Canada’s Old Age Security (OAS) pension is a monthly payment available to seniors aged 65 and older who meet the Canadian legal status and residence requirements. It is one of Canada’s cornerstone retirement income systems, designed to provide a basic level of pension income to Canadian seniors.
Canada OAS Pension
Canada’s Old Age Security (OAS) Pension is a crucial element of the country’s retirement income system, providing financial support to seniors aged 65 and older who meet specific eligibility criteria. This pension serves as a foundation for retirement income and ensures basic financial assistance for Canadian seniors.
In the following sections, we will explore key aspects of the OAS Pension Program, including the payment amounts, eligibility criteria, payment dates, and the application process. Understanding these details is essential for seniors planning their retirement and seeking to access this valuable benefit.
OAS Pension Amount: How Much Can You Get?
The amount you receive from the OAS pension varies based on your situation. As of 2023, the maximum monthly payment amount is approximately CAD 626.49. However, the actual amount received depends on factors like:
- The number of years you have lived in Canada after age 18.
- Your income level, as the OAS pension, is subject to a recovery tax (or clawback) when your net world income exceeds a certain threshold.
| Age Range | Maximum Monthly Payment Amount | To Receive the OAS, Your Annual Net World Income in 2022 Must Be |
|---|---|---|
| 65 to 74 | $707.68 | Less than $142,609 |
| 75 and over | $778.45 | Less than $148,172 |
OAS Pension Payment Dates 2023
The OAS pension payments are issued monthly, typically during the last week of the month. For 2023, the expected payment dates are:
- January 27
- February 24
- March 29
- April 26
- May 29
- June 28
- July 27
- August 29
- September 27
- October 27
- November 28
- December 20
Please note, that these dates might vary slightly or be adjusted due to weekends or public holidays.
OAS Eligibility Criteria
Eligibility for Canada’s Old Age Security (OAS) pension depends on various factors, including your age, residency status, and in some cases, your employment history. Here’s a detailed breakdown:
Qualifications for Residents of Canada
If you are living in Canada, you must meet the following criteria to qualify for the OAS pension:
- Age Requirement: You must be 65 years old or older.
- Citizenship or Legal Residency: When your OAS pension application is approved, you must be a Canadian citizen or a legal resident.
- Residence in Canada: You must have resided in Canada for at least 10 years since 18.
Qualifications for Canadian Living Outside Canada
If you are a Canadian living outside Canada, the following criteria apply to qualify for the OAS pension:
- Age Requirement: You must be 65 years old or older.
- Citizenship or Legal Residency: You must have been a Canadian citizen or a legal resident of Canada on the day before you left Canada.
- Residence in Canada: You must have resided in Canada for at least 20 years since 18.
Canadians Working Abroad for Canadian Employers
Canadians working outside Canada for Canadian employers, such as the Canadian Armed Forces and banks, may have their time working abroad counted as residence in Canada under certain conditions. To qualify, you must meet one of the following criteria:
- Returned to Canada: You returned to Canada within 6 months of ending your employment abroad.
- Turned 65 While Employed: You turned 65 years old while still employed abroad and maintained a residence in Canada during your time outside of Canada.
You must provide the following two documents as proof:
- Proof of employment from the employer.
- Proof of physically returning to Canada (unless you turned 65 while still employed outside Canada).
Special Cases
Under certain conditions, spouses, common-law partners, dependents, and Canadians working abroad for international organizations may also count time spent abroad as residence in Canada.
International Social Security Agreements
If none of the above scenarios apply to you, you may still qualify for the Old Age Security pension, a pension from another country, or both if you have:
- Lived in one country with which Canada established a social security agreement.
- Contributed to the social security system of one of the countries with which Canada has established a social security agreement.
These agreements are in place to ensure that individuals who have lived and worked in multiple countries can access pension benefits based on their contributions.
Please note that eligibility criteria and rules may change over time, so it’s advisable to consult the official Government of Canada website or contact Service Canada for the most up-to-date information and guidance on applying for the OAS pension.
How to Apply for Old Age Security (OAS) Pension in Canada
To apply for the OAS pension, follow these steps:
Step 1: Determine if You Need to Apply
Letter Notification:
- Service Canada may send you a letter informing you that you can receive the Old Age Security (OAS) pension.
Situations Requiring Application:
You need to apply for the OAS pension in the following situations:
- Letter Request: If you receive a letter from Service Canada requesting that you apply for the OAS pension.
- Incorrect Information: If the information in the letter you receive from Service Canada is incorrect, you will need to apply.
- No Letter Received: If you did not receive any letter about the OAS pension the month after you turned 64, you should contact Service Canada to determine if you need to apply.
Step 2: Decide When You Want Your OAS to Start
- When applying for the OAS pension, you will be asked to choose when you want your pension payments to begin.
- You have two options:
- Start at Age 65: Your pension will start the month after your 65th birthday.
- Start at a Specific Date: You can choose a specific date for your pension.
- It’s important to consider your circumstances and financial planning to determine the best time to begin receiving your OAS pension.
Step 3: Submit Your Application
Apply Online
- To apply online for the OAS pension, you must meet specific eligibility criteria:
- Be at least 1 month past your 64th birthday.
- I am not currently receiving an Old Age Security pension.
- Have not already applied for the Old Age Security pension, and Service Canada is not currently assessing your application.
- I am currently living in Canada.
- Do not have an authorized third party on your account (e.g., a person acting by proxy).
- Applying online requires having a My Service Canada Account (MSCA).
- If you don’t have an MSCA, you can register for one and receive a personal access code to complete your registration.
- It’s important to gather all the necessary information before starting the online application, as you cannot save it and continue later. Your session will expire after 20 minutes of inactivity.
Apply Using a Paper Application
- If you prefer to apply by mail, you will need to:
- Print and complete the paper form “Application for the OAS and the GIS (ISP-3550).”
- Include certified true copies of the required documents.
- Mail the application or bring it in person to a Service Canada office.
- The Reference Guide (ISP-3550A) provides information on completing the application form.
These steps outline the process of applying for the OAS pension in Canada. It’s essential to carefully follow the instructions and gather the necessary documentation to ensure a smooth application process. For specific details and forms, refer to the official Service Canada website or contact Service Canada for assistance.