The Old Age Security (OAS) pension is a crucial part of retirement income for many Canadian seniors. This monthly payment helps cover basic living expenses and maintain financial stability for those aged 65 and older. I’ll share the OAS payment date and amounts for September 2024 in this list.
Payment Date
The OAS payment for September 2024 will be deposited on September 26th. This date follows the standard OAS payment schedule, typically on the third-to-last banking day of each month.
Maximum OAS Pension Amount
For September 2024, the maximum monthly OAS pension amount is $718.33. This amount is for seniors aged 65 to 74 who meet all eligibility requirements. The OAS amount is adjusted quarterly based on changes in the Consumer Price Index. Note that not everyone receives the maximum amount, as it can be reduced based on your income.
OAS for Ages 75 and Over
Starting July 2022, seniors aged 75 and over receive a 10% increase in their OAS pension. For September 2024, this age group’s maximum monthly OAS amount is $790.16. This increase is automatically applied and doesn’t require recipients to take any action.
OAS Clawback Threshold
The OAS clawback, officially called the OAS recovery tax, begins when your annual net income exceeds a certain threshold. For the 2024 tax year, this threshold is $86,912. If your income is above this amount, your OAS pension will be reduced by 15 cents for every dollar of income above the threshold.
Guaranteed Income Supplement (GIS)
The Guaranteed Income Supplement is an additional benefit for low-income OAS recipients. For September 2024, the maximum monthly GIS for a single person is $1,072.93. This amount is on top of the OAS pension. The GIS amount varies based on your marital status and income. It’s important to apply for GIS if you think you might be eligible, as it’s not automatically provided.
Allowance for Spouses or Common-Law Partners
The Allowance is available to low-income individuals aged 60 to 64 whose spouse or common-law partner receives OAS and GIS. For September 2024, the maximum monthly Allowance is $1,364.17. This benefit helps bridge the gap for couples where one partner is not yet eligible for OAS. The Allowance stops when the recipient becomes eligible for OAS at 65.
Allowance for the Survivor
The Allowance for the Survivor is for low-income individuals aged 60 to 64 whose spouse or common-law partner has died. For September 2024, the maximum monthly amount is $1,626.20. This benefit provides crucial financial support during a challenging transition period. Like the regular Allowance, it stops when the recipient turns 65 and becomes eligible for OAS.
OAS Pension Deferral
You can choose to defer your OAS pension for up to 60 months (5 years) after the date you become eligible. For each month you delay, your pension amount increases by 0.6%, up to a maximum of 36% at age 70. This option can benefit those who can afford to wait and want to receive a larger monthly payment.
Non-Resident OAS
If you live outside Canada, you may still be eligible for OAS if you’ve lived in Canada for at least 20 years after turning 18. The amount you receive depends on how long you lived in Canada.
OAS Recovery Tax
If your net world income exceeds $142,609 for the 2024 tax year, you may have to repay all of your OAS pension. This is known as the OAS Recovery Tax or “clawback.” The repayment is calculated when you file your income tax return.
Who Qualifies for Maximum OAS Pension in Canada?
Who Qualifies for Maximum OAS Pension in Canada?
All the CPP and OAS Payment Dates For The Year
All the CPP and OAS Payment Dates For The Year
Canada’s OAS Allowance Benefit: What You Need To Know in 2024
Canada’s OAS Allowance Benefit: What You Need To Know in 2024
