In 2023, if you get money from OAS, it usually comes at the end of each month. The next payment will be on September 27, 2023. If you get a check, it will be sent around the payment date.
In Canada, there’s a pension plan called Old Age Security (OAS). When you reach 65, you can get a monthly payment from it, and it’s taxable. You don’t need to put your own money into it because the government uses tax money to fund it.
The good thing is, OAS payments in 2023 don’t care about your work history. So, you can get them whether you work now or have never had a job. Unlike other plans like the Canada Pension Plan, OAS doesn’t depend on your job history.
Oas Payment Increase 2023
In 2023, OAS payments are going up. For October to December 2023, they will be 1.3% more, which is 3.2% more than last year from October 2022 to October 2023. If you’re between 65 and 74 years old, the most you can get each month is $685.50. If you’re 75 or older, you can get up to $754.05 each month.
The good news is, the amount for people 75 and older has gone up by 10% since July 2022.
Overview of OAS Payment Dates
|Name of Payment||OAS Payment 2023|
|Date of Payment||27th September 2023|
|Mainly for||Canadian Senior Citizens|
How much money do you get from OAS
OAS payments are taxed. In 2023, if you’re 65 to 74 years old, you can get a maximum of $691 each month (which is $8,292 per year). If you’re 75 or older, you can get up to $760.10 per month (which is $9,121.20 per year).
The amount you receive depends on how long you’ve lived in Canada after you turned 18. If you’ve been in Canada for less than 40 years, you might get a smaller pension. For example, if you qualified for OAS and lived in Canada for 35 out of 40 years, you’d be eligible for 87.5% of the maximum payment (because 35 is 87.5% of 40).Important Links: OAS Payment Dates, Date Announced, Disability, Old Age Security Supplement
OAS Pension payment 2023
In 2023, if you’re over 65, you can get the Old Age Security pension every month. Usually, you’ll start getting it the month after you turn 65. But, if they don’t have all your information, you might need to ask for it. It doesn’t matter if you worked or not, you can still qualify for this benefit. Your job history doesn’t affect it.
Who can get OAS
Whether you worked before or work now, you can still get the Old Age Security (OAS) pension.
- If you live in Canada, you need to:
- Be at least 65 years old.
- Have lived in Canada for at least 10 years since you turned 18.
- Be a Canadian citizen or legal resident when they approve your OAS application.
- If you live outside Canada, you need to:
- Be 65 or older.
- Be a Canadian citizen or permanent resident before leaving Canada.
- Have lived in Canada for at least 20 years, starting when you were 18, and work for Canadian companies abroad.
If Canadians work abroad for Canadian companies like the military or banks, the time they spent overseas can be counted as if they were living in Canada. But, there are some conditions:
- Either you returned to Canada within six months of stopping work, or you turned 65 while still working and had a home in Canada during your time away.
- You need to show two things:
- Proof that you worked for the Canadian company.
- Proof that you physically came back to Canada (unless you turned 65 while still working outside Canada).
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