Old Age Security payments for June are going out soon and some Canadians can get over $800
The maximum payment amounts are hundreds of dollars.
Canadian money.
June payments of Old Age Security (OAS) are almost here.
If you're eligible for the federal benefit, you could get over $800 this month!
That money from OAS will be deposited into bank accounts and delivered to mailboxes across the country soon.
This government payment is administered by Service Canada and issued every month to eligible Canadians.
So, here's what you need to know about OAS this month, including the June payment date.
What is Old Age Security?
OAS is a pension that gives monthly payments to eligible people who are 65 years of age and older.
It can also include the Guaranteed Income Supplement, Allowance, and Allowance for the Survivor benefits.
Who is eligible for Old Age Security?
You must be 65 years of age or older to be eligible to receive the OAS pension.
If you live in Canada, you must:
- be a Canadian citizen or a legal resident at the time your OAS pension application is approved
- have resided in Canada for at least 10 years since the age of 18
If you live outside Canada, you must:
- have been a Canadian citizen or a legal resident of Canada on the day before you left Canada
- have resided in Canada for at least 20 years since the age of 18
You can receive OAS even if you have never worked or are still working because your employment status doesn't affect your eligibility.
If Service Canada has your information, you'll get an enrollment letter around your 64th birthday. That means you're automatically enrolled and don't need to apply for the pension.
If it's been one month since your 64th birthday and you haven't received an enrollment letter, you may need to apply for OAS.
How much money can you get from Old Age Security payments?
The amount of your OAS pension depends on your age, income and residence in Canada.
For June, the maximum payment amount is $743.05 if you're aged 65 to 74 and your annual net world income in 2024 was less than $148,451.
The maximum monthly OAS amount in June is $817.36 if you're 75 or older and your annual net world income in 2024 was less than $154,196.
When is the next Old Age Security payment date?
The next OAS payment date is Friday, June 26, 2026.
How do you receive Old Age Security payments?
You can receive your OAS payment from Service Canada by direct deposit or by cheque.
If you choose to receive the money through direct deposit, a payment will be automatically put into your bank account each month.
Service Canada said you can sign up for direct deposit at any time and get money sent directly to your bank account in Canada, the U.S. or other participating countries.
If you don't choose direct deposit as your payment method, a cheque will be sent to you during the last three business days of each month. Since cheques are mailed, it could take longer for the payment to get to you than it would with direct deposit.
This article's cover image was used for illustrative purposes only.