Old Age Security (OAS) is a government-funded pension program in Canada that provides financial assistance to seniors aged 65 and over. It is one of the three pillars of Canada’s retirement income system. It is well paired with the Canada Pension Plan (CPP) and private savings. OAS is a universal program, meaning that it is available to all Canadian seniors. This is regardless of their income or employment history.
In this article, we will delve into the details of Old Age Security payments in Canada. We will touch on how to apply & how much you can expect to receive. Also covered is how to appeal a decision if you are denied OAS and the payment dates. We will discuss some of the other government programs and benefits available to seniors in Canada. This includes the Guaranteed Income Supplement (GIS) and Allowance for the Survivor (AFS).
Old Age Security Payments Schedule (Canada Pension Plan & Old Age Security Pension)
- January 27, 2023
- February 24, 2023
- March 29, 2023
- April 26, 2023
- May 29, 2023
- June 28, 2023
- July 27, 2023
- August 29, 2023
- September 27, 2023
- October 27, 2023
- November 28, 2023
- December 20, 2023
How to Apply for Old Age Security
To apply for OAS, you must be at least 65 years old and a Canadian citizen or a legal resident who has lived in Canada for at least 10 years after the age of 18. Which employer pension contributions you’ve made is irrelevant to your eligibility.
To apply, you can either fill out an application online or download and print a paper application from the Government of Canada’s website. You will need to provide proof of your age, citizenship or legal residence. Be prepared to send any other relevant documents, such as a marriage certificate or divorce papers.
It is important to apply for Old Age Security as soon as you are eligible, as the payment is retroactive to the month you turned 65. If you apply after your 65th birthday, you may lose out on some of the payments you are entitled to.
How Much Will You Receive?
The amount of Old Age Security you receive depends on how long you have lived in Canada after the age of 18. The longer you have lived in Canada, the higher your OAS payment will be.
For 2023, the maximum monthly payment for Old Age Security is $754.05. However, this amount is reduced if you have a higher income. If your net income (income after deductions) exceeds $79,845 in 2021, you will have to pay a recovery tax on your Old Age Security. The recovery tax is based on your net income and starts at 15% for those with a net income between $79,845 and $129,757. People above that income cannot obtain Old Age Security payments.
If you are married or in a common-law relationship, your spouse’s or common-law partner’s income will also be taken into account when determining your Old Age Security payment.
In addition to Old Age Security, you may also be eligible for the Guaranteed Income Supplement (GIS). This is a monthly benefit paid to low-income seniors who receive Old Age Security. The amount of GIS you receive depends on your income and your marital status.
Appealing a Decision
If you are denied the program or if you think your payment is too low, you have the right to appeal the decision. You can appeal to the Social Security Tribunal. This is an independent body that reviews decisions made by the Canada Pension Plan and Old Age Security programs.
To appeal a decision, you will need to fill out a Notice of Appeal form and provide any additional evidence or information that supports your case. You can also request a review of your case by the Ministry of Employment and Social Development. This government body administers the Old Age Security program.
Other Government Programs And Benefits For Seniors
In addition to Old Age Security, there are several other government programs and benefits available to seniors in Canada:
Canada Pension Plan (CPP)
CPP is a contributory pension plan that provides retirement, survivor and disability benefits to Canadians. The amount of CPP you receive depends on how much you have contributed to the plan and how long. CPP is available to anyone who has contributed to the plan, regardless of their age or employment status.
Allowance For The Survivor (AFS)
AFS is a monthly benefit for the surviving spouse or common-law partner of a deceased person who received OAS or CPP. AFS is intended to help the surviving spouse or common-law partner maintain their standard of living after the death of their partner.
Pension For Life
Pension for Life is a program that was introduced in 2018 for April 2019 and provides financial support to severely disabled veterans and their survivors. The program replaced the previous Permanent Impairment Allowance, Pain and Suffering Compensation, and Pension for Life payments.
Old Age Security Pension Loan
The Old Age Security Pension Loan is a program that allows seniors to borrow against their future Old Age Security payments. The loan is interest-free and can be used for any purpose, such as paying bills, making home repairs, or covering unexpected expenses.
Home Adaptations For Seniors’ Independence (HASI)
(On-reserve First Nations only) HASI is a program that helps on-reserve seniors stay in their homes by providing financial assistance for home modifications and adaptations, such as installing handrails, ramps, or lifts.
Medical Expense Tax Credit
The Medical Expense Tax Credit is a non-refundable tax credit that helps seniors offset the cost of eligible medical expenses, such as prescription drugs, vision care, and home care.
Pension Income Credit
The Pension Income Credit is a non-refundable tax credit that helps seniors offset the tax they pay on eligible pension income, such as Old Age Security, CPP, and private pension income.
The Bottom Line For Old Age Security
Old Age Security is a valuable government-funded pension program that provides financial assistance to Canadian seniors aged 65 and over. It is one of the three pillars of Canada’s retirement income system. The program is available to all Canadian seniors, regardless of their income or employment history. If you are a senior and are eligible for Old Age Security, it is important to apply ASAP. This ensures you receive the full amount you are entitled to. In addition to OAS, there are several other government programs and benefits available to seniors in Canada. You have access to the Canada Pension Plan, Allowance for the Survivor, Pension for Life, and more.
