OAS Secrets: How to Maximize OAS Benefits? Process to get the Maximum OAS Increase

In the retirement planning for Canadians, the two federal plans which help them create a pension income are the Canada Pension Plan, and the Old Age Security or the OAS plan. Both plans are for people who have retired at an age, and they have to replace their earnings in a small part with the pension amount that the Canadians will receive in the benefits. In a recent update, it was also mentioned that the fourth review for the OAS in 2024 has come to an end (for October 2024-December 2024).

In this update, the reports mention that the eligible residents who have been between 65 and 74 years, the maximum payment that would be sent as the OAS Benefit would be around 707.68 dollars. But for the residents above 75 (or who are 75), the maximum benefit under the OAS was 778.45 dollars. These payments are adjusted by the CPI, and if the cost of living goes higher in the country, then the amount is also increased but if the CPI suggests a cost decrease then it has no effect on the amount to be received as the OAS Benefit.

OAS Secrets

For the OAS Benefits, most individuals are automatically under the enrolment but for those who have not been enrolled, they have to apply separately. In a July 2022 update for the OAS Benefits, it was announced that the OAS Benefit Pension is going to get a permanent increase in the amount for citizens aged 75 years or above. This update was planned to start from July 2022, or in the month next to the citizen’s 75th birthday. This is to say that if a resident was going to get 75 years old in August 2022, then the increment was going to start from September 2022.

This increase in the OAS Benefit is automatically applied to the OAS Pension Amounts, and this helps the residents in their daily costs, as a 10% increment makes the amount higher. Other ways can be used to help and increase the OAS Benefits to the maximum amount, as discussed below. This includes the option to delay the pension amounts, as the delay helps in increasing the pension amount for later. Not only that, the other options including the likes of GIS or the Guaranteed Income Supplement, partial pension, allowances, etc. will also help in getting the maximum of OAS Benefits.

OAS Payment Dates

AISH Payment Dates 2024

CPP Payment Increase 2024

Canada Disability Benefit 2023-2024

OAS Benefit for 2024

For those who want to start getting their pension (monthly amounts to be taxed) benefits, their age must be 65 or above, and this payment is made by the agency Service Canada. It must be noted that these OAS Benefits are started in the month when an individual completes 65 years, or they can start on a chosen date.

OAS Secrets: How to Maximize OAS Benefits? Process to get the Maximum OAS Increase

As the benefit amount for the OAS Pension needs adjustments, the CPI is used for the reviews of this benefit for four times in the months of October, April, July and January.

AgeMaximum Payment ReceivedIncome Requirement
Between 65-74707.68 dollarsBelow the limit of 134,626 dollars
75 or Above778.45 dollarsBelow the limit of 137,331 dollars

How do I Maximize OAS?

If the income of the Canadian resident is more than 86,912 dollars for the year 2022, then as per the income limits, the individual is required to pay back either the complete benefit amount or a partial amount (as recovery tax). There are various ways to make the OAS Benefits Amount reach to its maximum:

  1. Retroactive Payments: These payments are going to be made for the citizens who have completed 65 years already, but it must be noted that these payments can only be made for a total maximum of 11 months starting from the date when application is received.
  2. Guaranteed Income Supplement: This benefit payment is going to be a monthly OAS Supplement Benefit payment, and it is decided by the income levels. This is not taxable, but it is only given to old age citizens (maximum of 1,057.01 dollars) who receive their OAS Pension for low income if:
    1. Income less than 21,456 dollars (single, widowed, divorced)Combined Income less than 28,320 dollars (if a spouse gets full OAS Pension)
    1. Combined Income less than 51,408 dollars (if the spouse doesn’t get/ qualify for OAS)
  3. Spouse Benefits: If the GIS is received, the spouse can get an Allowance Benefit (maximum of 1,343.94 dollars) if:
    1. Their age is 60-64They are a Canadian Citizen/ Legal Canadian ResidentThey have completed a minimum of 10 years from the age of 18
    1. Combined Income of less than 39,648 dollars annually
  4. Survivor Allowance: This is also reviewed with the CPI index for 4 times, and the allowance is eligible if:
    1. Your age is between 60-64 years.Your spouse/ or the eligible common-law
    partner has died but you haven’t been married again or have no other common-law
    1. partnerYour income is less than 28,872 dollars (yearly income)
    1. If these conditions are met, then the allowance amount is for a maximum of 1,602.07 dollars.
  5. Delaying the Pension Amount: The eligible Canadian resident can choose to delay the first OAS Benefit Amount, and for the delay, they will receive a higher benefit (counting each month delayed). This delay can be for a maximum of 60 months, and it must be noted that there is no benefit of delaying after the resident turns 70 years old.
  6. Partial OAS Benefit: Only those residents, who have lived in the country legally for a minimum of 10 years but not more than the limit of 40 years will get the full OAS Pension. For others, there is a partial OAS Pension which is decided.
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