The Old Age Security (OAS) pension is a retirement income source for most seniors in Canada, helping to support a more comfortable lifestyle post-retirement.
This article will help you understand the payment dates for OAS in 2023, how much you might expect to receive, and the qualifications for receiving OAS.
2023 OAS Payment Dates
To help you manage your finances better, here are the OAS payment dates for 2023:
|Month of the Year||Payment Date|
How Much OAS Will You Get?
The OAS pension amount varies based on age and income, but here are the maximums:
|Your Current Age||Maximum OAS Monthly Payment Amount (April to June 2023)||Your Annual Net World Income Must Be|
|65 to 74||$691.00||Less than $129,757|
|75+||$760.10||Less than $129,757|
Remember that these are the maximum monthly amounts for OAS; you could receive more or less.
First, the amount of OAS you receive depends on your age. If you are or will be 75 years old or older, you will get a 10% increase.
The amount you receive also depends on how many years you have lived in Canada. If you lived in Canada for less than 40 years (after age 18), you will receive a OAS partial payment amount. Your payment amount is based on your years in Canada divided by 40.
Lastly, you must pay back some of the OAS if you make more than a specific amount per year ($79,845 in 2021). See here for any changes to that number.
You can use the Government of Canada’s OAS calculator for a more precise estimation of how much OAS you will receive.
Who Qualifies for OAS?
Eligibility for the OAS pension isn’t tied to your employment history; you can receive OAS even if you have never worked or are still working. However, certain conditions must be met to qualify for OAS:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident when your OAS pension application is approved
- Have resided in Canada for at least ten years since the age of 18
All about OAS
Not unlike the CPP, the OAS pension is a monthly payment for Canadians (and legal residents) aged 65 and older.
OAS Payments typically start the month after you turn 65. Still, you can delay your first payment to receive a higher OAS pension amount when you are older.
OAS pension payments are taxable.
In addition to OAS, you may also be eligible for the Guaranteed Income Supplement (GIS), which is a monthly payment you can get if you receive the OAS pension and your income is below the maximum annual income threshold for the GIS based on your marital status.
Navigating retirement can be challenging, but understanding the OAS and its benefits can help. Stay informed and take full advantage of the benefits available to you. Always refer to the official Service Canada website for any changes or updates.
Jeff is a lawyer in Toronto who works for a technology startup. Jeff is a frequent lecturer on employment law and is the author of an employment law textbook and various trade journal articles. Jeff is interested in Canadian business, technology and law, and this blog is his platform to share his views and tips in those areas.