$987.70 + $28.30 Pension Boost in Feb 2025: As of February 2025, Canadian seniors receiving the Old Age Security (OAS) pension will notice an increase in their monthly payments. This boost aims to assist seniors in managing the rising costs of living and ensuring financial stability during retirement.
$987.70 + $28.30 Pension Boost in Feb 2025
The $28.30 increase in the Old Age Security pension, effective February 2025, underscores the Canadian government’s dedication to supporting seniors in maintaining their financial well-being. By understanding the eligibility criteria, payment schedules, and additional benefits available, seniors can make informed decisions to optimize their retirement income.
| Topic | Details |
|---|---|
| Pension Increase | In February 2025, eligible Canadian seniors will receive a pension boost of $28.30, bringing their total monthly Old Age Security (OAS) payment to $987.70. |
| Eligibility Criteria | Seniors aged 65 and older who meet specific residency and income requirements are eligible for this increase. |
| Payment Date | The enhanced pension payment is scheduled for February 26, 2025. |
| Additional Benefits | Eligible seniors may also qualify for the Guaranteed Income Supplement (GIS) and other provincial programs. |
| Official Resource | Government of Canada – Benefits Payment Dates |
Understanding the Pension Boost
The Old Age Security (OAS) program is a monthly payment available to seniors aged 65 and older who meet the Canadian legal status and residency requirements. In February 2025, the OAS payment will increase by $28.30, bringing the total monthly amount to $987.70. This adjustment reflects the government’s commitment to supporting seniors in maintaining their purchasing power amidst inflation.
Eligibility Criteria
To qualify for the OAS pension and the February 2025 increase, individuals must:
- Age Requirement: Be 65 years or older.
- Residency: Be a Canadian citizen or legal resident at the time of application approval.
- Residency Duration: Have resided in Canada for at least 10 years since the age of 18.
It’s important to note that the OAS pension is subject to a recovery tax (commonly known as the OAS clawback) for individuals whose annual income exceeds a certain threshold. For the 2025 tax year, this threshold is $81,761. Seniors with incomes above this amount may have to repay part or all of their OAS pension.
Payment Date
The enhanced OAS payment is scheduled for February 26, 2025. The Government of Canada typically issues OAS payments on the third-to-last business day of each month. For a comprehensive list of payment dates, refer to the official Benefits Payment Dates page.
Additional Benefits
Beyond the OAS pension, eligible seniors may qualify for other financial assistance programs:
- Guaranteed Income Supplement (GIS): Provides additional monthly payments to low-income OAS recipients. Eligibility is based on annual income and marital status.
- Allowance for the Survivor: Available to low-income individuals aged 60 to 64 whose spouse or common-law partner has died.
- Provincial and Territorial Programs: Various provinces and territories offer supplementary benefits to seniors. It’s advisable to check with local government offices for available programs.
How to Apply for $987.70 + $28.30 Pension Boost in Feb 2025?
If you’re approaching the age of 65 and have not yet applied for the OAS pension, follow these steps:
- Determine Eligibility: Ensure you meet the age, residency, and legal status requirements.
- Gather Necessary Documents: This may include proof of birth, citizenship or legal status, and residency history.
- Submit an Application:
- Online: Through your My Service Canada Account.
- By Mail: Complete the Application for the Old Age Security Pension and send it to the nearest Service Canada office.
It’s recommended to apply six months before your 65th birthday to ensure timely processing.
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Frequently Asked Questions (FAQs)
1. What is the Old Age Security (OAS) pension?
The OAS pension is a monthly payment from the Government of Canada to seniors aged 65 and older who meet specific residency and legal status requirements.
2. How is the OAS payment amount determined?
The OAS payment amount is reviewed quarterly (in January, April, July, and October) and may be increased to reflect changes in the cost of living as measured by the Consumer Price Index.
3. What is the Guaranteed Income Supplement (GIS)?
The GIS is an additional monthly benefit for low-income seniors who receive the OAS pension. Eligibility and payment amounts are based on annual income and marital status.
4. Are OAS payments taxable?
Yes, OAS payments are considered taxable income. Additionally, seniors with annual incomes above a certain threshold may be required to repay part or all of their OAS pension through the OAS recovery tax.
5. Can I receive OAS benefits if I live outside of Canada?
Yes, if you have lived in Canada for at least 20 years after turning 18, you can receive OAS payments outside of Canada. However, if you have lived in Canada for less than 20 years, payments will only continue for six months after leaving the country.
