As October marches on, it's time for another round of government benefit payments for Canadians, including payments from the Canada Pension Plan and Old Age Security.
Old Age Security (OAS) is a monthly pension provided by the federal government to Canadians aged 65 and older. It's a key way the feds aim to help seniors cover their living expenses.
The OAS payment for October 2024 is coming next week, giving eligible seniors a financial boost to help with their monthly bills.
What's more, the Old Age Security October amount will be slightly higher than last month's payment. That's because the government increases OAS payment amounts quarterly to keep up with inflation.
If you're unsure about your eligibility, it's worth looking into the requirements for benefit payments like this one, as some may be automatically enrolled, while others need to apply.
Here's a breakdown of how Old Age Security works, who qualifies and how much you could get in your October payment.
What is Old Age Security?
Old Age Security (OAS) is a monthly pension that the federal government provides to Canadians aged 65 and older. It's designed to help retirees cover their living expenses and is one of the main ways the government supports seniors financially. Most people who qualify for OAS will start receiving it automatically once they reach the eligible age.
How to apply for Old Age Security
If you're turning 65 and haven't received any notification about Old Age Security, you might need to apply.
According to the Canada Revenue Agency, if Service Canada already has your information, you could be automatically enrolled. However, if you haven't heard anything by the month after your 64th birthday, it's a good idea to submit an application to make sure you don't miss out.
Who is eligible for Old Age Security?
One of the best things about Old Age Security is that your work history doesn't affect your eligibility, so you can receive it whether you're retired, are still employed or have never worked at all.
To qualify for OAS, you must:
- Be at least 65 years old
- Be a Canadian citizen or legal resident when your pension is approved
- Have lived in Canada for at least 10 years since the age of 18
If you're living outside of Canada, you can still qualify for OAS as long as you were a Canadian citizen or legal resident before leaving, and you've lived in Canada for at least 20 years after turning 18.
How much is Old Age Security in Canada?
For October 2024, the maximum Old Age Security (OAS) payment is $727.67 per month for those aged 65 to 74. If you're 75 or older, the maximum increases to $800.44 per month.
The exact amount you receive depends on your income. To qualify for the full OAS payment, your 2023 annual net world income must be less than $148,451 (for ages 65 to 74) or under $154,196 (for those 75 and older). If your income is higher, your payment may be reduced. The CRA has a payment calculator you can use to estimate the amount you could receive.
The pension adjusts quarterly — in January, April, July and October — based on inflation, so the Old Age Security October amount will be a bit higher than last month's and reflects any cost-of-living increases. If inflation rises, your payment goes up, but it won't decrease if the cost of living goes down.
Is Old Age Security taxable?
Yes, Old Age Security (OAS) payments are considered taxable income. Taxes aren't automatically taken out of your monthly OAS payments, but you can request to have them deducted. To do this, you can either log into your My Service Canada Account or fill out the Request for Voluntary Federal Income Tax Deductions CPP/OAS form and send it to Service Canada.
If you don't set up monthly tax deductions, you might need to pay your taxes on a quarterly basis. Canadians living in the country will get a T4 tax slip for OAS, while those living abroad will receive an NR4 tax slip to use when filing their taxes.
When do Old Age Security payments go out?
The next Old Age Security (OAS) payment is scheduled to arrive in bank accounts on Tuesday, October 29.
Here are the other remaining payment dates for 2024:
- November 27, 2024
- December 20, 2024
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