Changing bank accounts can create an avoidable payment problem if the old account is closed before your Old Age Security (OAS) banking information has been updated.
You can set up or change OAS direct deposit through My Service Canada Account (MSCA). After activating online personal-information updates, sign in, open your OAS dashboard, select “Profile,” then “Manage my payment destination.” Enter the new banking details and wait for confirmation before relying on the new account for your OAS payment.
Setting Up OAS Direct Deposit Through MSCA
Before you can update OAS banking information online, you need to activate notifications and alerts for your OAS account. You can do this once by calling 1-800-277-9914 or visiting a Service Canada location. After activation, sign in to MSCA and follow the payment-destination option described above.
Have your banking details ready. For a Canadian account, the required information includes your Social Insurance Number (SIN), financial institution information, branch transit number and account number. You can usually find the banking numbers on a cheque or through your online banking account. Once MSCA confirms the change, the new information appears under “Payment details” on your Profile page.
You can also provide banking information when you apply for Old Age Security, rather than waiting until payments have started.
Allow Enough Time When Changing Bank Accounts
An OAS banking change made through MSCA can take up to 30 days to take effect. To have the next payment sent to the new account, submit the information at least 30 days before its scheduled payment date.
We would not close the old account immediately after submitting a change. Keeping it open until you know the first OAS payment has reached the new account protects against a payment being directed to the previous banking information while the update is being processed. You can check the upcoming OAS payment dates before deciding when to switch accounts.
Other Ways to Set Up or Change OAS Direct Deposit
MSCA is not the only option. You can contact the OAS program to change direct deposit information, or use the eServiceCanada service.
A mail-in option is also available through the Canada Direct Deposit Enrolment Form. For OAS, select the Old Age Security box and provide the requested banking details. You can either complete the banking section or attach a blank cheque marked “VOID.” The account must be in your name, although a joint account is acceptable. The completed form cannot be submitted by email or online, and mail-in processing can take up to three months.
Questions About OAS Direct Deposit Changes
Can you have OAS deposited into a foreign bank account?
Yes, in countries where the service is available. Foreign-account enrolment uses a separate direct deposit process, and your financial institution must complete the banking section. If you live outside Canada, you cannot change OAS banking details through MSCA and must contact the program.
Can you use the same direct deposit information for OAS and CPP?
Yes. If you receive both Old Age Security and Canada Pension Plan (CPP) benefits, MSCA allows you to share your direct deposit information between the two programs.
Does changing OAS direct deposit with Service Canada also change CRA direct deposit?
No. Canada Revenue Agency (CRA) payments use separate direct deposit information. Changing OAS banking details does not by itself update the account used for CRA-administered payments.
Can a legal representative complete a mail-in direct deposit form for you?
Yes. The Canada Direct Deposit Enrolment Form includes a section for a legal representative, such as someone acting under a power of attorney, legal guardian or public trustee. The person must be legally authorized to sign on your behalf.
Once you submit a banking change, check Payment details in your OAS Profile for confirmation and keep the previous account available until the switch has taken effect.
