In a move to support seniors in Canada, the federal government announced a significant increase to the Old Age Security (OAS) pension starting in 2025. Eligible retirees will now be able to receive up to $2,120 per month, providing much-needed financial relief to those on fixed incomes. This adjustment, set to take effect in 2025, reflects the rising cost of living and the ongoing challenges faced by seniors.
OAS Increase in 2025: What to Expect
The government regularly adjusts the OAS payments to reflect inflation and the increased cost of living, ensuring that seniors can better manage their expenses. For 2025, the maximum OAS payment will rise to $2,120 per month for eligible individuals. This increase does not include additional benefits such as the Guaranteed Income Supplement (GIS) that may further boost payouts for seniors with lower incomes.
Eligibility for the $2,120 OAS Payment
To qualify for OAS benefits in Canada, seniors must meet specific criteria:
- Age Requirement: Applicants must be 65 years or older to receive OAS payments.
- Residency: Seniors must have lived in Canada for at least 10 years after turning 18. To receive the full OAS benefit, you must have resided in Canada for at least 40 years.
- Income Considerations: Seniors with higher incomes may see a reduction in their OAS payment due to the OAS Clawback (Recovery Tax), which applies to individuals whose income exceeds a government-determined threshold.
- Additional Support for Low-Income Seniors: Seniors with limited income may be eligible for the Guaranteed Income Supplement (GIS), which supplements their OAS payments, providing additional financial support.
Key OAS Payment Dates in 2025
OAS payments are typically made on the third-to-last business day of each month. For 2025, the expected payment dates are as follows:
- January 29, 2025
- February 26, 2025
- March 27, 2025
- April 28, 2025
- May 29, 2025
- June 26, 2025
- July 29, 2025
- August 27, 2025
- September 26, 2025
- October 29, 2025
- November 26, 2025
- December 29, 2025
How to Apply for OAS Benefits in 2025
Many seniors will automatically receive their OAS payments once they meet the eligibility criteria. However, if you do not receive an automatic enrollment notice, you can apply for OAS benefits through the following methods:
- Online: You can submit your application through your My Service Canada Account.
- By Mail: Complete the OAS application form and mail it to the appropriate address.
- In Person: You can apply directly at a Service Canada office.
The 2025 OAS adjustment offers a much-needed financial boost to eligible seniors, allowing them to keep pace with rising costs while continuing to live independently. Be sure to check your eligibility and apply if necessary to take advantage of this increase.