If you’re a Canadian senior or approaching retirement age, keeping track of your Old Age Security (OAS) payments is important for managing your finances. The OAS is a monthly payment you can get from the Canadian government once you’re 65 or older. It’s designed to provide a basic income level to help cover living expenses during retirement.
In this blog post, I’ll share the OAS payment dates and amounts for August 2024.
OAS Payment Date for August 2024
The OAS payment for August 2024 will be deposited on August 28th. The government usually sends out payments near the end of each month. If you don’t receive your payment by this date, you should contact Service Canada to check its status.
Maximum OAS Payment Amount
For August 2024, the maximum monthly OAS payment is $790.16. This amount is for seniors aged 65 to 74 who meet all the eligibility requirements. The payment amount can change every three months based on the cost of living. It’s a good idea to check the Service Canada website regularly for updates on payment amounts.
OAS Clawback Threshold
You may have to repay part of your OAS if your annual income is above $86,912 (for the 2024 tax year). This is known as the OAS clawback or recovery tax—the repayment amount increases as your income goes up. If your income is $141,917 or above, you may have to repay all of your OAS.
Guaranteed Income Supplement (GIS)
Low-income seniors may qualify for the Guaranteed Income Supplement in addition to their OAS. The maximum monthly GIS payment for a single person is $1,072.93 as of August 2024. This amount is on top of the regular OAS payment. To get the GIS, you need to apply for it – it’s not automatic.
OAS Pension Deferral
You can choose to delay receiving your OAS pension for up to 5 years after you turn 65. Your pension amount will increase by 0.6% for each month you delay. This means if you defer for the full five years, your pension will be 36% higher. Deferring can be a good strategy if you’re still working or have other sources of income.
International OAS Recipients
If you live outside Canada, you can still receive OAS payments if you qualify. However, if you’ve lived in Canada for less than 20 years after turning 18, you may receive a partial payment. The amount depends on how long you lived in Canada. Some countries have social security agreements with Canada, which can help you qualify for OAS.
All the CPP and OAS Payment Dates For The Year
All the CPP and OAS Payment Dates For The Year
Smart Strategies To Avoid the Old Age Security (OAS) Clawback
Smart Strategies To Avoid the Old Age Security (OAS) Clawback
OAS Allowance for the Survivor Benefit
