Ages 65 to 74: $718.33 per month
- Ages 75 and over: $790.16 per month
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When Will Old Age Security Payments Be Issued?
The next OAS payment will be distributed on September 25, 2024. Here are the upcoming OAS payment dates for the remainder of the year:
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
Be sure to check your eligibility and ensure you’re enrolled to receive your OAS payments on time.