Extra Money for Seniors in Canada 2025: What to Expect This May
For Canadian seniors aged 65 and above, the Old Age Security (OAS) program provides vital financial support to help manage living expenses during retirement. If you’re currently receiving OAS benefits or are about to, here’s what you need to know about the upcoming May 2025 payment.
When Is the May 2025 OAS Payment?
Mark your calendar — the next OAS payment is scheduled for Wednesday, May 28, 2025. Typically, OAS payments are issued in the last week of each month, either as a direct deposit to your bank account or via cheque, depending on your selected payment method.
How Much Will Seniors Receive in May 2025?
The amount you receive from OAS depends on your age and income. Here’s the breakdown for May 2025:
- Seniors aged 65 to 74: Up to $727.67
- Seniors aged 75 and over: Up to $800.44
The payment amounts are reviewed quarterly to keep pace with inflation. However, they will not decrease, even if the cost of living drops. If you want a precise estimate, use the Service Canada OAS Benefits Estimator, which calculates your potential payment based on your income and residency history.
Who Qualifies for OAS Payments?
To qualify for OAS payments, you must meet specific criteria:
- Age Requirement: You must be at least 65 years old.
- Residency Status: You need to be a Canadian citizen or legal resident.
- Minimum Residency Period: You must have lived in Canada for at least 10 years after turning 18.
If you’re living outside Canada, you may still qualify for OAS if you were a Canadian citizen or legal resident before leaving and lived in Canada for at least 20 years as an adult.
How to Apply for OAS Benefits
Most seniors are automatically enrolled in the OAS program. If you’re eligible, Service Canada will typically send a letter around your 64th birthday, outlining the payment options and allowing you to choose when to start receiving benefits — from age 65 up to 70.
If you haven’t received the letter or need to apply, here are your options:
- Online Application: Log in to your My Service Canada Account and complete the application. Note that the system doesn’t allow you to save your progress, so have all your information ready.
- By Mail or In Person: Download the paper application, complete it, and mail it along with certified copies of necessary documents to Service Canada.
Is OAS Taxable?
Yes, OAS payments are considered taxable income. You can opt to have taxes deducted at the source to avoid a larger tax bill at the end of the year.
- To set up tax deductions, log into your My Service Canada Account or complete the Request for Voluntary Federal Income Tax Deductions (CPP/OAS) form.
Upcoming OAS Payment Dates in 2025
For those receiving OAS benefits, here are the upcoming payment dates for the remainder of 2025:
- June 26
- July 29
- August 27
- September 25
- October 29
- November 26
- December 22
FAQs About OAS Payments for Seniors in 2025
1. Can I receive OAS if I live outside Canada?
Yes, if you were a Canadian citizen or legal resident before leaving and lived in Canada for at least 20 years as an adult, you can still receive OAS.
2. How much will I receive if I start OAS at age 65?
If you start OAS at 65, the maximum payment is $727.67 per month for those aged 65 to 74.
3. Is OAS income taxable?
Yes, OAS is considered taxable income. You can choose to have taxes withheld to reduce your year-end tax liability.
4. Can I apply for OAS if I didn’t receive the automatic enrollment letter?
Yes, you can apply online or by mail. If you’re eligible but didn’t receive the letter, contact Service Canada for assistance.
5. What if I delay my OAS payments?
If you choose to delay receiving OAS, your payments will increase by 0.6% per month, up to a maximum of 36% at age 70.
