Canadian seniors receiving the Old Age Security (OAS) pension will notice specific payment amounts in their bank accounts this February 2026. As the federal government continues to adjust benefit rates based on inflation, two primary payment brackets have emerged for the first quarter of the year. Understanding whether you qualify for the $742.31 or the $816.54 maximum monthly amount depends on your age and residency status.
Understanding the Two OAS Brackets for February 2026
For the period of January to March 2026, the Government of Canada has implemented a 0.3% increase in OAS benefits. This adjustment is part of the quarterly review process that ensures pension payments keep pace with the cost of living, measured by the Consumer Price Index (CPI). These payments are taxable and are distributed to individuals aged 65 and older who meet the legal status and residence requirements.
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The distinction between the two amounts is primarily a result of the permanent 10% increase for older seniors introduced in July 2022. This policy was designed to provide additional financial support to seniors as they age and face potentially higher health-related costs.
The $742.31 Bracket: Seniors Aged 65 to 74
Recipients who are between the ages of 65 and 74 fall under the standard OAS bracket. For the current quarter, the maximum monthly payment for this group is $742.31.
To receive the full amount, a senior must have lived in Canada for at least 40 years after the age of 18. Those who have lived in Canada for a shorter period may receive a partial pension, calculated at 1/40th of the full pension for each year of residence. You can verify your specific eligibility and estimated amounts through the official Old Age Security portal.
The $816.54 Bracket: Seniors Aged 75 and Older
Seniors who have reached the age of 75 receive an automatic 10% increase to their base pension. For February 2026, the maximum monthly payment for this age group is $816.54.
If you turn 75 during the month, the increase will typically be applied to your payment in the month following your birthday. This higher bracket is intended to assist with the increased expenses often associated with later retirement stages.
Eligibility and Income Thresholds for 2026
While age is the primary divider between the two brackets, your total annual income also plays a role in how much of the benefit you actually keep. The Canada Revenue Agency (CRA) applies a “recovery tax,” commonly known as the OAS clawback, if your net world income exceeds certain levels.
- Income Threshold for ages 65-74: To receive the full payment, your annual net world income for 2024 must be less than $90,997. If your income exceeds $148,451, the OAS pension is fully recovered.
- Income Threshold for ages 75 and over: For older seniors, the maximum income ceiling before benefits are completely clawed back is slightly higher, at $154,196.
Recipients are encouraged to check the Service Canada benefit tables to see how their specific income level affects their monthly payout.
Important Payment Dates and Key Information
For February 2026, the scheduled payment date for the Old Age Security pension is February 25, 2026. Most recipients receive their funds via direct deposit, which is the fastest and most secure method of delivery.
It is important to note that OAS payments are reviewed every January, April, July, and October. If the cost of living increases, your benefits will go up. However, if the cost of living decreases, your OAS payment will not go down; it will remain at the previous level. This protection ensures that seniors’ purchasing power is maintained regardless of economic fluctuations.
If you are a low-income senior, you may also be eligible for the Guaranteed Income Supplement (GIS) in addition to your OAS pension. Unlike the OAS, the GIS is a non-taxable benefit tailored to those with limited income from other sources.
Frequently Asked Questions
When is the OAS payment date for February 2026?
The OAS payment for February is scheduled to be issued on February 25, 2026.
Why is there a difference between the $742 and $816 payments?
Seniors aged 75 and older receive a permanent 10% increase, resulting in a maximum of $816.54 compared to $742.31 for those aged 65-74.
Do I need to apply for the increase when I turn 75?
No, the 10% increase for seniors reaching age 75 is applied automatically by Service Canada the month after your birthday.
Ben Lee is a content writer specializing in government schemes and public benefit programs, delivering clear and up-to-date information to help readers understand eligibility, payments, and policy changes.