This article is about the OAS Supplement for 2023-2024. It tells you how to apply and who can get it. The Department of Social Development made this program to give money to old people. They get paid every month based on government rules. If you are eligible, we will explain how to apply in this article.
- OAS Supplement 2023-2024
- What is an OAS Supplement
- Who Can Get OAS Supplement 2023-2024
- How to Sign Up for OAS Supplement
- Steps to Apply by Mail
- Some FAQs
- Who Gets OAS Supplement in Canada?
- What Are the Income Limits for GIS?
- What is Considered Low Income for Senior Couples in Canada?
- Can Non-Residents Get OAS?
- Is OAS Eligibility Changing in Canada?
- What is the Maximum Income to Qualify for GIS in 2023?
OAS Supplement 2023-2024
This is a program in Canada for older folks. It began in 1967 to give money to citizens. It is the main pension program and pays a good amount if you qualify.
In this program, you do not need to put in your own money. The government takes the cash from the taxes people pay, like income tax.
What is an OAS Supplement
The old age pension begins at 65, and you get money every month. This helps with your living costs and makes you financially independent.
In 2023, if you are 65 to 74 years old, you get 691 CAD every month, which adds up to 8,292 CAD per year. If you are 75 or older, you get 760.10 CAD every month, totaling 9,121.20 CAD per year.
The amount you get depends on how long you have lived in Canada since you were 18. If you have been here for 35 to 40 years, you can get 87.5% of the maximum payment.
Who Can Get OAS Supplement 2023-2024
If you are 65 or older and live in Canada, you can qualify for the OAS supplement. However, there are some things you need to know before you apply:
- You need to be at least 65 years old.
- You must legally live in Canada.
- You should have lived in Canada for more than ten years after turning 18.
- Even if you live outside Canada but are a permanent resident, you can still qualify.
- These are the rules before you apply for the OAS supplements.
How to Sign Up for OAS Supplement
If you can get the OAS Supplement, you can sign up like this:
First, make sure you have a My Service Canada account. You will get a code on your Canadian services account. If you already have a service account, you can continue with the next steps.
Step 1: Go to the main Old Age Security Pension website of Canada in your web browser.
Step 2: On the homepage, find the OAS program and click on it.
Step 3: Choose when you want to start the program.
Step 4: Fill out the application form with your correct information.
Step 5: Scroll down and click to send your application.
Step 6: After sending, you will get a code on your MSCA.
Steps to Apply by Mail
If you want to apply by sending a letter instead of online, here is what you do:
First, make sure you meet the requirements. To apply online, older folks need to remember a few important things. You should apply before you turn 65.
You should not have applied for any other old-age pension program before this. So, to apply for the OAS, you must be a real citizen of Canada.
You will need these documents when you apply:
- Legal Statements
- Guaranteed income supplement Application
- T4’s and personal access codes
- Allowance for survivor benefits application
To apply by mail, do this:
- Get the application form from the main OAS website.
- Fill in the form with the info it asks for.
- Include the documents we talked about earlier.
- Put the form and documents together and send them by mail.
- When you send your application, they will confirm it by phone or email.
Who Gets OAS Supplement in Canada?
- If you are 65 or older, you can get the Guaranteed Income Supplement (GIS).
- It is for Old Age Security pensioners with low income.
- You do not have to pay taxes on it.
- They will tell you when you can start getting it.
What Are the Income Limits for GIS?
- To get GIS, your income should be below $21,456 if you’re single, widowed, or divorced.
- If you have a partner who gets the full OAS pension, your combined income should be below $28,320.
What is Considered Low Income for Senior Couples in Canada?
Usually, if a single senior makes $31,080 or less a year or a senior couple makes $50,720 or less a year, they might get the benefit.
Can Non-Residents Get OAS?
- If you live in Canada, you should be a Canadian citizen or legal resident when they approve your OAS application.
- If you live outside Canada, you should have been a Canadian citizen or legal resident when you left.
Is OAS Eligibility Changing in Canada?
Starting on April 1, 2023, they will gradually increase the age for OAS and GIS benefits from 65 to 67. It will be fully changed by January 2029.
What is the Maximum Income to Qualify for GIS in 2023?
To get GIS, you need to be getting OAS, and your annual income (or combined income for couples) should be lower than these amounts in 2023:
- Single/divorced/widowed: $20,832
- Couple with one partner getting full OAS: $27,552