OAS Payment Dates 2023

If you’ve come here to learn about OAS payment dates, you’re in luck! Not only will we tell you everything you need to know about OAS payment dates, we’ll tell you all about OAS payments. OAS, or Old Age Security is one of the most widely used Canadian retirement plans.

The OAS was first created so that every eligible senior would have access to at least $1,000 per month so that there would be fewer struggling seniors who were cutting corners and doing without important necessities just to get by.

OAS payments are issued monthly either through direct deposit or a mailed cheque. In this article we’ll discuss not only OAS payment dates, but also teach you how to calculate your OAS payment amount, and discuss eligibility for other benefits or exclusions you may qualify for.

What is OAS in Canada?

If you’re interested in OAS payment dates and OAS, then it may interest you to learn what OAS is and how it was started.

OAS, or Old Age Security, is one of the most widely used retirement plans in Canada. (The other two are the Employee Pensions Plan and the Canada Pension Plan or CPP.)

The initial pension was established in 1927. It went through lots of changes and modifications to become what it is today, however, so the OAS is a far cry from the first plan- in a good way!

Today, over 6.7 million Canadians receive OAS benefits.

There are also several other OAS supplements that OAS beneficiaries may qualify for, which include the Guaranteed Income Supplement (GIS), as well as a supplement for surviving spouses and common-law partners of people who receive GIS, and other supplements.

OAS eligibility

One of the things that many people learning about OAS payment dates want to know is how to find out if they’re eligible for OAS. Luckily, eligibility requirements are quite easily explained.

To qualify for OAS, you must be 65 years of age or older, and you must have lived in Canada for at least 10 years after you reached the age of 18. If you currently live outside of Canada and wish to receive OAS payments, then you must have lived in Canada for 20 years of your adult life to qualify.

Considerations will be made to the time you lived outside of Canada.

Some things considered might be if you spent time living abroad while working for an employer in Canada (like you would if you were a diplomat, or if you worked in certain business positions), if you worked for an international organization that required you to live abroad, and whether you lived in a country that has made a Social Security agreement with Canada.

Where you work is never considered as an eligibility factor for OAS payments. This means that in some cases it’s irrelevant whether you even worked, you may still qualify for payments.

However, your earnings are a factor. If you made more money, you may receive lower payments, and if you made less then you may receive higher payments.

Here’s a recap of OAS eligibility requirements

• Must be 65 years of age or older
• Must have lived in Canada for 10 years after turning 18 (If you currently live in Canada)
• Must have lived in Canada for 20 years after turning 18 (If you currently live outside of Canada).

How to apply for OAS

Another burning question that many people who are learning about OAS payment dates have is how to apply for OAS.

It can actually be so easy to apply for OAS payments that you may become automatically enrolled. This tends to be the case if the government has enough information about you on file. If you’re automatically enrolled, then you’ll get a letter informing you of enrollment a month after your 64^th birthday.

But there are two instances in which you may need to apply for OAS payments yourself: if you get your letter about automatic enrollment and the information is incorrect, or if instead of a letter informing you about automatic enrollment you get a letter that requests you apply for OAS payments because they don’t have enough information to automatically enroll you.

You can apply for OAS payments online or by mail.

To apply for OAS payments by mail

Download the form for OAS pension application, fill it out and submit it along with all of the requested documentation. You can drop your application off at a Service Canada location (it doesn’t matter which one), or mail it to a Service Canada location.

To apply for OAS payments online

You’ll need a My Service Canada Account. It’s fairly easy to create one, using a bank account, GCKey, or BC/Alberta government account. After your account has been created, you’ll be sent a personal access code by mail so that you can complete the account registration process.

Of course receiving the access code this way takes a little longer, but it ensures extra security. It’s also worth mentioning that you can only apply online for OAS payments if you’re a) a Canadian resident and b) are not already receiving OAS payments.

When to submit your application for OAS

It’s just as important to know when to apply for OAS as it is to learn about OAS payment dates.

The earliest you can apply for OAS payments is one month before the pension commencement date. So if you want to receive your OAS payments when you turn 65, you’ll need to apply for OAS payments 11 months prior to your 65^th birthday.

You should apply for OAS payments 11 months before you want your payments to start, regardless of whether you choose the paper or online application method. You can also defer your payments if you choose to, in favor of larger payments later (more on that later in the article!).

Applying for OAS payments retroactively

One thing that many people don’t know about when they’re looking up how to apply for OAS payments and OAS payment dates is that you can apply for retroactive OAS payments.

Upon applying for OAS payment, you’re given the option to receive payments for the 12 months prior to the application, or your 65^th birthday (whichever date is later).

So if you choose to apply when you’re 66, you can retroactively receive payments starting from your 65^th birthday. If you choose to apply when you’re 67, then you can only receive payments from the time of your 66^th birthday, which is unfortunate because you’d miss out on a year of payments. This is why it’s important to time your application.

How long does it take to receive OAS payments after applying?

