The Old Age Security (OAS) program is one of Canada’s biggest pension plans. It gives qualified seniors monthly payments that are taxed. To help seniors pay for their living costs, the Canadian government changes these funds based on inflation. This piece has the most recent information on the OAS payment increase for 2024. It includes new amounts, payment dates, eligibility requirements, and other important changes.
Why the Increase?
It’s getting harder for seniors to pay their bills as prices go up. The Canadian government is taking more money out of OAS funds to help. From July 2024 on, seniors can expect their OAS income to go up by $2250. This raise is meant to help seniors better handle their daily costs and put less stress on their finances.
OAS Payment Increase New Amount
The goal of OAS payments is to make sure that seniors can retire in comfort. That’s a 0.7% rise in OAS payments for the three months ending in September 2024. That’s a 2.8% rise over the past year. This means that seniors will get an extra $2,250 in OAS payouts in 2024.
How to Apply
Applying for the increased OAS payments is simple and can be done online. Here’s a step-by-step guide:
- Log In: Go to the CRA portal and select OAS.
- Enter Details: Fill in your login credentials and complete the application form.
- Submit Documents: Attach scanned copies of the required documents.
- Submit: Send in your application and wait for approval.
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OAS Payment Dates
OAS payments are issued monthly. Here are the anticipated dates for 2024:
- July: Monday, 29th July
- August: Wednesday, 28th August
- September: Wednesday, 25th September
Beneficiaries should confirm the dates through the official government and CRA websites and regularly check for any changes or updates.
OAS Payment Eligibility
To receive OAS payments, you need to meet certain conditions:
- Living in Canada: Be 65 or older, a legal resident, and have lived in Canada for at least 10 years since turning 18.
- Living Outside Canada: Be 65 or older, a legal resident before leaving, and have lived in Canada for at least 20 years since turning 18.
- Working Abroad for Canadian Employers: Be 65 or older, work for Canadian employers like the armed forces or banks, and return to Canada within six months of leaving the job.
These criteria may change, so keep an eye on the official government website for the latest updates.
OAS Payment News
To keep up with changes in the cost of living, the OAS payment amounts are looked at every three months, in January, April, July, and October. The bills will go up if the cost of life does. If it goes down, you still have to pay the same amount.