Get all the latest updates on the Old Age Pension Dates: When Next Old Age Pension is coming for Canadians? Most Canadians are eligible for the Old Age Pension when they turn 65, but not everyone understands how much it is paid and how it works. If you are wondering what you can avail of when you retire, this article will explain you everything.
Old Age Pension Dates
The Old Age Pension Program in Canada serves as a crucial pillar of support for retirees aged 65 and older, providing them with a stable income regardless of their work history. The OAS was established to ensure financial assistance for senior citizens. It is important to note that OAS is distinct from Canada pension Plan and is not tied to individuals employment contributions but rather funded through general tax Revenues.
This program not only ensures a basic level of income security but also integrates with other retirement income sources like CPP and private pension or savings. This multifunctional approach provides retirees with financial planning options to maintain their lifestyle and cover healthcare and other essential expenses.
What Is Old Age Security?
OAS are monthly pension payments available to Canadians and legal residents who meet specific requirements. It aims to provide financial assistance during retirement days. The eligibility requirement includes being 65 years or older and having lived in Canada for a minimum period after reaching adulthood. For those who live abroad, conditions might vary depending on the past residency and citizenship status criteria.
The OAS amount undergoes adjustments quarterly based on the changes to the Consumer Price Index. As of 2024, the maximum monthly payout for individuals aged 65 to 74 is $713.34, while those 75 or older receive up to $784.67 monthly. These adjustments ensure that seniors can cope with the rising cost of living and can maintain their quality of life throughout retirement.
Old Age Pension Eligibility Criteria
The OAS is available to individuals who meet specific criteria set by the Government of Canada.
- The applicant must be aged 65 or older to qualify for the OAS pension. The eligibility aged is set at 65, and the pension is generally the month after you turn 65.
- Individuals must have resided in Canada for at least 10 years after turning 18 years old to qualify for the full OAS pension. This period of residency ensures candidate must have contributed to Canadian society before retirement.
- In case the claimant resides outside Canada, they must have been citizens or legal residents of Canada and must have lived in Canada for at least 20 years after turning 18. This is to make sure that they have long-term residency in Canada is sufficiently long enough to deserve a retirement pension.
Beyond the basic OAS pension, the recipients may also qualify for supplementary benefits like the Guaranteed Income Supplement, which enhances the financial support for low-income seniors.
When Next Old Age Pension is coming for Canadians?
Understanding the OAS payment dates is crucial for retirees to effectively manage their monthly finances. Here are the Old Age Security payment dates for 2024 so claimants can plan their monthly budget beforehand.
- 29 January 2024
- 27 February 2024
- 26 March 2024
- 26 April 2024
- 29 May 2024
- 26 June 2024
- 29 July 2024
- 28 August 2024
- 25 September 2024
- 29 October 2024
- 27 November 2024
- 20 December 2024
The schedule for 2024 includes regular monthly payments that enable recipients to plan ahead for expenses and budget. If you leave the country before receiving the OAS, it may affect your eligibility.
All We Know
Claimants also have the option to defer receiving OAS payments for up to five years after turning 65. This choice allows for an increase monthly payment amount, growing 0.6% for the month of deferral. Many seniors opt for deferral to maximize their future income or to align OAS payments with other retirement income strategies.
To receive the OAS, individuals can apply either online or via mail, usually starting the month after they turn 64, to ensure payment is received promptly upon turning 65. The payment dates are fixed throughout the year, typically falling on the last weekday of each month, with slight variation if a public holiday or weekend occurs on the payment date.