OAS payment dates in 2024 and 2025, and more to know about Old Age Security + MORE Nov 4th

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OAS payment dates in 2024 and 2025, and more to know about Old Age Security

– moneysense.ca

If you’re approaching or planning for retirement, you may have questions about Old Age Security (OAS) benefits, like: Do I need to apply for OAS? How much will I receive in OAS? When do OAS payments go out? We cover these questions and more below. But first, here’s a quick overview of how OAS works.

About Old Age Security (OAS)

Old Age Security benefits are monthly payments made by the federal government to supplement the income of eligible Canadians age 65 and older. Along with the Canada Pension Plan (CPP) and personal savings, OAS contributes to financial support for older Canadians. CPP and OAS payments are issued on the same dates.

OAS payment dates for 2024

January 29, 2024

February 27, 2024

March 26, 2024

April 26, 2024

May 29, 2024

June 26, 2024

July 29, 2024

August 28, 2024

September 25, 2024

October 29, 2024

November 27, 2024

December 20, 2024

OAS payment dates for 2025

January 29, 2025

February 26, 2025

March 27, 2025

April 28, 2025

May 28, 2025

June 26, 2025

July 29, 2025

August 27, 2025

September 25, 2025

October 29, 2025

November 26, 2025

December 22, 2025

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How to report foreign income in Canada

– moneysense.ca

Residents of Canada are taxable on their worldwide income. So, just because income is earned somewhere else in the world, that does not make it exempt on a Canadian tax return. Tax may also be payable on that income in another country.

Even if an asset does not earn income, it may still need to be reported on a Canadian tax return, and stiff penalties may apply for missed disclosures. Let’s take a closer look at the tax implications for Canadians with foreign income and assets.

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