Old Age Security payments for May are going out soon and you can get up to $817 this month
Service Canada administers this federal benefit by direct deposit or cheque.
Canadian money.
Old Age Security (OAS) payments for May will be deposited into bank accounts and delivered to mailboxes soon.
You can get up to $817 from the federal benefit this month.
Service Canada administers the government payment to eligible Canadian citizens and residents of a certain age, so that's where your OAS direct deposit or cheque will come from.
If you've been receiving OAS for a while now or are expecting your first payment in May, here's what you need to know about the federal benefit this month, including how much money you can get.
What is Old Age Security?
OAS is a pension that offers monthly payments to people 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 employment status doesn't affect your eligibility.
If Service Canada has your eligibility 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.
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 payments in May, the maximum 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 May 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 Wednesday, May 27, 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 any time and get money 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.