Old Age Security (OAS) Benefit Dates & Payment Amounts (2022)

OAS Payment Dates 2022

Here are the OAS payment dates for 2022:

January 27, 2022
February 24, 2022
March 29, 2022
April 27, 2022
May 27, 2022
June 28, 2022
July 27, 2022
August 29, 2022
September 28, 2022
October 27, 2022
November 28, 2022
December 21, 2022
Older gentlemen smiling

Old Age Security Payment Amounts

If you’re eligible for Old Age Security (OAS), your payment amount will depend on the length of time you’ve lived in Canada or other countries after the age of 18.

The maximum monthly amount you could receive in October, November and December 2021 was $635.26.

If you’ve lived in Canada for under 40 years (counted after the age of 18), then you’ll receive a partial amount.

You can find that amount by dividing the number of years you’ve lived in Canada by 40.

So, for example, if you’ve lived in Canada for 30 years after the age of 18, you’ll be eligible for 75% (30 divided by 40) of the OAS payment amount.

There are additional benefits that you can also receive based on meeting certain eligibility requirements.

If you’re eligible for the one-time payment for older seniors, you could receive an additional one-time payment of $500.

With the Guaranteed Income Supplement (GIS), you and your spouse could get up to $1,206.41 (including OAS) if you and your spouse’s income is less than $35,616.

If your partner has passed and your income is less than $25,920, you could be eligible for the Allowance for the Survivor, which pays a maximum monthly amount of $1,438.11.

If you have questions about any of these programs or your eligibility, you can contact OAS directly here.

What is OAS and Who is Eligible for the Benefit?

Old Age Security (OAS) is a monthly benefit for Canadians who are over the age of 65 years old.

It doesn’t matter whether you’ve worked before or whether you’re still working – you can receive the benefit regardless.

You must be at least 65 years old to be eligible, but the other eligibility requirements will vary based on whether you live in Canada or not.

If you live in Canada, you must:

  • Be a legal resident or citizen of Canada by the time your application for OAS gets approved
  • Have lived in Canada for a minimum of 10 years from the age of 18

If you live outside of Canada, you must:

  • Have been a legal resident or citizen of Canada on the day prior to you leaving Canada
  • Have lived in Canada for a minimum of 20 years from the age of 18

If you’ve spent some time working abroad for a Canadian company, you could potentially have that time qualify for years lived in Canada for the purposes of OAS.

You can find more information on that here.

How Do I Apply for Old Age Security?

Most of the time, Service Canada will automatically enroll you for OAS – other times, you’ll have to apply yourself.

If you need to apply, then in the month after you turn 64 years old, you’ll receive a letter from Service Canada asking you to apply for OAS.

If you don’t receive one, or if the one you’ve received has incorrect information, you may need to apply.

To apply, you can either do it online through your My Service Canada account, or by mailing in the Application for the OAS and the GIS (ISP-3550) along with certified true copies of the required documents, or by submitting it in person to a Service Canada office.

How is the OAS Payment Calculated?

OAS payment amounts vary based on the Consumer Price Index (CPI) – so if the cost of living increases, so will the OAS payments.

The payments are reviewed and assessed quarterly in January, April, July and October.

Definition

Consumer Price Index (CPI): a measure of the rate of price change for goods and services bought by consumers (Source: Old Age Security Payment Amounts)

Frequently Asked Questions

  • Will OAS payments increase in 2021 or 2022?
  • When is OAS typically deposited?

Tara Al-Khudairi is a freelance personal finance writer who has worked in the financial services industry since 2017. She graduated from McMaster University with a degree in Finance and is pursuing her CFA.

She has worked at a major Canadian financial institution in various client-facing advisory roles, starting as a bank teller and working up to a Client Services Associate within the Asset Management division. She specializes in simplifying concepts of personal finance for people of various financial backgrounds.

When she’s not examining the markets looking for the next SHOP.TO, she’s either practicing yoga, planning her next vacation, or has her nose buried deep in a book.