In November 2024, eligible Canadian seniors aged 65 and older will receive adjusted Old Age Security (OAS) payments. This monthly pension aims to support retirees by adjusting regularly to reflect cost-of-living changes as measured by the Consumer Price Index (CPI).
Here’s a fact-checked breakdown of key details related to the OAS pension, payment amounts, eligibility, and other considerations.
OAS Payment Amounts for November 2024
As of November 2024, eligible OAS recipients will receive:
- $713.34 per month for seniors aged 65 to 74
- $784.67 per month for seniors aged 75 and older
These amounts are adjusted quarterly based on the CPI to help seniors maintain their purchasing power in the face of inflation.
Upcoming Payment Dates
The scheduled payment dates for OAS in the remainder of 2024 are:
- October Payment: October 29, 2024
- November Payment: November 27, 2024
- December Payment: December 20, 2024
Eligibility Criteria for OAS Pension (2024)
To qualify for OAS, applicants must meet specific residency and age requirements:
- Age Requirement: Must be at least 65 years old.
- Residency for Full Pension: A minimum of 40 years of residency in Canada after the age of 18 is required to receive the full OAS amount.
- Partial Pension: For those with at least 10 years of residency after turning 18, a partial pension may be available.
- Foreign Residency Requirement: Canadian citizens living abroad must have resided in Canada for at least 20 years after turning 18 to qualify.
OAS Clawback and Tax Considerations
OAS payments are taxable income, and higher-income seniors may face an OAS clawback or recovery tax. The clawback threshold for 2024 is $86,912. If a recipient’s income exceeds this amount, their OAS payments will be reduced by 15% of the income exceeding the threshold.
Application Process for OAS in 2024
For those nearing 65, Service Canada may automatically enroll eligible individuals in OAS. If not, you can apply through your My Service Canada Account online or by mailing in the application. Applications should ideally start six months before turning 65. If you apply late, there is an option for up to 11 months of retroactive payments.
Additional Benefits for Low-Income Seniors
Seniors with limited income may qualify for further support, including:
- Guaranteed Income Supplement (GIS): Available to low-income OAS recipients to help with living expenses.
- Allowance: A benefit for low-income individuals aged 60 to 64 who are spouses or common-law partners of OAS and GIS recipients.
- Allowance for the Survivor: Available to low-income individuals aged 60 to 64 who have lost a spouse or partner.
For the latest and most accurate information regarding OAS and related benefits, always refer to official government resources, such as Service Canada’s website, or speak with a financial advisor. This will help ensure you receive accurate, updated details about your benefits, eligibility, and any potential changes.
