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Older Seniors in Canada to Receive One-Time Payment of $500

Friday, 13 August 2021 11:53

By Linda Morgan

The federal government is providing some extra assistance to older senior citizens.

Minister of Seniors Deb Schulte announced a one-time $500 payment for older seniors who were eligible for the Old Age Security pension in June 2021 and born before June 30th, 1947. 

“The Government of Canada is providing older seniors more help with the higher costs later in life" Schulte says. "The one-time payment and the increase to the OAS pension for seniors aged 75 and up will strengthen seniors’ financial security and help provide more support to all Canadians when they are planning their retirement.”

The payment will be taxable, and those who are eligible won't need to apply. 

Seniors who live in Canada or receive their pension by direct deposit will automatically get the money next week. 

However, delays may occur for cheques mailed outside of the country. 

If you haven't applied for the Old Age Security pension, but were born on or before June 30th, 1947, you can still get the $500 payment if you apply for Old Age Security by May 31st, 2022. 

If you have applied for the pension, but haven't been approved yet, the payment will be made  if you're approved retroactively to June 2021 or earlier. 

More details on the payment can be found here. 

 

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