The Old Age Security (OAS) program is a lifeline for many Canadian seniors, providing crucial financial support in retirement. In 2024, the program includes a one-time payment of up to $2,254, offering an extra boost for eligible seniors.
If you’re curious about this payment, here’s what you need to know about eligibility, key deposit dates, and how to claim your OAS payment.
What Is the OAS Program?
The Old Age Security program is a Canadian federal pension program designed to provide a stable income to seniors.
Unlike the Canada Pension Plan (CPP), which is based on contributions from your working years, OAS is available to all eligible Canadians aged 65 or older who meet certain residency requirements. For 2024, the one-time $2,254 payment aims to enhance the support available to eligible seniors.
Eligibility
Eligibility for the 2024 OAS payment is determined by several factors, including age, residency, and income level. Here’s a breakdown of the requirements:
Age Requirement
To receive OAS benefits, you must be at least 65 years old in 2024.
Residency Requirement
You must have lived in Canada for at least 10 years after the age of 18 to qualify for a partial OAS pension. To receive the full pension, you need to have lived in Canada for at least 40 years after turning 18. If you’ve lived abroad, eligibility may still apply if Canada has a social security agreement with the country you resided in.
Income Threshold
OAS is generally available to seniors regardless of income. However, if your annual income exceeds $148,451 (2024 threshold), you may be required to repay a portion of your OAS through the “OAS clawback” or recovery tax.
For low-income seniors, there is also the Guaranteed Income Supplement (GIS) available, which provides additional support.
2024 OAS Payment Schedule
OAS payments, including the $2,254 one-time payment, are deposited monthly. Here’s the schedule for OAS payments in 2024:
| Month | Deposit Date |
|---|---|
| January | January 29, 2024 |
| February | February 26, 2024 |
| March | March 28, 2024 |
| April | April 29, 2024 |
| May | May 29, 2024 |
| June | June 26, 2024 |
| July | July 29, 2024 |
| August | August 28, 2024 |
| September | September 26, 2024 |
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
For those enrolled in direct deposit, payments are automatically transferred to your bank account on these dates. If you receive a physical cheque, allow extra time for delivery.
How to Claim the $2,254 OAS Payment
If you are currently enrolled in OAS, you don’t need to take any action to receive the one-time $2,254 payment—it will automatically be included with your regular OAS deposits. If you’re turning 65 in 2024 or haven’t yet applied for OAS, follow these steps to claim your benefits:
Step 1: Confirm Eligibility
First, ensure you meet the eligibility criteria related to age, residency, and income.
Step 2: Check for Automatic Enrollment
Most Canadians are automatically enrolled in the OAS program, and those eligible should receive a notification from Service Canada the year before they turn 65. If you haven’t received this letter, you may need to apply manually.
Step 3: Apply for OAS
If automatic enrollment doesn’t apply to you, you can apply for OAS through two methods:
- Online Application: Log in to your My Service Canada Account (MSCA) and complete the OAS application online.
- By Mail: Download the Application for the Old Age Security Pension form, fill it out, and mail it to your nearest Service Canada office.
It’s recommended to apply six months before your 65th birthday to avoid delays.
Step 4: Set Up Direct Deposit
Direct deposit is the fastest and most reliable way to receive OAS payments. Set it up through Service Canada, so your benefits are automatically deposited into your account on each deposit date.
Additional OAS Support: Guaranteed Income Supplement (GIS)
For seniors with lower incomes, the Guaranteed Income Supplement (GIS) provides extra support alongside the OAS. Eligibility for GIS depends on your income level, and applying for it can further ease financial pressures in retirement.
The OAS program, with this extra one-time $2,254 payment, plays a critical role in helping Canadian seniors manage the costs of living, medical expenses, and other needs as they age.
By understanding the eligibility requirements and following the application steps, you can ensure you receive this valuable support. It’s a good idea to check your My Service Canada Account regularly for updates, and to confirm that direct deposit is set up so your payments arrive promptly.
