The Canada Revenue Agency (CRA) recently distributed Old Age Security (OAS) payments to eligible seniors on November 27, 2024.
This crucial financial assistance is designed to help seniors cover living expenses and maintain a comfortable standard of living Eligible individuals receive up to $71833 per month if they are between 65 and 74 years old and up to $79016 per month for those aged 75 and older.
These payments are an essential form of support, especially for seniors who rely on the government for financial stability.
What is an Old Age Security Pension?
The Old Age Security (OAS) pension is a monthly payment from the Canadian government for individuals aged 65 or older Unlike other benefits.
OAS does not depend on a person’s employment history but instead focuses on age and residency in Canada The OAS program is administered by Service Canada, which automatically enrolls eligible individuals once sufficient information is available.
However, if a person does not receive a notification by the month following their 64th birthday, they should apply manually to ensure they receive their benefits.
Eligibility for Old Age Security
To qualify for the Old Age Security pension, individuals must meet the following requirements
- In Canada: Be 65 years or older, a Canadian citizen or legal resident, and have lived in Canada for at least 10 years after the age of 18
- Outside Canada: Be 65 or older, have been a Canadian citizen or legal resident before leaving Canada, and have lived in Canada for at least 20 years after turning 18.
Employment history does not impact eligibility for OAS benefits.
Old Age Security (OAS) Payment Amount
The OAS pension provides varying amounts based on age, helping seniors manage their finances during retirement The maximum monthly payment for eligible individuals is.
- Aged 65 to 74: $71833 per month to assist with daily expenses and ensure a stable income as they enter retirement
- Aged 75 and Older: $79016 per month to reflect the increased needs of seniors as they age further into retirement.
OAS Payment Schedule for 2024
The following dates are scheduled for OAS payments in 2024, ensuring that seniors receive timely support throughout the year.
- November 27, 2024
- December 20, 2024
Steps to Check OAS Payment Status
To confirm if your Old Age Security payments have been processed, follow these steps.
Online Through My Service Canada Account
- Log in to your My Service Canada Account using your username and password
- Navigate to the “Benefits” section and select “Old Age Security” to view payment status and details
- Review your payment history to confirm whether your payments are on schedule.
Other Methods to Check Payment Status
- Use Online Tools: You can also check your OAS payment status using the online tools available on the Government of Canada website Access the “Old Age Security” section to review payment status and get further information about your benefits.
- Contact Service Canada Directly: If you prefer to speak to someone, call the Service Canada toll-free number at 1-800-277-9914 A representative can provide real-time updates about your OAS payment You can also visit a Service Canada office in person for assistance.
- Review Bank Statements: Regularly check your bank statements for direct deposits from the Government of Canada If any payment discrepancies arise, contact your bank to resolve any issues promptly.
- Review Mail Correspondence: Keep an eye out for any postal mail from CRA Important updates or notifications regarding your OAS payments may be sent by mail Always review these communications to ensure they align with your expected payment schedule and amounts.
These steps will help ensure that you receive your Old Age Security benefits without delays, providing greater financial stability as you continue into your retirement years.
