Old Age Security payments for February go out soon — Here's how much you can get
Everything you need to know. 👇
Canadian seniors can get up to $800 from the February 2025 OAS pension payment.
February is rolling right along, and for seniors across Canada, that means the next round of government benefit payments is just around the corner — including those all-important Canada Pension Plan and Old Age Security (OAS) payments.
Old Age Security is a crucial program from Employment and Social Development Canada, designed to help Canadian seniors handle the day-to-day costs of retirement. It's one of the many government benefits available in February to help ease the rising cost of living.
If you're already receiving OAS payments or planning on applying soon, these pension payments can provide much-needed financial support.
For those who qualify, the next OAS payment for 2025 can be deposited directly into bank accounts next week. Keep in mind, not everyone is automatically eligible — it's worth double-checking the requirements to ensure you're good to receive this government payment.
Here's a breakdown of everything you need to know about the February 2025 OAS payment, including how much you could receive and who qualifies.
What is Old Age Security?
Old Age Security (OAS) is a monthly government benefit designed to provide financial assistance to Canadians aged 65 and older. It’s a cornerstone of retirement income, offering support to help cover everyday living costs.
Most eligible Canadian seniors are automatically enrolled and begin receiving OAS payments as soon as they reach the qualifying age.
Who is eligible for Old Age Security?
One of the biggest perks of Old Age Security (OAS) is that your work history doesn't factor into eligibility. Whether you're retired, still on the job or have never been part of the workforce, you could still qualify for this government benefit.
To be eligible for OAS, you need to:
- be at least 65 years old,
- be a Canadian citizen or legal resident when your application gets approved, and
- have lived in Canada for at least 10 years since turning 18.
If you're living outside of Canada, you might still be eligible. In that case, you'll need to have been a Canadian citizen or legal resident before leaving and have spent at least 20 years living in Canada as an adult.
How to apply for Old Age Security
If your 65th birthday is coming up and you haven't received a notification from Service Canada about your OAS eligibility, it might be time to take action. While many Canadians are automatically enrolled, it's a good idea to apply if you don't get a notice by the month after you turn 64.
The application process is simple and can be done in two ways:
- Online: Log in to your My Service Canada Account and fill out the application form. Make sure you have all your personal information ready — the system doesn't let you save your progress, so you'll need to complete the application in one go.
- By mail or in person: Complete the application form, attach certified copies of any necessary documents and either mail it in or drop it off at your nearest Service Canada office.
How much is Old Age Security in Canada?
For February 2025, the maximum Old Age Security (OAS) payment is set at $727.67 per month for Canadians aged 65 to 74, while seniors aged 75 and older can receive up to $800.44.
The exact amount you'll get depends on your income. To be eligible for any OAS payment, your net world income for 2024 must be below $148,451 if you're between 65 and 74, or under $154,196 if you're 75 or older. Not sure what you'll receive? Service Canada offers an online OAS benefits estimator tool to help you figure it out.
OAS payment amounts are reviewed every three months — in January, April, July and October — to keep up with inflation. This ensures your payments stay in line with the rising cost of living. However, if inflation drops, your payments won't go down.
Is Old Age Security taxable?
Yes, Old Age Security payments are considered taxable income, so you'll have to claim them on your tax return. While taxes aren't automatically deducted from your monthly payments, you can choose to have them withheld to avoid a larger bill come tax time. Just log into your My Service Canada Account or complete the Request for Voluntary Federal Income Tax Deductions CPP/OAS form and submit it to Service Canada.
If you decide not to set up monthly deductions, you might need to pay taxes quarterly instead. When it comes time to file your taxes, residents of Canada will receive a T4 slip for their OAS payments, while those living abroad will get an NR4 slip.
When do Old Age Security payments go out?
The next Old Age Security (OAS) payment is set to land in bank accounts and mailboxes on Wednesday, February 26.
Looking ahead, here are all the remaining OAS payment dates for 2025:
- March 27, 2025
- April 28, 2025
- May 28, 2025
- June 26, 2025
- July 29, 2025
- August 27, 2025
- September 25, 2025
- October 29, 2025
- November 26, 2025
- December 22, 2025
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