As June 2025 approaches, some Canadian seniors may see an unexpected \$2,455 Old Age Security (OAS) deposit in their bank account. While this may raise eyebrows, it’s important to understand that this isn’t a new monthly benefit. Instead, it represents retroactive payments or lump-sum amounts involving OAS and the Guaranteed Income Supplement (GIS).
This guide will explain how the OAS system works, what scenarios can lead to a larger one-time payment, and how to make sure you receive everything you’re entitled to as a senior in Canada.
Understanding OAS and the Possible \$2,455 Payment
The Old Age Security (OAS) program is one of Canada’s key retirement income tools, offering a monthly pension to seniors aged 65 and over. While the standard monthly amount ranges from \$727 to \$800, certain circumstances—such as delayed applications or GIS approvals—can result in a lump-sum deposit exceeding \$2,400.
| Topic | Details |
|---|---|
| Program Name | Old Age Security (OAS) |
| Eligibility Age | 65 and older |
| Monthly Payment (65–74) | Up to \$727.67 |
| Monthly Payment (75+) | Up to \$800.44 |
| Additional Benefit | Guaranteed Income Supplement (GIS) |
| Retroactive Payment Limit | Up to 12 months of OAS and GIS |
| June 2025 Payment Date | June 27, 2025 |
| Deferral Bonus | Up to 36% if deferred to age 70 |
What Is OAS? [Basic Program Overview]
Old Age Security is a non-contributory pension—unlike the Canada Pension Plan (CPP), it doesn’t require employment history or payroll deductions. It’s funded through general tax revenue and based on age and residency in Canada.
Monthly Benefit Amounts:
- Ages 65–74: Up to \$727.67/month
- Ages 75 and over: Up to \$800.44/month
- Indexed quarterly to keep up with inflation
Why Some Seniors Receive \$2,455
The standard OAS monthly payment doesn’t exceed \$800, so how do seniors end up with a \$2,455 deposit? There are two common reasons:
1. Retroactive OAS Payments
If you delay your OAS application or if Service Canada processes it late, you may receive up to 12 months of back pay. For example:
- 3 months × \$727.67 = \$2,183.01
- Add in GIS or a fourth month = Total could exceed \$2,455
2. GIS Lump-Sum Deposits
The Guaranteed Income Supplement (GIS) is paid to low-income seniors receiving OAS. If your GIS application is approved late, you could receive several months’ worth of GIS payments at once.
- GIS can range from \$500 to over \$1,000/month
- Combined retroactive OAS and GIS can easily result in a \$2,455+ payment
June 2025 OAS Payment Date
The next scheduled OAS payment is Thursday, June 27, 2025. Payments typically arrive on the last Wednesday of each month but may shift for holidays.
To avoid delays, ensure your direct deposit information is current in your My Service Canada Account.
Who Is Eligible for OAS?
To qualify for OAS, you must:
- Be 65 years or older
- Be a Canadian citizen or legal resident
- Have lived in Canada for at least 10 years after turning 18
For full OAS, you need 40 years of residency in Canada after age 18. Partial payments are available for shorter stays.
How to Apply for OAS
While some Canadians are automatically enrolled, many are not. Here’s how to apply:
Step-by-Step Application Process:
- Check eligibility using Service Canada’s tools
- Gather required documents (e.g., SIN, proof of age, residency history)
- Apply online via My Service Canada Account or by mail
- Set up direct deposit for faster processing
- Monitor status online to track updates
Deferring OAS for Higher Monthly Income
If you delay taking OAS beyond age 65, you can increase your monthly benefit by 0.6% per month—up to 36% more if you wait until age 70.
| Deferral Duration | Monthly Increase |
|---|---|
| 12 months | +7.2% |
| 60 months (5 years) | +36% |
Deferring is a strategic option for those who don’t need the income immediately and prefer higher payments later in life.
Common Mistakes Seniors Should Avoid
Many seniors miss out on money they’re eligible for due to avoidable errors. Here’s what to watch for:
- Not applying: OAS isn’t automatic for everyone.
- Missing GIS: Many low-income seniors don’t know they qualify.
- Incorrect residency history: Leads to delays or denial.
- No direct deposit: Slower payments via cheque.
- Not checking My Service Canada Account regularly for updates.
Extra Tips to Maximize Your Benefits
1. Review CRA and GIS eligibility
Check for tax credits, GIS, and provincial senior support programs you may qualify for.
2. Use My Service Canada Account
Keep your personal details updated to avoid errors in benefit payments.
3. Apply Early
Start the OAS and GIS application process at least six months before your 65th birthday.
4. Monitor Retroactive Opportunities
If you’re applying late or appealing a decision, ask about back payments.