Old Age Security payments go out soon — Here's how much $ you can receive this August
You could be entitled to hundreds of dollars.
A pile of Canadian banknotes.
As August comes to a close, Canadian residents can anticipate receiving a couple of final monthly payments from the Government of Canada, including the Canada Pension Plan and Old Age Security.
The Old Age Security (OAS) payment will be distributed in the coming days, providing eligible Canadians with potentially hundreds of dollars this month.
The federal government advises checking your eligibility for government benefits and programs available, as some may or may not require automatic enrollment when you file your annual income taxes.
Here’s everything you need to know about OAS eligibility, the application process, and the expected payment amount this month.
What is Old Age Security?
The Old Age Security (OAS) pension is a monthly payment available to individuals aged 65 and older, as stated by the Canada Revenue Agency.
Service Canada often has enough information to automatically enroll you for the OAS pension and will notify you if you are enrolled automatically.
If you have not received a notification by the month after your 64th birthday, you may need to apply for the OAS pension.
Who is eligible for Old Age Security?
To qualify for the Old Age Security (OAS) pension, your employment history does not matter; you can receive it regardless of your work status, according to the Canada Revenue Agency.
If you live in Canada, you must be 65 years or older, a Canadian citizen or legal resident when your OAS pension is approved, and have lived in Canada for at least 10 years since turning 18.
If you live outside Canada, you must be 65 years or older, have been a Canadian citizen or legal resident on the day before you left Canada, and have lived in Canada for at least 20 years since turning 18.
How much does Old Age Security pay?
The Old Age Security payment is $718.33 for individuals aged 65 to 74 and $790.16 for those aged 75 and over.
When do Old Age Security payments go out?
The next payment going out this month will be issued on August 28.
The following OAS payments for 2024 are as follows:
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024