As June 2025 approaches, many seniors in Canada are hearing about a possible $2,455 OAS deposit. While this amount may sound like a major increase in the Old Age Security (OAS) program, it’s not a standard monthly payment. Instead, it reflects unique situations where eligible seniors receive a larger lump sum due to retroactive OAS or Guaranteed Income Supplement (GIS) payments.
This guide breaks down how the OAS program works, what could lead to a larger deposit like $2,455, and how seniors can avoid common mistakes and make sure they receive what they’re owed.
Overview
OAS is a key retirement benefit in Canada, offering regular income support to people 65 and older. The standard monthly amount ranges from around $727 to $800, depending on your age. However, in certain situations, seniors may see a much larger one-time deposit appear in their account—sometimes over $2,400.
Here’s a quick summary:
| Topic | Details |
|---|---|
| Program Name | Old Age Security (OAS) |
| Eligibility Age | 65 and older |
| Monthly Payment (Age 65–74) | Up to $727.67 |
| Monthly Payment (Age 75+) | Up to $800.44 |
| Extra Benefit | Guaranteed Income Supplement (GIS) |
| Next Payment Date | June 27, 2025 |
| Retroactive Limit | Up to 12 months of OAS and GIS |
| Deferral Bonus | Up to 36% increase if deferred to age 70 |
What Is OAS?
OAS is a non-contributory monthly pension funded by general tax revenues. It’s based on your age and how long you’ve lived in Canada after turning 18. Unlike CPP, you don’t have to work or pay into the plan to qualify.
- Age 65–74: Up to $727.67/month
- Age 75+: Up to $800.44/month
- Adjusted quarterly for inflation
Who Gets a $2,455 OAS Deposit?
The regular monthly OAS payment is nowhere near $2,455. So where does that number come from? There are a few valid scenarios:
1. Retroactive OAS Payments
If you delay applying for OAS or if there’s a processing delay, you may receive up to 12 months of back pay. For example:
- $727.67 x 3 months = $2,183.01
- With GIS or a fourth month, the total could reach or exceed $2,455
2. GIS Lump Sum
The Guaranteed Income Supplement is an extra monthly benefit for low-income seniors. If GIS approval is delayed, you could receive several months’ worth of GIS along with your regular OAS.
- GIS monthly payments can range from a few hundred dollars up to $1,000 depending on your income
- Combined retroactive OAS + GIS = possible $2,455 deposit
When Are OAS Payments Made?
For June 2025, the payment date is Thursday, June 27, 2025. OAS is typically paid on the last Wednesday of each month, but may shift for holidays or weekends.
Eligibility
To qualify for OAS:
- Be at least 65 years old
- Be a Canadian citizen or legal resident
- Have lived in Canada for at least 10 years after age 18
- For full OAS, 40 years of residency is required
Partial benefits are available for those with fewer years of residency.
How to Apply
Step-by-Step:
Step 1: Check eligibility
Step 2: Gather documents (proof of age, SIN, residency)
Step 3: Apply
- Online via My Service Canada Account
- Or by mail using forms from the Service Canada website
Step 4: Set up direct deposit for faster payment
Step 5: Monitor your payment status online
Deferring OAS for Higher Payments
If you delay receiving OAS past age 65, your monthly benefit increases by 0.6% per month, up to age 70.
- Delay by 12 months = 7.2% increase
- Delay by 60 months = 36% increase
This option is ideal for seniors who don’t need the income right away and want a larger benefit later in life.
Avoid Common Mistakes
- Not applying: OAS is not always automatic—you may need to apply
- Missing GIS: Many low-income seniors don’t realize they qualify
- Incorrect residency history: Incomplete info can delay approval
- No direct deposit: Leads to mailed cheques, which can be delayed
Extra Tips for Seniors
- Review your eligibility for tax credits with the CRA
- Use your My Service Canada Account to keep all your information up to date
- Look into additional provincial programs for seniors—many offer rebates, subsidies, and support
Receiving a $2,455 OAS payment may not be common, but it’s possible under the right circumstances. Whether you’re applying for the first time, deferring for higher payments, or combining OAS with GIS, staying informed is key to making the most of your retirement income.
FAQs
Why did I receive $2,455 from OAS?
It’s likely a retroactive OAS or GIS lump sum payment.
When is the June 2025 OAS payment?
It will be issued on June 27, 2025.
Is OAS automatic at age 65?
Not always. You may need to apply if not auto-enrolled.
Can I increase my OAS payment?
Yes, by deferring up to age 70 for a 36% boost.
Do I qualify for GIS with OAS?
If your income is low, you may be eligible for GIS.
