How much will I receive and how do I apply
Old Age Security or also known as OAS is an important income for people’s retirement to support their senior years in Canada. In December 2024, seniors may use the upper AFF payment schedule of $727.67 for 65 -74 years old and $800.44 for 75 years and over. If you have any questions regarding its requirements, criteria, or procedure on how to get to it this article will help.
What is the OAS Pension?
OAS is another government plan to allow elderly individuals to optimize their well-being once they are out of work.
Conditions of Receipt of OAS Pension
Currently, there are standard tests that have to be met by senior citizens for them to be allowed to receive an OAS pension.
Age: The basic requirements include, You must be 65 years old and above. Senior citizens aged 75 and over have a slightly higher monthly payment processing compared to the other age groups.
Residency
Any individual that wants to invest in this area must be a Canadian citizen or a legal resident of Canada, and at least ten years old when you moved to this country. If you live outside Canada, you should have lived in Canada for a minimum of 20 years after attaining the age of 18.
How Much Will You Get in December 2024?
The monthly payment amount varies based on age:
- 65-74 years: $727.67
- 75 and older: $800.44
If you have not resided in Canada for the last 40 years, you will be paid proportionally according to the time that has been spent in Canada, with 1/40 of the full payment amount for each year after the age of 18.
When Will You Get Your OAS Pension?
The OAS payment in the case of the said forecast is to be expected on the 27th of December in the year 2024. Thus, in order to receive payments as soon as possible, it is better to enroll in a direct deposit.
Maximizing Your OAS Pension
For those who are no longer willing to work but still do not require OAS payments right away, you have the option of deferring your payment until up to 70. If you delay a payment, your monthly payment will cost you a further 0.6%. It will also give you an opportunity to have a better pension by as much as 36% if as you opt for it when you are 10 years older or if you are still healthy for work, you have other sources of income.
How to Apply for OAS?
The process of application is easy to complete. If you want to apply for the program you can do so online at your My Service Canada Account, or via mail. The applications can be made up to 11 months before your 65th birthday. A candidate should ensure they compile documents like the SIN and his or her residency record.
