OAS Supplement 2023-2024 – Who is Eligible and How can You Apply for OAS Supplement?
Most Canadians who reside in the country will get Old Age Security (OAS) payments on a monthly basis as they age. The Canadian government provides a plethora of benefits to elderly citizens and older persons. A person who meets the residence requirements and is sixty years of age or older may be eligible for several financial incentives from the Government of Canada.
The Old Age Security (OAS) program provides a modest monthly stipend, sometimes known as the Old Age stipend, to individuals 65 years of age and older. This program includes the GIS, which provides additional financial aid to OAS users who have lower earnings. I am providing you with updates regarding the OAS Supplement 2023-2024 on this page. It would be preferable if you could find out how to apply for an OAS supplement. So keep reading to find out who is eligible for the OAS Supplement 2023–2024 and how much the OAS Pension payment is in 2023.
OAS Supplement 2023-2024
In my previous essay, I discussed the Canada Pension Plan and the associated Disability Benefit. Because these benefits are contribution-based, the amount you have paid into them will affect how much you get out of them. I’ll give a general overview of a few other benefits that matter to elderly citizens today: Security for Old Age (OAS).
Given that Old Age Security is an age- and residence-based program, eligibility for benefits can only begin at age 65. The residence-based element of the benefit requires years of residency in Canada after the age of 18. To be eligible for a full pension, you must have resided in Canada for at least the number of years after turning 18 and for ten years in a row prior to completing your OAS application.
Old Age Security (OAS) Canada 2023 Details
Today’s Topic | Old Age Security Pension 2023 |
Country | Canada |
Name of Organization | Canada Revenue Agency |
Category | Government Aid |
Beneficiaries | Canadian Old Age Citizens |
Age Limit | 65 Years or Above |
OAS Payment November Date 2023 | 28 November 2023 |
Official Website | canada.ca |
What is Old Age Security in Canada?
Old Age Security (OAS), the biggest pension program in Canada, provides eligible citizens and residents with a taxable monthly payment after they turn 65. You are not required to make a direct contribution; instead, the government finances it using general tax income. Unlike employee pension schemes and the Canada Pension Plan (CPP), Old Age Security (OAS) benefits are guaranteed regardless of your career history.
Who Qualifies for Canadian OAS
Your eligibility for OAS payments is determined by the following standards, which change depending on whether you live in Canada or not:
With reference to Canadian citizens
To be eligible for Canadian OAS, you must be at least 65 years old.
In order to be eligible for Canadian OAS, you must be a lawful resident of Canada.
You had to have lived in this nation for at least ten years after turning eighteen.
For individuals who don’t live in Canada
To be eligible for Canadian OAS, you must be at least 65 years old.
You had to be a Canadian citizen or an authorised resident the day before you departed the country.
You have to have lived in this nation for at least twenty years after turning eighteen.
OAS Pension payment 2023 Dates
The OAS Allowance is a monthly benefit available to spouses or partners (60 to 64 years old) of LI Old Age pension claimants. Your salary from the previous year and marital status determine how much of these benefits you receive. Similar to the OAS pension, the maximum monthly payment for the GIS, Allowance, and Allowance for the Survivor is adjusted four times a year based on the Consumer Price Index. Check out the OAS Pension payment dates for 2023 that I’ve posted below.
January 27, 2023 | July 27, 2023 |
February 24, 2023 | August 29, 2023 |
March 29, 2023 | September 27, 2023 |
April 26, 2023 | October 27, 2023 |
May 29, 2023 | November 28, 2023 |
June 28, 2023 | December 20, 2023 |
How to Apply for OAS Supplement
It is not required to apply for the Old Age Security pension. The month after your 64th birthday, Service Canada will send you one of the following:
a notification letter that you were selected for enrolment by default. If the information in the letter is correct, you can move forward without submitting this OAS application. Your automatic 2023 OAS Pension payment will be made in the month after your 65th birthday.
An application and a letter showing your possible eligibility for OAS. Then, you have to apply for OAS right away. You must fill up and mail the form that was sent with the letter to Service Canada. For your application to be reviewed and for payments to start the month after your 65th birthday, you must submit OAS Supplement form 2023-24 as soon as feasible.
If you became 64 in a given month and did not receive a letter from Service Canada, you should apply for the OAS pension as soon as possible.