Canada’s Old Age Security (OAS) pension is a vital income source for Canadian seniors, offering reliable support for essential expenses.
For November 2024, eligible seniors can receive up to $727.67 if they’re between ages 65 and 74, and up to $800.44 for those aged 75 or older. Here’s a guide on who qualifies, how much they can expect, payment schedules, and application instructions.
| Canada OAS Pension | Details |
|---|---|
| Monthly Payment (Ages 65-74) | Up to $727.67 |
| Monthly Payment (Ages 75+) | Up to $800.44 |
| Eligibility Age | 65 and older |
| Residency Requirement | 10 years in Canada if residing in Canada, 20 years if living abroad |
| November 2024 Payment Date | November 27, 2024 |
| Official Source | Canada.ca OAS Pension |
Understanding the OAS Pension
The OAS pension is funded by tax revenues, which means that eligible Canadian seniors can receive this benefit even if they haven’t contributed to a pension plan during their working years. OAS payments are also adjusted periodically for inflation, helping seniors maintain purchasing power.
Unlike the Canada Pension Plan (CPP), which is based on contributions made while working, OAS offers a consistent monthly income to most seniors who meet the residency and age requirements.
Eligibility Criteria for the November 2024 OAS Pension
Age Requirement
To qualify for the OAS pension, you must be 65 or older. Those aged 75 and above receive a higher amount each month due to a 10% top-up implemented by the government.
Residency Requirements
- Living in Canada: You need to be a Canadian citizen or legal resident when your OAS application is approved, with at least 10 years of residency in Canada after turning 18.
- Living Abroad: You must have been a Canadian citizen or legal resident on the day before you left Canada and have resided in Canada for at least 20 years after turning 18.
Employment Status
OAS eligibility is independent of your employment status, making it accessible whether you’re retired, working, or have never been employed in Canada.
Monthly OAS Payment Amounts for November 2024
OAS pension payments are reviewed quarterly to adjust for inflation. Here are the current maximum monthly payments:
- Ages 65 to 74: $727.67 per month
- Ages 75 and over: $800.44 per month
For those who haven’t lived in Canada for 40 years after age 18, a partial pension is available. Partial pensions are calculated as 1/40th of the full pension for each year lived in Canada after age 18. For example, 20 years in Canada would qualify you for half of the maximum OAS amount.
Tip: Not sure what you qualify for? Check your estimated amount using the government’s OAS calculator, or consult a financial advisor.
Payment Date: November 2024 OAS Pension Payment
OAS payments typically occur on the last business day of each month. For November 2024, the payment date is November 27. To ensure prompt payments, setting up direct deposit with Service Canada is recommended.
If you don’t receive your payment on the expected date, wait five business days before contacting Service Canada.
Income Thresholds and OAS Clawback
The OAS pension is a non-contributory benefit, but it’s subject to an income-based recovery tax (commonly known as the OAS clawback) for high-income seniors. If your annual net income exceeds certain limits, you may have to repay a portion or all of your OAS benefits.
OAS Income Thresholds (October – December 2024)
- Ages 65 to 74: Clawback starts if net world income exceeds $148,451.
- Ages 75 and over: Clawback starts if net world income exceeds $154,196.
If your income falls above these levels, your OAS benefits may be reduced. For an estimate of potential clawbacks, consult a tax advisor or use online tools.
Boosting Your OAS: Deferral for Higher Payments
If you don’t need the OAS payments immediately, you can defer receiving them up to age 70, with an increase of 0.6% for each month you delay. By deferring to age 70, your payment could be up to 36% higher.
For example, if you qualify for $727.67 at age 65, deferring until age 70 could increase your monthly payment to approximately $989.63. Deferral may be beneficial for those with other income sources or those anticipating a longer lifespan.
How to Apply for the OAS Pension in November 2024
To ensure you receive OAS benefits starting at age 65, it’s important to apply. Applications can be submitted up to 11 months before you turn 65.
Application Steps
- Gather Required Documents: Have your Social Insurance Number (SIN), proof of residency, and identification ready.
- Choose an Application Method: You can apply online via My Service Canada Account (MSCA) or submit a paper application by mail.
- Complete the Application: Ensure all sections are filled, and attach any required documents.
- Wait for Approval: Service Canada will review your application and may contact you for additional information.
- Track Payments: Once approved, monitor payment dates to confirm you’re receiving the correct amount.
For detailed instructions and required forms, visit the official OAS Application Page.
Important Note: OAS does not start automatically at age 65; you must apply to receive it.
