Canadian seniors are set to receive an Old Age Security (OAS) pension of up to $713.34 per month starting in October 2024. This pension aims to provide financial support to elderly citizens, helping them manage basic needs and maintain their standard of living.
In this article, we’ll explain the eligibility requirements, payment dates, and how to apply for the OAS pension, along with additional benefits available for low-income seniors.
Overview of $713.34 OAS Pension Payment
| Details | Key Information |
|---|---|
| Maximum Monthly Payment | $713.34 for individuals aged 65-74 |
| Eligibility Age | 65 years or older |
| Residency Requirement | Must have lived in Canada for at least 10 years |
| Payment Date (October 2024) | October 29, 2024 |
| How to Apply | Automatic enrollment for most; others need to apply |
| Official Website | www.servicecanada.gc.ca |
What Is Old Age Security (OAS) Pension?
The Old Age Security (OAS) Pension is a monthly payment designed to support seniors aged 65 and older in Canada. Unlike other pensions, recipients do not need to have contributed to a pension scheme during their working years.
From October 2024, seniors aged 65 to 74 will be eligible to receive $713.34 per month, while those aged 75 and older may receive up to $800.44. This pension is adjusted quarterly based on inflation to ensure that seniors maintain their purchasing power despite rising costs.
How to Qualify for the OAS Pension
To qualify for the OAS pension, recipients must meet the following criteria:
1. Age Requirement
You must be 65 years or older to be eligible for the OAS pension.
2. Citizenship and Residency
- You must be a Canadian citizen or have legal residency status.
- You must have lived in Canada for at least 10 years since the age of 18.
- If you have lived in Canada for fewer than 40 years, you may still qualify for a partial pension based on the number of years you lived in the country.
3. Automatic Enrollment
Most eligible seniors will be automatically enrolled in the OAS pension. However, if you have not received an enrollment notification by the time you turn 64, it is advisable to contact Service Canada to ensure your eligibility.
Payment Dates for OAS Pension in 2024
The OAS pension payments will start on October 29, 2024, with subsequent payments scheduled as follows:
- October 29, 2024
- November 27, 2024
- December 20, 2024
Example of Partial OAS Pension Calculation
If you have not lived in Canada for the full 40 years, your OAS pension will be calculated based on your years of residency.
- Example: John is 67 years old and has lived in Canada for 35 years. He will receive 35/40ths of the full pension.
- $713.34 x (35/40) = $623.65 per month.
Additional Benefits: Guaranteed Income Supplement (GIS)
Low-income seniors may be eligible for additional benefits through the Guaranteed Income Supplement (GIS). This supplement provides extra financial support to low-income individuals who are already receiving the OAS pension. The amount of GIS depends on the recipient’s income and marital status.
- Allowance for Seniors Aged 60-64: If your spouse or common-law partner is receiving GIS, you may also qualify for an allowance if your household income is below a certain limit.
How to Apply for the $713.34 OAS Pension
For many individuals, OAS pension enrollment is automatic. If you haven’t been automatically enrolled by age 64, you will need to apply manually.
1. Online Application
- Visit My Service Canada Account and log in to start your OAS application.
- Ensure you have all the necessary documents, including your Social Insurance Number (SIN) and proof of residency.
2. Paper Application
- If you prefer not to apply online, you can download the paper application from the Service Canada website or pick one up at a Service Canada office.
Fact Check: Is the $713.34 OAS Pension Real?
Yes, the $713.34 OAS Pension is real, and payments will begin in October 2024. However, rumors about additional checks or other large lump-sum payments are not supported by any official announcements. Always rely on official sources such as Service Canada or consult a financial advisor to verify claims.
The OAS pension is a critical source of income for many Canadian seniors. The new monthly payment of $713.34 starting in October 2024 will help provide financial security for those aged 65 and older.
If you meet the eligibility criteria, you may automatically be enrolled, or you can apply online or via a paper application. Additionally, those with low incomes may qualify for the Guaranteed Income Supplement (GIS) to further boost their financial stability.
