In August 2025, the Government of Canada will issue a special $2,455 Old Age Security (OAS) deposit to eligible seniors across the country. This lump-sum payment is part of a broader initiative to help older Canadians manage inflation and maintain a decent standard of living in retirement.
Who Qualifies for the $2,455 OAS Deposit?
To receive the full payment, seniors must:
- Be 75 years or older as of July 31, 2025.
- Have resided in Canada for at least 10 years after turning 18.
- Be currently receiving Old Age Security benefits.
- Meet income requirements determined by the CRA.
The full amount is generally reserved for lower- to moderate-income seniors, and amounts may be reduced for those with higher annual incomes.
Why Is This One-Time Payment Being Issued?
This $2,455 OAS deposit is designed to provide significant short-term relief to seniors most affected by the rising cost of housing, prescription drugs, utilities, and groceries. It complements ongoing monthly OAS payments and the Guaranteed Income Supplement (GIS).
When Will It Be Paid?
The deposit will be made on August 29, 2025, alongside regular OAS payments. Those registered for direct deposit will see the amount reflected in their bank accounts on the same day.
How Will You Receive It?
- Direct Deposit: Preferred method for immediate access.
- Cheque: Mailed payments may take additional business days.
What You Should Do
- Confirm your eligibility through your CRA My Account or by contacting Service Canada.
- Update banking and address info to ensure timely delivery.
- Review your 2024 tax return, which determines your income eligibility for this payment.
Final Thoughts
The $2,455 OAS deposit coming in August is a meaningful financial boost for Canadian seniors. It reflects the federal government’s continued commitment to supporting retirees during an economically challenging period. Eligible seniors are advised to verify their eligibility and ensure their account information is up to date to receive this important benefit without delays.