OAS Payment 2024 November Date : OAS November Payment Date 2024
If you’re a senior citizen in Canada receiving Old Age Security (OAS) payments, it’s essential to keep track of the payment schedule. In 2024, the OAS program continues to provide financial support to those 65 and older, helping to supplement retirement income. This blog post will cover key details about OAS payments in 2024, including payment dates, eligibility, and other important information. If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS works.
What is OAS?
The Old Age Security (OAS) program is a monthly payment provided by the Government of Canada to people aged 65 and older who meet specific residency requirements. Unlike the Canada Pension Plan (CPP), OAS is not based on your work history but rather on how long you’ve lived in Canada.
Old Age Security benefits are monthly payments made by the federal government to supplement the income of eligible Canadians age 65 and older. Along with the Canada Pension Plan (CPP) and personal savings, OAS contributes to financial support for older Canadians. CPP and OAS payments are issued on the same dates.
OAS Payment Dates for 2024
OAS payments are made on a monthly basis. The dates for OAS payments are generally the third week of each month. Below are the payment dates for OAS in 2024
January 29, 2024February 27, 2024March 26, 2024April 26, 2024May 29, 2024June 26, 2024July 29, 2024August 28, 2024September 25, 2024October 29, 2024- November 27, 2024
- December 20, 2024
How Much Will You Receive?
The amount you receive from OAS in 2024 depends on several factors, such as your age and how long you’ve lived in Canada. In general, the maximum monthly OAS payment in 2024 for those who have lived in Canada for 40 years or more after the age of 18 will be $1,065.68 for those 65-74 years old, and $1,175.74 for those aged 75 or older.
However, the amount you get could be lower depending on how long you’ve lived in Canada. If you’ve lived in Canada for less than 40 years, your OAS payment will be prorated based on the number of years you’ve resided in the country.
Will OAS Payments Change in 2024?
Yes, like many government programs, OAS payments are adjusted for inflation. In 2024, OAS payments are expected to increase, based on the inflation rate and the cost of living. This increase is typically announced at the start of the year. For example, there was an increase of 6.3% in 2023 to help seniors cope with the rising cost of living, and a similar adjustment is likely in 2024.
It’s important to keep an eye out for updates from the Government of Canada regarding any changes in the amount of OAS payments for the coming year.
OAS Clawback (Recovery Tax)
If your income is over a certain threshold, you may have to repay some or all of your OAS benefit through a clawback or recovery tax. For 2024, the clawback threshold is expected to remain around $86,912. If your income exceeds this amount, your OAS payments will be reduced by 15% for every dollar over the threshold.
It’s essential to be mindful of this if you’re earning additional income while receiving OAS. The clawback mechanism ensures that higher-income seniors are not receiving more financial assistance than they need.
How to Apply for OAS?
If you are turning 65 in 2024 or have never applied for OAS before, it’s a good idea to apply at least six months before your 65th birthday. You can apply online through your My Service Canada Account, or you can fill out the paper application.
You’ll need to provide details about your residence history in Canada to determine your eligibility. If you’ve already been receiving OAS, there’s no need to reapply unless your circumstances change.
Key Takeaways
- Payment Dates: OAS payments for 2024 will be made on the 29th of January, 26th of February, 28th of March, and on the last weekday of each subsequent month.
- Amount: The maximum OAS payment will be up to $1,065.68 for those 65-74 years old, and $1,175.74 for those 75 and older.
- OAS Clawback: Higher-income seniors (with incomes over $86,912) may be subject to a reduction in their OAS payments.
- Inflation Adjustments: OAS payments are typically adjusted for inflation, so seniors can expect a modest increase in payments in 2024.
- Eligibility: To receive OAS, you must be 65 or older and meet Canadian residency requirements.
Stay informed and make sure you apply on time to ensure you get the financial support you need in your retirement years. If you haven’t set up direct deposit yet, it’s a good idea to do so for faster access to your payments. For more detailed information about the OAS program, you can visit the official Canada.ca website.
