Good news for Canadian seniors: The Old Age Security (OAS) pension will deliver a monthly payment of $713.34 for those aged 65-74 in November 2024.
For seniors aged 75 and older, the monthly payment will be $784.67. These payments, designed to keep pace with inflation, are regularly adjusted based on the Consumer Price Index (CPI) to ensure recipients maintain financial stability.
Let’s take a closer look at eligibility, payment schedules, and other important considerations for OAS pensioners.
Payment Dates for November 2024
The next OAS payments will be made on:
- October 29, 2024
- November 27, 2024
- December 20, 2024
These consistent schedules provide predictability for seniors counting on OAS for monthly income.
Eligibility for OAS Pension 2024
To qualify for the OAS pension, applicants must meet specific residency and age criteria:
1. Age Requirement
Applicants must be at least 65 years old.
2. Residency Requirements for Canadian Residents
- Applicants must have lived in Canada for at least 10 years after the age of 18 to qualify for partial pension payments.
- To receive the full OAS pension, they must have resided in Canada for 40 years since turning 18.
3. Residency Requirements for Foreign Residents
- For Canadians living abroad, they must have resided in Canada for 20 years after turning 18.
OAS Clawback and Tax Considerations
OAS payments are considered taxable income, which means high-income seniors may experience a reduction in their OAS payments through the OAS recovery tax (commonly known as the clawback).
In 2024, the clawback threshold is $86,912. Seniors whose income surpasses this amount will see their OAS benefits reduced by 15% for every dollar above the threshold.
How to Apply for the OAS Pension in 2024
Automatic Enrollment
Some seniors will be automatically enrolled by Service Canada if sufficient information is available. You will be notified if you qualify for automatic enrollment.
Manual Application
If you are not automatically enrolled:
- Apply online via your My Service Canada Account or by mail.
- It is recommended to begin the application process six months before turning 65 to ensure timely payments.
- If you apply late, retroactive payments are available for up to 11 months from the application date.
Additional Benefits for Seniors
In addition to the OAS pension, seniors may qualify for other benefits, enhancing financial security during retirement:
- Guaranteed Income Supplement (GIS): This benefit is available to low-income seniors and is added to the OAS payment to cover living costs.
- Allowance: Available to low-income individuals aged 60-64 who are married or in a common-law relationship with an OAS and GIS recipient.
- Allowance for the Survivor: Provided to low-income individuals aged 60-64 who have lost a spouse or common-law partner.
Fact Check and Precaution
It’s essential to verify all claims about government benefits through official channels, such as Service Canada, to ensure you receive accurate and up-to-date information. Seniors should avoid relying solely on news reports or informal sources for financial planning related to OAS and related benefits.
