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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 provides financial support for older Canadians. CPP and OAS payments are issued on the same dates.
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
Where does OAS money come from?
The money that funds the OAS comes from the federal government…
Maxed out your TFSA and RRSP? Here’s where to put cash
– moneysense.ca
Canadians have many options for saving and growing their money. They can use registered savings and investment accounts, which offer powerful tax advantages. If you’re saving up a retirement nest egg, you likely have a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA).
Here’s a quick refresher on RRSPs and TFSAs, including their contribution limits:
Comparison pointsRRSPTFSAPurposeRetirement savingsAny savings goal, short-term or long-termAge requirementAny age up to 7118 and olderEarned income requirementYes, you must earn income to create contribution roomNoTax deduction for contributionsYes, and tax deductions can be carried forward for a future tax returnNoTax on growth (interest, capital gains, dividends)Tax-deferred, until funds are withdrawn (during retirement, when income is likely lower)Tax-freeContribution roomWhichever is lower: 18% of your previous year’s earned income or the government’s annual RRSP contribution limit (for the 2024 tax year, it is $31,560, and 2025, it will be $32,490), plus any unused contribution room from previous yearsAccumulates from age 18, with different amounts announced each year (for 2025, the limit is $7,000); if you were born in or before 2009 (the year the TFSA launched), your cumulative limit as of Jan…
In Canada, no retirement plan is complete without considering the CPP. Whether you’re approaching retirement or still several years away from it, the Canada Pension Plan will likely play a role in your retirement income. How big a role depends on several factors. You may have other questions, too. When to apply for CPP? When do the payments go out? And, of course, are CPP payments taxable? We cover this and more below. But first, here’s a quick overview of how the CPP works.
About the Canada Pension Plan (CPP)
The Canada Pension Plan is a retirement pension that offers replacement income once a person retires from working life. The CPP is a social insurance plan, and it’s one “pillar” of the retirement income system for Canadians—the other three are Old Age Security (OAS), the Guaranteed Income Supplement (GIS) and personal savings. The CPP is funded by contributions from workers, employers and self-employed individuals. It’s not paid for by the government, despite what many Canadians may think…
Oliver, Who Learned to Ask for What He Needs
AGE: 16SIBLING STATUS: Only childINCOME SOURCE:Has a regular allowanceREGULAR INCOME: $150 a month from allowanceCURRENT SAVINGS:$500 in an online chequing account; an RESP for university (ifhe gets in); a stock simulator account with $5,000 in it—Olivermakes stock trades to practise, then his dad executes the tradesfor real in an online investment account that Oliver will haveaccess to when he’s 18
Back to Oliver. I asked Oliver if there was anything else he wanted to ask about finances.
He looked at his dad. Then to me.
“Is crypto a good investment?”
“That’s a doozy of a question,” I said, smiling.
John cleared his throat. “I suspect this is directed at me because, well, I don’t know if Oliver told you, but I have a sum of money put aside that I invest on his behalf. He gets to make the choices in a stock simulator account, and then I trade them in real time so that he gets to learn about investing, dividends, capital gains, et cetera…
Your home sold—now what?
– moneysense.ca
If you’ve sold your home or are planning to soon, you may have a large amount of cash that needs a temporary parking spot while you prepare for your next move. A regular savings account pays very little interest—so unless you need the money right away, it makes sense to seek higher returns.
Several options are available—but what is best for your situation? Short-term investments such as bonds and guaranteed investment certificates (GICs) pay interest but might not give you the flexibility you need. Stocks and exchange-traded funds (ETFs) offer potentially higher yields but also come with higher risk. A simpler and more accessible solution is to use a high-interest savings account (HISA), like Simplii Financial’s HISA.
Simplii is a Canadian digital bank with over two million customers. It offers 24/7 access to online and mobile banking with no monthly fees, as well as access to one of the largest national ATM networks through CIBC. With Simplii’s HISA, you can earn high interest, and you don’t have to lock in your money for a set period of time, as you would with a bond or GIC…
