Old Age Security pension (commonly referred to as OAS) is the most familiar of all seniors’ benefits available. Many seniors in Canada use the various benefits and tax credits to lighten their financial burdens. Find out all the details about this benefit and the payment schedule for 2023.
Understanding the Old Age Security Pension and Benefits
The Old Age Security pension consists of a monthly payment intended for seniors over 65 years of age. In most cases, you will be automatically registered for payments the month after you turn 65. However, when information is missing from your file, it may be necessary to submit a request. Contrary to some popular beliefs, your employment history does not impact your eligibility for the benefit. Whether you have never worked or are still employed, you may be eligible.
Eligibility Criteria
If You Live in Canada, You Must:
- be 65 years of age or older;
- be a Canadian citizen or legal resident at the time your application for an Old Age Security pension is approved;
- have resided in Canada for at least 10 years since the age of 18.
If You Live Outside of Canada, You Must:
- be 65 years of age or older;
- have been a Canadian citizen or legal resident of Canada the day before you left Canada;
- have resided in Canada for at least 20 years since the age of 18.
2023 Old Age Security Payment Schedule
2023 payment schedule (to download)
Payment schedule Canada Pension Plan Includes retirement pension and Canada Pension Plan disability, child and survivor benefits | Payment schedule Old Age Security Pension Includes OAS Pension, Guaranteed Income Supplement, Allowance and Allowance for the Survivor |
January 27, 2023 | January 27, 2023 |
February 24, 2023 | February 24, 2023 |
March 29, 2023 | March 29, 2023 |
April 26, 2023 | April 26, 2023 |
May 29, 2023 | May 29, 2023 |
June 28, 2023 | June 28, 2023 |
July 27, 2023 | July 27, 2023 |
August 29, 2023 | August 29, 2023 |
September 27, 2023 | September 27, 2023 |
October 27, 2023 | October 27, 2023 |
November 28, 2023 | November 28, 2023 |
December 20, 2023 | December 20, 2023 |
Click here to view the payment schedule for 2022 (past year)
How Much Would You Be Entitled To?
The exact amount you could qualify for depends on two factors: your income in 2022 and how long you have lived in Canada (or some countries) after age 18. As of December 2022, only people with an income of less than $129,757 can obtain the Old Age Security pension and benefits. Between an income of $79,845 and $129,757, you may have to repay part or all of the OAS pension. A revision of the allowance of OAS is made each quarter taking into account the evolution of the cost of living.
Seniors between the ages of 65 and 74 can obtain a maximum amount of $685.50, while those aged 75 and over are entitled to a maximum monthly amount of $754.05. You have probably noticed an increase in the allowance for people aged 75 and over! Since July 2022, the amount received has increased by 10%.
Are you over 65 and have not received your pension? It is possible to obtain a retroactive payment of up to 11 months.
It should be noted that income from the Old Age Security pension is taxable.
Tips and Tricks
It is possible for you to defer your first payment up to 60 months (5 years) after your 65th birthday. Each deferred month has an impact on your pension amount, causing it to increase. You can receive a higher Old Age Security pension amount for each month you choose to defer your first payment.
To make it easier to get your payments, opt for direct deposit.
Other Benefits to Which You May Be Entitled To
Did you know that the Old Age Security pension can be combined with other benefits? Here are a few:
- Guaranteed Income Supplement (GIS)
- Benefits for your spouse or common-law partner
- Allowance for the survivor
Certain tax credits may also be available to you. For more information, you can consult the articles Am I eligible for seniors tax credits and allowances? and Tax Credits: Savings for Caregivers.
Changing Your Living Environment for Better Savings
The allowances you receive are not enough? Looking for a way to save more? Living in a seniors’ residence could be a solution to consider. Accommodation, meals and a range of services are available for a fixed price, often lower than expected. A good way to regain your peace of mind.
Our senior housing specialists are available to help you find the living environment that meets your needs and your budget. The Bonjour Résidences team offers you its services free of charge to assist you in your efforts.
Contact us at 1 844 918-1020 to speak to a member of our team or simply fill out the accommodation request form so that we can communicate with you.
