Pension under Old Age Security (OAS): Payment Schedules through 2023, The majority of seniors in Canada get their retirement income through the Old Age Security (OAS) pension, which enables them to live more comfortably after retiring.
Old Age Security Pension Payment Dates 2023
You can use the information on this page to better understand the OAS payment schedule for 2023, potential payout amounts, and eligibility requirements.
2023 OAS Payment Dates
Here are the OAS payment dates for 2023 to assist you in better managing your finances:
|Month of the Year||Payment Date|
How Much OAS Will You Get?
The OAS pension amount varies based on age and income, but here are the maximums:
|Your Current Age||Maximum OAS Monthly Payment Amount (April to June 2023)||Your Annual Net World Income Must Be|
|65 to 74||$691.00||Less than $129,757|
|75+||$760.10||Less than $129,757|
Keep in mind that these are the OAS maximum monthly payments; you can get more or less.
First, your age determines how much OAS you will receive. You will receive a 10% boost if you are or will be 75 years of age or older.
How long you have resided in Canada affects how much you receive as well. After turning 18, if you resided in Canada for fewer than 40 years, you’ll get a portion of your OAS benefits. The amount of your reward is calculated by dividing your years in Canada by 40.
Last but not least, if your annual income exceeds a certain threshold ($79,845 in 2021) you will need to repay some of the OAS. For updates to that number, check here.
You can use the Government of Canada’s OAS calculator for a more precise estimation of how much OAS you will receive.
Who Qualifies for OAS?
You are eligible for the OAS pension regardless of your employment history; you can receive OAS whether or not you have ever worked. To qualify for OAS, however, certain conditions must be satisfied:
- Be 65 years old or older
- Be a Canadian citizen or a legal resident when your OAS pension application is approved
- Have resided in Canada for at least ten years since the age of 18,
All about OAS
The OAS pension is a monthly payout for Canadians (and legal residents) 65 and older, similar to the CPP.
Normally, OAS payments begin the month after your 65th birthday. However, delaying your initial payment will allow you to get a greater OAS pension when you are older.
Payments from OAS pensions are taxed.
The Guaranteed Income Supplement (GIS), which is a monthly payment you can get if you receive the OAS pension and your income is below the maximum annual income level for the GIS based on your marital status, may also be available to you in addition to OAS.
Retirement can be difficult to navigate, but comprehending the OAS and its benefits can help. Stay informed and take advantage of all the available benefits. Always check the official Service Canada website for any modifications or updates.