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December is rolling along, and that means it’s time for seniors across Quebec to prepare for the next round of government benefits and credits they can receive this month, including Old Age Security (OAS).
This month, those who qualify for OAS are in for a bit of a holiday treat — this federal benefit from the Canada Revenue Agency is arriving earlier than usual, just in time to help cover festive seasonal expenses.
OAS is a vital government pension program supporting Canadians aged 65 and older, ensuring they have the financial help they need to manage everyday costs. Whether you’re already receiving OAS or just exploring your eligibility, this government payment plays a big role in retirement planning for many.
If you’re eligible, your December 2024 OAS payment will be hitting your bank account next week — no need to wait until the end of the month! Not everyone qualifies automatically, though, so it’s worth reviewing the requirements to make sure you’re set up for this benefit.
Here’s a breakdown of what to know about OAS December payments, from eligibility details to payment amounts.
What is Old Age Security?
Old Age Security, or OAS, is a monthly payment program from the federal government designed to give financial support to Canadians aged 65 and older. It’s a cornerstone of retirement planning, helping seniors cover everyday expenses. The best part? Many people are automatically enrolled and start receiving payments as soon as they reach the eligible age.
Who is eligible for Old Age Security?
One of the great things about Old Age Security is that, unlike most other pensions, including the Canada Pension Plan, it’s not tied to your work history. Whether you’re retired, still clocking in or have never been part of the workforce, you may still qualify.
To be eligible, you’ll need to:
- be at least 65 years old,
- hold Canadian citizenship or legal resident status when your application is approved, and
- have lived in Canada for at least 10 years after turning 18.
If you’re living outside Canada, you might still qualify as long as you were a Canadian citizen or legal resident before you left and spent at least 20 years in Canada as an adult.
How to apply for Old Age Security
If you’re nearing 65 and haven’t heard from Service Canada about your OAS eligibility yet, you might need to take action. While many people are automatically enrolled, it’s a good idea to apply if you don’t receive a notice by the month after your 64th birthday.
Applying is simple and can normally be done in two ways:
- Online: Use your My Service Canada Account to fill out the application. Just make sure you have all your personal information handy, as the system won’t let you save and come back later.
- Hard copy: Complete the paper application form and include certified copies of the required documents. You can usually mail the form, but given the current Canada Post strike, you’re better off dropping it off at your local Service Canada office.
How much is Old Age Security in Canada
For December 2024, the maximum Old Age Security payment is $727.67 per month for those aged 65 to 74, and up to $800.44 monthly for seniors aged 75 and older.
The exact amount you’ll receive depends on your income. To qualify for OAS, your net world income for 2023 must be below $148,451 if you’re 65 to 74, or $154,196 if you’re 75 or older. Need a clearer picture? The CRA’s payment estimator can help you calculate what you’ll get.
OAS payments are adjusted every three months — in January, April, July and October — to reflect inflation. This ensures your payment keeps up with rising costs of living. However, if inflation drops, your payments won’t decrease.
More about OAS payment amounts
Is Old Age Security taxable?
Yes, Old Age Security payments count as taxable income. While taxes aren’t automatically deducted from your monthly payments, you can request it if you’d prefer to avoid a bigger bill at tax time. Just log into your My Service Canada Account or fill out the Request for Voluntary Federal Income Tax Deductions CPP/OAS form and drop it off with Service Canada.
If you skip setting up monthly deductions, you might need to pay taxes quarterly instead. For tax filing, residents of Canada will receive a T4 slip for their OAS payments, while those living abroad will get an NR4 slip.
When do Old Age Security payments go out?
While Old Age Security is normally paid out in the last week of the month, the December 2024 OAS payment is arriving about a week early, with payment set for Friday, December 20.
Looking ahead to 2025, here’s a rundown of the remaining OAS payment dates for the current benefit period:
- January 29, 2025
- February 26, 2025
- March 27, 2025
- April 28, 2025
- May 28, 2025
- June 26, 2025
How does the Canada Post strike affect OAS cheques?
Service Canada confirmed last month that November’s OAS cheques would still be delivered during the Canada Post strike, but other CRA-issued cheques would be held until the disruption is resolved.
To avoid delays, switching to direct deposit is your best option. With direct deposit, your OAS payments go straight into your bank account — no waiting on the mail. It’s faster, more secure and guarantees your money gets to you without hiccups.
You can sign up for direct deposit online through your My Service Canada Account, by phone at 1-800-277-9914 (press “0” to speak with an agent), or in person at a Service Canada office. Be sure to have your SIN and banking details handy, including your account, branch and transit numbers (you’ll find these at the bottom of your own cheques).
More about signing up for direct deposit
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