The Old Age Security (OAS) program is one of Canada’s largest pension schemes, providing monthly taxable payments to eligible seniors. The Canadian government adjusts these payments based on inflation to help seniors cope with living expenses. This article provides the latest OAS payment increase for 2024, including new amounts, payment dates, eligibility criteria, and other important updates.
Why the Increase?
With rising inflation, it’s getting tougher for seniors to cover their costs. To help out, the Canadian government is bumping up the OAS payments. As of July 2024, seniors can expect an increase of $2250 in their OAS payments. This increase aims to ease the financial strain on seniors and help them manage their daily expenses better.
OAS Payment Increase New Amount
OAS benefits are designed to ensure a comfortable retirement for seniors. For the quarter from July to September 2024, OAS benefits have increased by 0.7%, making it a total increase of 2.8% over the past year. This means seniors will see an additional $2250 in their OAS payments for 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.
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
The OAS payment amounts are reviewed every quarter—in January, April, July, and October—to reflect the cost of living changes. If the cost of living goes up, so do the payments. If it goes down, the payments stay the same.