It’s just as important to know when you’ll receive your first OAS payment as it is to learn about OAS payment dates.

So long as you’ve provided all of the proper documents and completely and accurately filled out the application, you can expect your first payment a month after you turn 65 years old.

Of course, they’re not going to give you a special payment that hits exactly a month after you turn 65. OAS payment dates are set and scheduled, so it will fall on the next payment date that falls a month after you turn 65.

Deferring OAS payments

Another thing you should know, along with OAS payment dates, is the fact that you can choose to defer your OAS payments to receive an increased payment amount later.

Every month after your 65^th birthday that you choose to put off your OAS payments means that you’ll get a 0.60% increase to your payments, up to the maximum of 36%.

Here’s a table to explain the increases you can get from deferred OAS payment dates:

Of course when you’re first learning about OAS payment dates, deferring payments seems like the way to go.

You may consider deferring payments if you know that your income is currently high but predict it’ll be lower in the future.

But we don’t suggest taking a deferred payment before you talk it out with your financial advisor.

You’re not able to receive GIS (Guaranteed Income Supplement) payments while your OAS payments are being deferred, and neither will your spouse.

It’s important to determine how deferred payments will affect your financial future. Think about things like whether you’ll continue working, and consider your other retirement options before you make a decision. And, of course seek the advice of a financial advisor.

OAS payment dates 2023

Here’s a list of the OAS payment dates in 2023:

January 27, 2023
February 24, 2023
March 29, 2023
April 26, 2023
May 29, 2023
June 28, 2023
July 27, 2023
August 29, 2023
September 27, 2023
October 27, 2023
November 28, 2023
December 20, 2023

You’ll notice that OAS payment dates aren’t the same from month-to-month. However, you can expect them three days from the last business day of the month, with the exception of December when they’re issued a little ahead of the holiday season. Payments are issued in direct deposit or paper cheque forms.

OAS payment dates coincide with several other benefit payment dates, so if you receive CPP payments then the two payments will usually be issued on the same date.

If you receive a direct deposit payment, then it may show up under a name something like “Canada Fed”.

When is the OAS payment date for November 2022?

Those looking for OAS payment dates as of the time of this writing (which is November, 2022) are likely looking for OAS payment dates for this month.

The OAS payment date for November is November 28, 2022. If you haven’t received your payment within 1-2 business days from the payment date, contact your bank and Service Canada.

Changes to OAS payments in 2022

One thing that’s important to know when you’re learning about OAS payment dates is that there have been some changes made to OAS payments this year.

Adjustments have been made to the OAS payments to account for inflation. This means that you could receive a monthly payment as high as $666.83 as of January 2022.

Of course, the amount is determined by factors such as how long you’ve lived in Canada once you turned 18, and how much you made the previous year.

How much is OAS in 2022?

In 2022, the maximum OAS payments for ages 64- 74 is $685.50, and $754.05 for people over 75.

The OAS amount is revised each quarter, in January, April, July, and October. These revisions account for things like inflation and cost of living increases that affect seniors who receive OAS payments.

One example of this is the increase that occurred between October and December 2022, which was made due to an increase in the CPI (Consumer Price Index) and scaled to reflect the cost of living increase that residents were encountering at the time. These periodic adjustments are made in an effort to make life easier for Canadian seniors.

How to calculate OAS payments

Another important aspect of OAS payments, besides OAS payment dates, is estimating your OAS payment amounts.

First, you need to figure out how many years you lived in Canada. If you lived in the country 40 or more years, then you’re eligible for the full payment amount.

Second, you need to account for your income amount. If it exceeds the income threshold (which is $79, 845 from July 2022-June 2023) then you’ll need to calculate the OAS clawback percentage and apply it.

If this sounds like a pain, don’t worry. You can go here to find an OAS payment calculator, or find out more about the calculation here.

Changes to OAS payments in 2023

If you’re here learning all about OAS payments and OAS payment dates, you should know that there’s going to be a major change in OAS eligibility requirements and payment amounts in 2023. Basically, everything we’ve discussed thus far in both areas will be turned on its ear.

In 2023, (April 23^rd, 2023, to be precise), the qualifying age for OAS payments is being permanently changed to 67 by the CRA. It was determined that Canadians are healthier, living, and working for longer than before, and the new age guidelines have been changed to reflect that.

Also, you’ll see an increase in payment amounts because of inflation. Payment amounts will steadily rise.

OAS payments by cheque

If you’re here looking for OAS payment dates and you’re receiving OAS payments by cheque, then you should know that your payments will arrive a few days after the payment dates. It’s also important to know that there will be some changes coming soon to the way you receive your payments.

The government has been gradually switching over to direct deposit payments from cheques. This means that at some point you’ll be reqired to receive your check through direct deposit, rather than by cheque.

You can sign up for direct deposits by calling 1-800-277-9914, or you can sign up online through your My Service Canada portal.

If you don’t live in Canada or use a foreign bank account then you’ll need to use the form for foreign direct deposit enrollment.

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