Canadians receiving this benefit could get more money in October
Eligible Canadians should keep an eye out for their next payment as the maximum amount for this benefit is increasing.
If you meet the requirements to receive the Old Age Security (OAS) benefit, you might notice a slightly higher amount the next time the money lands in your account.
Here’s when you can expect to receive the next payment, how much more you could receive, and who exactly is eligible.
What is the OAS?
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The OAS is a pension that’s paid out to Canadians who are 65 years old or older. OAS is taxable income, but taxes are not automatically deducted from your payments. You can, however, request that income tax be deducted from your monthly benefit.
If you live in Canada, you must be a Canadian citizen or a resident when your application is approved and have lived in Canada for at least 10 years since the age of 18.
You can still qualify even if you live outside Canada. However, you must have been a citizen or legal resident on the day before you left Canada. You also need to have lived in Canada for at least 20 years since you turned 18.
The amount you receive depends on your age, how long you lived in Canada after turning 18, and your income. Seniors aged 75 and older also receive a permanently higher OAS pension since 2022, when payments for this age group went up by 10 per cent in 2022.
And if you’re already over 65 years old by the time you apply, you could receive a retroactive payment for up to a maximum of 11 months.
How much more could you receive?
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OAS payments are reviewed every quarter. From July to September, the maximum monthly payment was $751.97 for Canadians aged 65 to 74. For those 75 and older, the maximum was $827.17 per month.
The next quarterly adjustment starts in October 2026, with OAS benefits set to increase by 1.4 per cent. Payment amounts are reviewed in January, April, and October and are adjusted based on changes in the Consumer Price Index to help keep pace with the cost of living.
That means the maximum payment for Canadians aged 65 to 74 will increase to $762.50 per month, an increase of $10.53. Those aged 75 and older could receive $838.75 per month, an increase of $11.58.
It’s important to note that these are maximum amounts; your actual OAS payments may be lower depending on various factors.
The first adjusted payment for this quarter is set to be paid out on Oct. 28.
Visit the government website for more information.