Ottawa, Canada – Great news for Canadian seniors! The government has announced an increase in Old Age Security (OAS) payments, with eligible seniors set to receive up to $2,350 more annually. This boost is part of an effort to help seniors manage the rising cost of living.
If you’re over 75, you’ll see a 10% increase in your OAS pension, which means more money in your pocket every month. Wondering if you qualify and when the payments will arrive? Here’s everything you need to know.
Who Qualifies for the OAS Increase?
To receive the enhanced OAS payments, you must meet these criteria:
- Be 75 years or older
- Be a Canadian citizen or legal resident
- Have lived in Canada for at least 10 years after turning 18
- Have an annual income below $148,179 to receive the full benefit
If you’re under 75, you won’t see this particular increase yet, but you’ll still receive regular OAS payments.
How Much Will You Get?
The new OAS payment amounts for January to March 2025 are as follows:
- Seniors aged 65-74 → Up to $727.67/month
- Seniors aged 75+ → Up to $800.44/month (reflecting the 10% increase)
This means that if you’re 75 or older, you’ll receive an extra $72.77 per month, which adds up to $873.24 over a year. Over a few years, this could total $2,350 or more!
When Will Payments Arrive?
OAS payments are made monthly, usually on the third-to-last business day. Here are the key dates for 2025:
- January 29
- February 26
- March 27
- April 28
- May 28
- June 26
- July 29
- August 27
- September 25
- October 29
- November 26
- December 22
To avoid delays, seniors are encouraged to sign up for direct deposit, ensuring payments go straight to their bank accounts.
Other Financial Support for Seniors
In addition to the OAS pension, seniors may qualify for extra benefits:
- Guaranteed Income Supplement (GIS) – Extra money for low-income seniors
- Allowance – Support for those aged 60-64 with a spouse receiving OAS and GIS
- Allowance for the Survivor – Financial help for low-income widowed seniors aged 60-64
Tax & Clawback Rules
OAS payments are taxable, meaning higher-income seniors may have to repay some or all of their benefits. If your annual income exceeds $86,912, you might face a partial or full “clawback” under the OAS recovery tax.
What’s Next?
OAS payments are adjusted every three months to reflect inflation. Seniors should stay informed about future increases by checking the Government of Canada website or contacting Service Canada.
This increase is a welcome relief for many seniors struggling with rising expenses. Make sure you check your eligibility and mark your calendar for the payment dates!
