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As we make our way through November, it’s time for Quebecers to keep an eye out for the latest round of federal government benefits paying out this month, including those from Old Age Security (OAS).
OAS is a federal pension program designed to help Canadians aged 65 and older manage their everyday expenses. It’s a crucial support system for seniors across the country.
If you’re eligible, your OAS payment for November 2024 is expected to arrive next week, offering a financial boost to help cover monthly costs. It’s worth checking the eligibility requirements, as some recipients are automatically enrolled while others need to apply for this government payment.
Here’s everything you need to know about OAS payments for November, including who qualifies, how it works and how much you could receive.
What is Old Age Security?
Old Age Security (OAS) is a monthly payment from the federal government, created to support Canadians aged 65 and up. It’s a vital program aimed at helping retirees manage their living expenses. In many cases, eligible individuals are automatically enrolled to start receiving payments as soon as they hit the qualifying age.
Who is eligible for Old Age Security?
One of the great things about Old Age Security is that your work history doesn’t impact your eligibility. You can qualify whether you’re retired, still working, or have never been employed.
To be eligible, you must:
- Be at least 65 years old.
- Be a Canadian citizen or legal resident at the time your pension is approved.
- Have lived in Canada for at least 10 years since turning 18.
If you’re living abroad, you can still qualify if you were a Canadian citizen or legal resident before leaving and spent at least 20 years in Canada after turning 18.
How to apply for Old Age Security
If you’re turning 65 and haven’t heard from Service Canada yet about Old Age Security, you may need to apply. Some people are enrolled automatically, but if you don’t receive a notice by the month after your 64th birthday, it’s best to submit an application.
You can apply online through your My Service Canada Account or by completing and mailing a paper form. For online applications, make sure you have all your personal details ready, as the system won’t let you save and return later. Paper applications require certified copies of necessary documents and can be mailed or brought to a Service Canada office.
How much is Old Age Security in Canada
For November 2024, the maximum Old Age Security (OAS) payment is $727.67 per month for people aged 65 to 74, while those 75 and older can receive up to $800.44 monthly.
The exact amount you’ll get depends on your income. To qualify for an OAS payment, your 2023 annual net world income must be below $148,451 (ages 65 to 74) or $154,196 (ages 75+). You can use the CRA’s payment calculator to get an estimate of your amount.
OAS payments are adjusted quarterly — in January, April, July, and October — to account for inflation. This ensures your November payment reflects cost-of-living increases, but don’t worry, payments won’t decrease if inflation drops.
More about OAS payment amounts
Is Old Age Security taxable?
Yes, Old Age Security (OAS) payments are considered taxable income. Taxes aren’t automatically deducted from your monthly payments, but you can request this by logging into your My Service Canada Account or submitting the Request for Voluntary Federal Income Tax Deductions CPP/OAS form to Service Canada.
If you don’t arrange for monthly tax deductions, you might need to pay taxes quarterly. Residents of Canada will receive a T4 tax slip for OAS, while those living abroad will get an NR4 tax slip to use when filing their taxes.
When do Old Age Security payments go out?
The next Old Age Security (OAS) payment is scheduled to arrive in bank accounts on Wednesday, November 27.
After that, the final OAS payment for 2024 will arrive on December 20.
Here are all the other remaining OAS payment dates for the 2023 tax year:
- January 29, 2025
- February 26, 2025
- March 27, 2025
- April 28, 2025
- May 28, 2025
- June 26, 2025
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