OAS is a monthly government payment administered by Service Canada. If you're expecting your first payment or waiting for another installment, you'll get money as a direct deposit or cheque near the end of the month.
So, here's what you need to know about OAS, including the October payment date, increased payment amounts, and more.
What is Old Age Security?
OAS is a pension for eligible people who are 65 years of age or older.
It can also include additional amounts from the Guaranteed Income Supplement, Allowance, and Allowance for the Survivor benefits.
Who is eligible for Old Age Security?
You must be 65 years of age or older to be eligible to receive the OAS pension.
If you live in Canada, you must:
- be a Canadian citizen or a legal resident at the time your OAS pension application is approved
- have resided in Canada for at least 10 years since the age of 18
If you live 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 can receive OAS even if you've never worked or you're still working because your employment status doesn't affect your eligibility.
If Service Canada has your information, you'll get an enrollment letter close to your 64th birthday. That means you're automatically enrolled and don't need to apply for the pension.
If it's been one month since your 64th birthday and you haven't received an enrollment letter, you may need to apply for OAS.
How much money can you get from Old Age Security payments?
The amount of money you get from OAS depends on the age you started receiving the pension, whether you're 75 or older and eligible for an increased pension amount, your net income, and how many years you've lived in Canada.
Recently, the federal government implemented a payment adjustment to reflect cost-of-living increases measured by the Consumer Price Index.
OAS benefits are now 1.4% higher for payments in October, November and December.
The maximum payment is $762.50 if you're between 65 and 74 years old, and $838.75 if you're 75 or older. That's an increase of $10.53 and $11.58 per month, respectively.
When is the next Old Age Security payment date?
The next OAS payment date is Wednesday, October 28, 2026.
How do you receive Old Age Security payments?
You can receive your OAS payment from Service Canada by direct deposit or by cheque.
If you have direct deposit set up with Service Canada, a payment will be automatically put into your bank account every month you're eligible for the pension.
If you don't have direct deposit as your payment method, a cheque will be issued during the last three business days of each month you're eligible for OAS payments. It could take longer for you to receive the money that way because cheques are mailed.
Service Canada said you can sign up for direct deposit at any time and get money directly into your bank account in Canada, the U.S. or other participating countries.
If you were recently enrolled in this program, you'll receive your first OAS payment the month after you turn 65 or on the specific date you chose.
Shane Blackwood.Peel Regional Police