Old Age Security Pension For Canadians Aged 65 In October 2024: Know Payment Dates & Eligibility

In October 2024, eligible Canadians aged 65 and older will receive $713.34 per month from the Old Age Security (OAS) pension. With inflation impacting retirement savings, this payment helps seniors manage living expenses in retirement.

This article covers payment dates, eligibility, and how to get the most from your OAS benefits.

Amount and Adjustments

As of October 2024, the OAS pension for those aged 65 to 74 stands at $713.34 monthly. Those over 75 receive slightly more, $784.67 per month.

These amounts are adjusted quarterly based on the Consumer Price Index (CPI) to reflect cost-of-living increases.

This ensures retirees maintain financial stability despite rising expenses. The OAS payment will remain indexed to inflation, meaning it will increase as the cost of living rises.

Payment Dates for OAS and CPP

The OAS pension is paid monthly, with the next payment for October 2024 set for October 29, 2024. Future payments will be made on November 27 and December 20, 2024. Along with the Canada Pension Plan (CPP), OAS is one of the two primary income sources for most retired Canadians.

To summarize the October payment schedule:

Payment Dates (2024)	Programs
October 29	OAS and CPP
November 27	OAS and CPP
December 20	OAS and CPP

CPP is another pension benefit for those who contributed while working. Both programs offer a financial cushion for retired Canadians and are adjusted periodically to align with economic factors like inflation.

Eligibility Criteria

To receive OAS payments in 2024, you must meet specific eligibility criteria. The primary qualifications are:

• Age: You must be 65 or older.
• Residency: You must have lived in Canada for at least 10 years after turning 18.
• Citizenship: You must be a Canadian citizen or legal resident.

If you’ve lived outside Canada, you may still qualify for partial payments based on your time spent in the country. Moreover, the CPP has additional criteria tied to contributions made during your working years.

For CPP eligibility in 2024:

• You need to be at least 60 years old.
• You must have contributed to CPP during your working years in Canada.

OAS Clawback: Tax Considerations

If your income exceeds a certain threshold, your OAS payments may be subject to what is called the OAS clawback. For 2024, if your income surpasses $86,912, the clawback reduces your OAS by 15% of the excess income.

For example, if your income is $100,000, your OAS payment will be reduced by $163.60 per month, lowering your payment to $549.74.

This clawback is essentially a recovery tax applied to higher-income seniors. It ensures that OAS benefits primarily support those with lower to middle incomes. Therefore, it’s vital to plan your retirement income carefully to avoid unexpectedly large reductions in your benefits.

How to Check Your OAS and CPP Payment Status

You can easily check your OAS and CPP payment status through the Canada Revenue Agency (CRA) or Service Canada websites. To view your information:

1. Log in to your CRA My Account.
2. Here, you can review your CPP contributions, OAS details, and payment history.
3. You can also contact the CRA at 1-800-277-9914 for inquiries or updates.

For those who prefer traditional methods, updates are also available by mail if you opted for this when signing up with Service Canada.

Maximizing Your OAS Benefits

To get the most out of your OAS payments, consider delaying your application if possible.

By deferring your OAS pension beyond age 65, your payment amount increases by 0.6% for each month of deferral, up to a maximum of 36% if delayed until age 70. This strategy may benefit those with sufficient alternative income during the early years of retirement.

Additionally, keeping track of inflation adjustments and managing your taxable income to stay below the clawback threshold can help preserve more of your OAS payments.

Overall, the OAS pension serves as an essential source of income for many retired Canadians. Knowing the payment schedule, eligibility, and clawback rules can help you make informed decisions about your retirement strategy.

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