The start of a new year brings new attention to retirement benefits, and for Canadians receiving the **Old Age Security (OAS)** pension, the first payment in 2026 is more than just a date on the calendar—it’s part of a larger shift in how Canada’s seniors are supported. With inflation adjustments, changes to eligibility, and a fresh calculation of annual benefits, understanding what to expect from your OAS payment in 2026 is now more important than ever.
This year, both the **payment amount** and **eligibility thresholds** have been updated to reflect cost-of-living increases and new legislative factors. If you’re turning 65, already receiving the OAS, or advising someone who is, you need to know what’s changed, how much to expect, and on what date the very first deposit will appear in your bank account.
OAS 2026: Key facts and payment timeline
| Category | Details |
|---|---|
| First OAS Payment Date in 2026 | January 29, 2026 (Thursday) |
| Maximum Monthly OAS Payment (65–74) | $713.34 |
| Maximum Monthly OAS Payment (75+) | $784.67 |
| Quarterly Adjustment Period | January, April, July & October |
| Income Threshold for Clawback | $90,997 (2026 estimate) |
| Full Pension Residency Requirement | 40 years in Canada after age 18 |
What changed this year
One of the significant updates for 2026 is the increase in the **maximum Old Age Security monthly payments**, adjusted to reflect the rising cost of living. The federal government has chosen to maintain its policy of indexing OAS payments to inflation, which protects seniors’ purchasing power against economic fluctuations. For those aged 65 to 74, the new monthly maximum payout is **$713.34**, up from $707.68 in late 2025. Canadians aged 75 or older are eligible for a higher benefit of **$784.67** per month.
This reflects the continued government effort to recognize the potentially higher medical and living costs faced by Canadians over the age of 75. This differentiation, introduced in July 2022, remains one of the most important **policy shifts** in recent OAS history, and it carries on into 2026 with updated rates.
Also updated for 2026 are the **income recovery thresholds**, often referred to as the “OAS clawback”. This begins to apply when your net income exceeds **$90,997**, at which point you may see a reduction in your monthly benefit. The full clawback now occurs if your income exceeds **$147,000** for the year. These threshold increases reflect inflationary shifts and ensure that OAS continues to serve as a targeted benefit for middle- and lower-income retirees.
Who qualifies and why it matters
To receive the full OAS pension, you must have lived in Canada for at least 40 years after turning 18. However, partial pensions may be issued for those with a minimum residency of 10 years. If you currently live outside Canada, you’d need to have at least 20 years of Canadian residency post-age 18 to qualify for payments abroad.
This is critical because an increasing number of Canadians plan to retire abroad. If you’re among them—or know someone who is—your ability to receive the OAS can depend entirely on your residency history. In 2026, the rules remain unchanged, but the awareness of how past work and residency influence present income is more relevant than ever.
Understanding your eligibility is fundamental to a secure retirement plan. Avoid assuming automatic entitlement—double-check your residency requirements.
— Emily Warren, Senior Policy Analyst
How to apply step-by-step
Canadians can begin applying for the OAS up to **11 months before their 65th birthday**. It’s best to apply early to avoid any processing delays or missed deposits. Here’s what the process looks like:
- Visit the My Service Canada Account (MSCA) portal.
- Fill out the online application for OAS—this includes personal details and your SIN.
- If Service Canada has pre-approved your application, you’ll receive a letter stating your start date and benefit amount. If not, you must manually apply.
- For those who prefer paper, a PDF version of the form can be downloaded and mailed in.
- Once approved, you will receive payment starting the month after your 65th birthday, unless you defer.
Remember, if you choose to **defer your OAS**, you can increase your monthly payments by **up to 36%** by postponing them until age 70. However, you cannot defer beyond that age.
Impact of deferring your OAS pension
Delaying your OAS pension can have long-term financial benefits. For every month you delay after age 65, your payment increases by 0.6%, amounting to a **7.2% raise per year**. This means that by waiting until 70, a retiree could earn significantly more monthly compared to taking the payment at 65.
However, this only benefits those who have other sources of income to sustain themselves between 65 and 70. If your personal savings or RRSPs are limited, taking OAS as soon as you’re eligible may still make financial sense, despite the reduced amount.
Deferral strategies must be tailored to your financial situation. Sometimes, cash flow now is worth more than higher payments later.
— Martin Clarke, Retirement Advisor
OAS payment schedule for 2026
Here’s the complete OAS payment calendar for 2026:
- January 29, 2026
- February 26, 2026
- March 26, 2026
- April 28, 2026
- May 27, 2026
- June 25, 2026
- July 29, 2026
- August 27, 2026
- September 25, 2026
- October 29, 2026
- November 26, 2026
- December 23, 2026
Winners and losers from the 2026 OAS update
| Group | Impact |
|---|---|
| Canadians aged 75+ | Winners: Receive higher benefit cap of $784.67/month |
| High-income retirees | Losers: Face OAS clawback beginning at $90,997 |
| Recent immigrants | Mixed: May only qualify for partial pension |
| Those deferring to age 70 | Winners: Can boost monthly payments by 36% |
Short FAQs about the first 2026 OAS payment
When is the first OAS payment in 2026?
The first OAS payment of 2026 will be deposited on **January 29, 2026**.
How much OAS will I get if I’m 75 or older?
You will receive up to **$784.67 per month** if you’re 75 or older and qualify for the full pension.
What is the OAS clawback income limit for 2026?
If your net income exceeds **$90,997**, your OAS payment may be reduced.
Can I receive OAS outside of Canada?
Yes, if you lived in Canada for at least **20 years after age 18**, you can receive OAS abroad.
Is OAS automatically applied, or do I need to apply?
Some Canadians are **automatically enrolled**, but many need to **apply manually**, especially if living overseas or lacking full records.
Should I defer my OAS to age 70?
Deferring increases your payout by up to **36%**, but it depends on your financial situation and life expectancy.