Government benefits are coming to some Canadians soon, but only to those who qualify. If you’re wondering who the benefits include, we cover what you need to know about the upcoming payments and how you might be eligible.
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Old Age Security Benefit Payments in Canada
OAS payments are meant for Canadian citizens aged 65 and older. It’s the government’s way of supporting seniors throughout their later years, a benefit that they receive no matter where they worked or how much they’ve saved up for retirement. Most people do not have to apply for the OAS, as they are automatically enrolled if Service Canada already has their eligibility information. But if a month has passed since your 64th birthday, you may need to apply manually.
Here’s the criteria to qualify for OAS pension payments:
- You must be 65 years or older.
- If you are living in Canada, you must:
- Be a Canadian citizen or a legal resident at the time we approve your OAS pension application
- Have resided in Canada for at least 10 years since the age of 18
- If you are living outside Canada, you must:
- Have been a Canadian citizen or a legal resident of Canada on the day before you left Canada
- Have resided in Canada for at least 20 years since the age of 18
You must also submit a tax return each year to receive your OAS pension.
The maximum payment amounts and income thresholds look like this:
- Age 65 to 74: maximum monthly payment amount of $751.05
- To receive the OAS, your annual net world income in 2024 must be less than $148,451
- Age 75 and over: maximum monthly payment amount of $827.17
- To receive the OAS, your annual net world income in 2024 must be less than $154,196
Canada Pension Plan
If you’re retired, then that means it’s almost time for your Canada Pension Plan (CPP) payment to come through. This monthly, taxable benefit “replaces part of your income when you retire”, and will keep coming each month for the rest of your life. To qualify, all you have to be is at least 60 years old and have made at least one valid contribution to the CPP. You can also keep working after you begin receiving your CPP retirement pension– it won’t be reduced, and you may also qualify for the CPP Post-Retirement Benefit.
The maximum CPP retirement pension someone aged at 65 years old can receive is $1,507.65 per month.
CPP and OAS payments will both be coming on July 29.
