Older seniors, born on or before June 30, 1947, who are eligible for Old Age Security (OAS) in June 2021, will receive a one-time payment of $500 the week of August 16, 2021.
This one-time payment will provide immediate support until a permanent 10% increase to the OAS pension for seniors aged 75 and up is implemented in July 2022. That increase will support Canadians with their higher costs later in life.
Older seniors often need more support and are more at risk of outliving their savings. As seniors age, their health and home care costs rise, all while they are more likely to be unable to work, have disabilities or be widowed.
The OAS increase builds on the Government’s work to strengthen retirement income security. We restored the age of eligibility for OAS from 67 to 65, strengthened the Canada Pension Plan for future retirees, increased the Guaranteed Income Supplement (GIS) for single seniors, increased the GIS earning exemption and reduced income taxes for all Canadians.
Am I eligible for the one-time payment and when will I receive it?
Seniors eligible for the OAS pension in June 2021 and born on or before June 30, 1947, will receive a one-time payment of $500 the week of August 16, 2021. Eligible seniors who receive OAS payments by cheque can expect a cheque by mail with a delay based on mail delivery.