On the other hand, the Old Age Security (OAS) is a non-contributory program. Unlike CPP, you don’t need to have made contributions throughout your working years. Instead, OAS provides monthly benefits to seniors, regardless of their past earnings, though the amount can vary based on factors like income and residency status. OAS is designed to support older Canadians, especially those with minimal earnings or savings in their later years.

When Are OAS Payments Issued?

OAS payments are typically made monthly, but the specific date varies depending on the recipient’s location and other factors. Generally, payments are issued on the third or fourth Wednesday of the month. For November 2024, the OAS payment dates are:

• Wednesday, November 27, 2024: This is the scheduled payment date for OAS recipients in November 2024.

Why Does the OAS Payment Date Change?

The timing of the payment can shift based on holidays and weekends. If a scheduled payment date falls on a statutory holiday or a weekend, the payment will usually be moved to the preceding business day. In most cases, though, the payment date is consistent, so you can plan ahead. For example, the third or fourth Wednesday of the month will be the regular payment day unless there’s a specific holiday-related adjustment.

How to Confirm Your Payment Date

If you’re unsure about your exact OAS payment date, the Government of Canada provides a convenient way for you to verify this information:

1. My Service Canada Account: You can log in to your online account to view your upcoming payment schedule and other details about your OAS pension.
2. OAS Payment Calendar: The Government of Canada website publishes an official payment calendar, which shows the exact dates for each month, including adjustments for weekends and holidays.
3. Direct Deposit: If you’re signed up for direct deposit, your payment will be automatically deposited into your bank account on the scheduled date, which can save you time and ensure you receive the funds promptly.

How Much Will You Receive in November 2024?

The amount you receive from OAS can vary depending on factors such as your age, your living situation, and whether you have additional income or benefits. In general:

• The maximum monthly OAS benefit in 2024 for a single person living in Canada is $1,090.45 (this amount is based on the rate as of July 2024).
• If you’re 75 or older, you may also be eligible for the Guaranteed Income Supplement (GIS), which provides additional financial support to low-income seniors.

If your income exceeds a certain threshold, you may be subject to the OAS clawback, meaning a portion of your OAS payments may be reduced or withheld. This is based on your net income and begins to phase in once your income exceeds $81,761 in 2024 (or $129,141 for couples).

Important Tips for Managing Your OAS Payments

1. Sign Up for Direct Deposit: If you haven’t already, consider signing up for direct deposit to ensure you get your payment on time without having to wait for a check to arrive in the mail.
2. Monitor Your OAS Payments: Keep an eye on your monthly OAS payments to ensure that the amounts are accurate and reflect any changes in your eligibility.
3. Understand Clawbacks: If your income is on the higher side, be aware that you may face the OAS clawback. Knowing how this works can help you plan your finances accordingly.
4. Adjust for Changes in Circumstances: If your financial or living situation changes, such as a change in marital status or a significant income shift, you should inform Service Canada as this can affect your OAS payment amount.