How to Receive an Additional $976 in Your OAS Pension for 2025: Qualification Requirements and Payment Timeline
The Canadian government is enhancing financial support for seniors by boosting the OAS Pension Payment with an extra $976 in 2025. As a result, all eligible recipients of Old Age Security (OAS) will receive this additional amount directly in their bank accounts throughout the year.
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Why is There an Increase?
Rising inflation is driving up the cost of living, making daily expenses more challenging, especially for seniors. Essential costs such as healthcare, groceries, and rent continue to increase. While working individuals can adapt by earning more, seniors over 65 often do not have that option. They depend on their monthly pensions from the Old Age Security (OAS) program. To ease this financial strain, the Canadian government is providing an additional $976 in support.
Old Age Security (OAS) benefits are monthly payments issued by the federal government to help supplement the income of eligible Canadians aged 65 and older. Together with the Canada Pension Plan (CPP) and personal savings, OAS plays a vital role in ensuring financial stability for retirees. OAS and CPP payments are made on the same dates, and many Canadians are pleasantly surprised by the extra financial support they can receive!
Eligibility Requirements
All OAS recipients will receive an additional $976. To determine if you qualify, review the following criteria:
- Citizenship: You must be a Canadian citizen.
- Residency: A minimum of 10 years of residence in Canada after turning 18 is required.
- Age Requirement: Eligibility to apply for OAS begins at age 65.
- Full Pension Eligibility: To receive the maximum pension amount, you must have resided in Canada for at least 40 years after turning 18. If you have lived in Canada for a shorter period, your pension amount will be adjusted accordingly.
If you have lived in Canada for at least 40 years after turning 18, you are likely eligible for the maximum OAS pension payment. However, if you do not meet this requirement, you may still qualify for a partial OAS pension. To receive a partial pension while residing in Canada, you must have lived in the country for a minimum of 10 years after the age of 18.
You can begin receiving OAS at age 65, but you also have the option to delay payments for up to 60 months (five years). By postponing your start date, your pension amount will increase by 0.6% for each month deferred. For example, based on the maximum monthly payout of $718.33 in September 2024, delaying your OAS payments could significantly boost your overall retirement income.
- 65 - $718.33
- 66 - $770.05
- 67 - $821.77
- 68 - $873.49
- 69 - $925.21
- 70 - $976.93
Note that there are some circumstances when you may be entitled to other benefits, such as if you are widowed, or your spouse or common-law partner is eligible for the Guaranteed Income Supplement (GIS).
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