The Old Age Security (OAS) program is a fundamental component of Canada’s social safety net, providing monthly financial support to seniors aged 65 and older.
Understanding the payment schedule and eligibility criteria is crucial for beneficiaries to manage their finances effectively.
What is Old Age Security (OAS)?
The Old Age Security program is a government-funded pension plan designed to offer financial assistance to Canadian seniors.
Unlike the Canada Pension Plan (CPP), OAS does not require prior contributions from employment; instead, it is funded through general tax revenues.
Eligibility Criteria:
To qualify for OAS benefits, individuals must meet the following conditions:
- Age Requirement: Must be 65 years or older.
- Residency Status: Must be a Canadian citizen or legal resident at the time of application.
- Residency Duration: Must have resided in Canada for at least 10 years after turning 18.
For those living outside Canada, a minimum of 20 years of residence after the age of 18 is required to qualify for OAS benefits.
OAS Payment Dates for 2025
The Old Age Security payments are disbursed monthly. For February 2025, the payment date is scheduled as follows:
| Month | Payment Date |
|---|---|
| January | January 29, 2025 |
| February | February 26, 2025 |
| March | March 27, 2025 |
| April | April 28, 2025 |
| May | May 28, 2025 |
| June | June 26, 2025 |
| July | July 29, 2025 |
| August | August 27, 2025 |
| September | September 25, 2025 |
| October | October 29, 2025 |
| November | November 26, 2025 |
| December | December 22, 2025 |
Note: OAS and CPP payments are issued on the same dates.
How Much Will You Receive?
The OAS pension amounts are reviewed quarterly (in January, April, July, and October) to account for increases in the cost of living, as measured by the Consumer Price Index. As of January to March 2025, the maximum monthly payment amounts are:
- Ages 65 to 74: $727.67
- Ages 75 and over: $800.44
These amounts are subject to income thresholds. For individuals aged 65 to 74, the annual net world income must be less than $148,451, and for those aged 75 and over, it must be less than $154,196 to receive the maximum OAS pension.
Tax Implications and Recovery Tax
OAS payments are considered taxable income. If your annual net income exceeds a certain threshold, you may be required to repay a portion of your OAS pension through the OAS recovery tax. For the period of July 2025 to June 2026, the income thresholds are:
- Minimum Income Recovery Threshold: $90,997
- Maximum Income Recovery Threshold:
- Ages 65 to 74: $151,668
- Ages 75 and over: $157,490
If your income exceeds the minimum threshold, you will need to repay 15% of the amount over this threshold.
Receiving Your OAS Payment
Payments can be received via direct deposit or cheque. Direct deposit ensures that funds are available in your bank account on the payment date, while cheque deliveries may take a few extra days.
To set up direct deposit or update your banking information, you can contact Service Canada or access your My Service Canada Account online.
Staying informed about OAS payment dates, eligibility criteria, and payment amounts is essential for Canadian seniors to effectively plan their finances.
By understanding these key details, beneficiaries can ensure they receive their entitled support promptly and manage their retirement income efficiently.
FAQs
Can I receive OAS benefits if I live outside of Canada?
Yes, if you have lived in Canada for at least 20 years after turning 18, you can receive OAS payments while residing outside of Canada.
How do I apply for OAS benefits?
If you are not automatically enrolled, you can apply for OAS benefits online through your My Service Canada Account or by mailing a completed application form to Service Canada.
Is it possible to defer OAS payments?
Yes, you can defer receiving your OAS pension for up to 60 months (5 years) after you become eligible. For each month you delay, your payment increases by 0.6%, resulting in a maximum increase of 36% if deferred for the full 5 years.