If you want to know the OAS Payment Schedule for 2024, you are in the right place. This guide will give you all the information you need about when and how much you will receive in your Old Age Security (OAS) payments.
Understanding OAS Payments
Old Age Security is a monthly payment for seniors in Canada aged 65 and older. The goal of OAS is to help seniors with their basic living expenses. You can receive even if you have not worked or are still working.
OAS Payment Dates for 2024
The OAS payments are made on the third last day of every month. If this date falls on a holiday, you will get your payment one day earlier. Here is the schedule for 2024:
| Month | Payment Date |
|---|---|
| January | January 29 |
| February | February 27 |
| March | March 26 |
| April | April 26 |
| May | May 29 |
| June | June 26 |
| July | July 29 |
| August | August 28 |
| September | September 25 |
| October | October 29 |
| November | November 27 |
| December | December 20 |
Make sure you set up direct deposit to get your payments on these dates. If you still receive checks, you might get your money a bit later.
OAS Payment Amount for 2024
In 2024, the maximum monthly OAS payment amount is $784.67 for people aged 75 and older. For those aged 65 to 74, the payment is $713.34. These amounts are adjusted for inflation every quarter, which means the amount might increase slightly in January, April, July, and October.
Benefits of OAS Payments
- Financial Security: OAS provides a steady income for seniors, helping them cover their basic needs.
- No Contribution Required: You can receive OAS even if you have never worked or contributed to the Canada Pension Plan.
- Additional Supplements: Low-income seniors may qualify for the Guaranteed Income Supplement (GIS), which provides extra money on top of the OAS payments.
- Automatic Increases: The payments are adjusted regularly to keep up with the cost of living.
Applying for OAS Payments
Sometimes, you will get a letter from Service Canada saying you are eligible for OAS and that your payments will start when you turn 65. If you do not get this letter but think you are eligible, you need to apply.
- Get the Application: You can get the form online, by calling 1-800-277-9914, or at a Service Canada office.
- Fill Out the Form: Complete the application with your personal details.
- Submit the Application: Mail your completed form to Service Canada. If you have a My Service Canada Account, you can apply online.
FAQs About OAS Payments
Q: Can I receive OAS payments if I live outside Canada?
A: Yes, you can still receive payments if you have lived in Canada for at least 20 years after turning 18.
Q: Do I need to pay taxes on my OAS payments?
A: Yes, these payments are considered taxable income. You might need to pay taxes depending on your total income.
Q: How do I change my payment information?
A: You can change your payment information online through your My Service Canada Account or by calling 1-800-277-9914.
Q: What if I miss an OAS payment?
A: Contact Service Canada as soon as possible to report a missed payment.
Q: How can I get the Guaranteed Income Supplement (GIS)?
A: The GIS is an additional benefit for low-income seniors. You need to apply for it separately. The amount you receive depends on your income.
Q: Can I get OAS if I am still working?
A: Yes, you can receive payments even if you are still working.
Q: What happens if my spouse dies?
A: If your spouse was receiving OAS, you might be eligible for the Allowance for the Survivor, which helps with financial support.
Q: How do I update my address?
A: You can update your address online through My Service Canada Account or by calling 1-800-277-9914.
Conclusion
The OAS Payment Schedule for 2024 is designed to provide financial stability to seniors in Canada. By knowing the payment dates and amounts, you can better plan your finances. Remember to set up direct deposit for faster access to your funds and to apply for any additional benefits you might qualify for. If you have any questions, check the FAQs or contact Service Canada for assistance.
We hope this guide has been helpful. Stay informed and make the most out of your OAS payments in 2024