The Canada Revenue Agency (CRA) is preparing to issue double payments in May, providing significant financial relief to eligible seniors. This includes the $1,700 Old Age Security (OAS) benefit along with an additional $650 payment for qualified recipients. If you are a senior citizen in Canada, this news could be crucial for you.
In this article, we will discuss the eligibility criteria, payment schedule, and other important details regarding these upcoming benefits.
What is the $1,700 OAS Payment?
Old Age Security (OAS) is a government-funded pension program designed to support Canadians over the age of 65. The payment amount varies depending on factors such as age, income, and residency status.
For the first quarter of 2025, eligible seniors can receive:
- $713.34 per month for individuals aged 65-74
- $784.67 per month for individuals aged 75 and older
Since OAS is paid out monthly, recipients will receive approximately $1,700 over two months if they qualify for the full amount.
Who is Eligible for the OAS Payment?
To qualify for OAS, you must:
- Be 65 years or older
- Have lived in Canada for at least 10 years after turning 18
- Meet the income requirements (higher incomes may result in reduced OAS payments due to the clawback system)
OAS is automatically adjusted for inflation, ensuring that seniors receive payments that align with the cost of living.
What is the Extra $650 Payment?
The additional $650 bonus is meant to provide extra support for low-income seniors. This payment could be part of the Guaranteed Income Supplement (GIS) or a special government rebate aimed at helping those in financial need.
Seniors who qualify for GIS automatically receive this bonus. GIS is an additional benefit for low-income OAS recipients, and the payment amount is determined by income level and marital status.
Payment Dates for the OAS and Bonus Amount
The CRA has scheduled OAS and GIS payments for the following dates:
- May 27, 2025
- April 26, 2025
- May 29, 2025
Eligible recipients will receive their payments via direct deposit or mailed cheque, depending on their chosen method.
How to Check Your Eligibility and Payment Status
If you are unsure whether you qualify for the OAS or GIS payments, you can check your eligibility by:
- Logging into your My CRA Account
- Calling Service Canada at 1-800-277-9914
- Reviewing your Notice of Assessment to check if you are below the income threshold for GIS
For seniors who have not yet applied for OAS, it’s recommended to do so six months before turning 65 to avoid delays.
Why is the CRA Issuing These Double Payments?
The government is making these payments to help seniors cope with the rising cost of living, inflation, and unexpected expenses. Many seniors are struggling with higher costs for essentials such as groceries, utilities, and housing. These payments aim to provide much-needed relief.
What to Do if You Don’t Receive Your Payment?
If you are eligible but do not receive your OAS or GIS payment by the expected date, follow these steps:
- Wait at least 10 business days before contacting the CRA
- Check your bank account or mailbox for the payment
- Call Service Canada to inquire about the delay
Final Thoughts
The upcoming OAS and extra $650 payments will provide significant financial support for Canadian seniors. If you qualify, be sure to check your payment details and eligibility to ensure you receive your benefits on time. With rising living costs, these government benefits can help ease financial pressure and provide greater security in retirement.