As of January 2026, the maximum monthly Old Age Security (OAS) pension is $742.31 for individuals aged 65 to 74, and $816.54 for those 75 and older. The amount depends on income, residency history in Canada, and age. Low-income seniors may receive additional funds via the Guaranteed Income Supplement (GIS), raising total monthly payments further.
The $1,200 payment is a one-time direct deposit issued by the Canada Revenue Agency for seniors classified as low income based on their most recent tax return. The payment is not a loan, does not need to be repaid and does not replace existing monthly benefits.
Canadian Government Income Security Programs
As a non-resident of Canada, you may be entitled to apply for Canada Pension Plan (CPP) payments and Old Age Security Pension (OAS) payments. Canada also has agreements with a number of other countries that offer comparable pension programs.
Eligibility for the OAS pension is based on how long you've lived in Canada after age 18. Eligibility for the CPP/QPP retirement pension is based on contributions you and your employer made while working in Canada. The public pensions are meant to be a part of your retirement income plan.
Old Age Security Payment Updates
For December 2025, OAS payments reflect a 1.2% quarterly indexation increase tied to the Consumer Price Index. Maximum monthly amounts now stand at $740.82 for ages 65-74 and $814.90 for those 75 and older, up from previous quarters.
Who Will Receive the $1,100 Centrelink Bonus. The bonus will be automatically issued to eligible Australians receiving approved Centrelink payments. Those expected to qualify include: Age Pension recipients.
From 20 September 2025, the full pension is available, under the assets test, for homeowner singles whose assessable assets are under $321,500 – for homeowner couples the number is $481,500. The numbers for non-homeowners are $579,500 and $739,500 respectively.
Your actual pension amount may be different depending on your age, income, and the number of years you have lived in Canada. Cost of living increases: Each January, April, July, and October pension amounts are increased to reflect any increases in the cost of living.
The main government source is the Canada Pension Plan (CPP), which pays out based on your lifetime contributions. * For 2024, the maximum benefit for someone retiring at age 65 is $1,364.60 per month, although the average payout is actually much lower, at $831.92 per month.
The $2,200 payment is a one-time, tax-free financial benefit provided by the federal government through the CRA. Unlike monthly pension programs, this payment is not ongoing but instead offers immediate relief to help seniors weather current financial pressures.
The Canada Pension Plan (CPP) survivor's pension is a monthly payment paid to the legal spouse or common-law partner of the deceased contributor.
Based on this data, approximately less than 10% of Canadians aged 55 to 64 have $1,000,000 or more saved up to carry them into retirement. However, there are ways to improve your odds of getting to $1-million-plus in retirement savings, but it will take work.
What Is the New $300 Seniors Payment. The $300 seniors payment is described as a one-time direct deposit issued through the Canada Revenue Agency to eligible older Canadians. It is designed to provide short-term relief during a period when inflation, housing costs, utilities, and groceries remain elevated.
The $1,000 "Welcome to Canada Bonus" is a General Motors (GM) program for new Permanent Residents or Temporary Workers, requiring a valid PR card (arrival date generally 2022 or later) or a valid work permit, plus a Canadian driver's license, for the purchase or lease of a new eligible Chevy, Buick, GMC, or Cadillac vehicle. Eligibility hinges on your status at the time of purchase, with specific arrival year requirements for Permanent Residents.
Canadian seniors are set to benefit from a landmark expansion of federal support programs in 2026, with eligible individuals potentially receiving up to $3,200 in combined Old Age Security (OAS) top-ups and related payments.
Note: If you are 64 years old, live in Canada and have paid into the Canada Pension Plan or Quebec Pension Plan program for 40 years or more, you may receive a letter from Service Canada notifying you that you will be automatically enrolled for the OAS pension.
If you have Social Security credits in both the United States and Canada, you may be eligible for benefits from one or both countries. If you meet all the basic requirements under one country's system, you will get a regular benefit from that country.
These are publicly funded plans administered by the government that can help provide financial security to eligible Canadians. They include the Canada Pension Plan (CPP), Old Age Security (OAS) and Guaranteed Income Supplement (GIS).