For many Canadian seniors, the Old Age Security payment is an integral part of their monthly income. This government benefit helps older Canadians cover their living expenses and maintain their quality of life. In this blog, I discuss the OAS payment date and amounts for October 2024.
Maximum OAS Payment Amount
For October 2024, the maximum monthly OAS payment for seniors aged 65 to 74 is $727.67 (age 65-74) and $800.44 (age 75+). This amount is based on current projections and may be subject to change depending on inflation rates and government adjustments. The OAS payment is adjusted quarterly to keep pace with the cost of living. Seniors should remember that this is the maximum amount, and individual payments may be lower based on income and how long they’ve lived in Canada.
OAS Payment Date for October 2024
The OAS payment for October 2024 is scheduled to be deposited on October 29, 2024. This date falls on a Tuesday.
OAS Clawback Threshold
The OAS clawback threshold for the 2024 tax year is estimated to be $90,997. This means that seniors with an annual income above this amount may see their OAS payments reduced. The reduction is 15 cents for every dollar of income above the threshold. Seniors should be aware of this threshold when planning their finances, as additional income from sources like investments or part-time work could affect their OAS payments.
OAS for Seniors Aged 75 and Older
Starting from July 2022, seniors aged 75 and older receive a 10% increase in their OAS payments. For October 2024, this means the maximum monthly payment for this age group is higher at $800.44.
OAS Guaranteed Income Supplement
Low-income seniors who receive OAS may also be eligible for the Guaranteed Income Supplement (GIS). The maximum monthly GIS payment for October 2024 is $1,086.88 for single seniors. This supplement is designed to provide additional financial support to seniors with limited income. The actual amount a senior receives depends on their marital status and annual income.
OAS Allowance for Spouses or Common-Law Partners
For seniors whose spouse or common-law partner receives OAS and GIS, there’s an additional benefit called the Allowance. The maximum monthly Allowance payment for October 2024 is projected to be $1,381.90. This benefit is designed to help low-income couples where one partner is receiving OAS, and the other is between 60 and 64 years old. The Allowance stops when the recipient turns 65 and becomes eligible for their own OAS.
OAS Allowance for the Survivor
The Allowance for the Survivor is a benefit for low-income widowed individuals aged 60 to 64. For October 2024, the maximum monthly payment is projected to be $1,647.34. This benefit helps bridge the gap until the survivor becomes eligible for OAS at 65.
OAS Payment Increase Due to Inflation
OAS payments are adjusted quarterly based on Consumer Price Index (CPI) changes. The next increase in benefits is expected in January 2025.
Taxation of OAS Payments
OAS payments are taxable income and must be reported on annual tax returns. How much you pay in total taxes will vary with your total annual income.
Who Qualifies for Maximum OAS Pension in Canada?
Who Qualifies for Maximum OAS Pension in Canada?
Canada’s OAS Allowance Benefit: What You Need To Know in 2024
Canada’s OAS Allowance Benefit: What You Need To Know in 2024