As May draws to a close, Canadian residents can expect one final monthly payment from the Government of Canada.
The Old Age Security (OAS) payment will be distributed soon, providing eligible Canadians with potentially hundreds of dollars this month. According to the Canada Revenue Agency (CRA), OAS is a monthly, taxable benefit available to seniors aged 65 and older.
Eligibility and Enrollment
Your employment history does not affect your eligibility for the Old Age Security pension, which you can receive regardless of your work history. To qualify in Canada, you must meet the following criteria:
- Be 65 or older.
- Be a Canadian citizen or legal resident when your application is approved.
- Have lived in Canada for at least 10 years since turning 18.
If you are outside Canada, you must:
- Be 65 or older.
- Have been a Canadian citizen or legal resident the day before leaving Canada.
- Have lived in Canada for at least 20 years since turning 18.
Service Canada can automatically enroll you for the OAS pension if sufficient information is available. Service Canada will inform you if you have been automatically enrolled. If you did not receive any letter about the OAS pension the month after you turned 64, you may need to apply for the OAS pension.
Expected Payment Amount
The amount you receive from OAS can vary. It is based on how long you have lived in Canada after the age of 18. For residents who have lived in Canada for 40 years or more, the maximum monthly payment is typically the full amount. However, if you have lived in Canada for less than 40 years, you will receive a partial payment based on the number of years you have lived in Canada.
Additional Financial Benefits
In addition to OAS, there are other financial benefits and programs available that you may qualify for, many of which may not require automatic enrollment. It is advisable to explore these benefits to maximize your financial support.
For more detailed information on Old Age Security eligibility, the application process, and payment amounts, visit the Canada Revenue Agency’s OAS page.
Visuals
Left: The exterior of a Government of Canada building during the summertime surrounded by trees and lush greenery. Right: A person holding four Canadian $100 bills.
Left: The exterior of a Government of Canada building. Right: A person holding Canadian banknotes.
For further assistance, contact Service Canada or visit their website for guidance on your OAS pension application and other related benefits.
