Get the latest facts and updates regarding the Next OAS Payment Increase 2024: New Amount, Payment Dates, Eligibility, News. The Old Age Security (OAS) payments pension program is considered one of the largest pension programs in Canada which is provided to the eligible senior citizens of Canada monthly. It is a taxable monthly payment. Depending on the inflation rates, the payment amount is adjusted by the government to ease the financial strain on the people. This article will provide a brief description of the recently increased payment in the OAS program.
Next OAS Payment Increase 2024
The increased rate of inflation makes it difficult for people to manage their expenses at the current cost of living. Considering this, the government of Canada has made certain adjustments to the OAS payment program so that the economic uncertainties might be lessened. The government has announced an increase in the payment amount to nullify the living expenses of senior citizens significantly.
As per the current news, the CRA announced the $2250 OAS increase in July 2024. As individuals reach retirement age, they need a second source of income so that their living expenses can be covered. Thus, the CRA declared an increase in the pension amount. As per the regulations of the authority, the entitled senior citizens can access the payment beforehand, but they will receive the decreased benefit amount.
|
Important Links |
OAS Payment Increase New Amount
The OAS benefits are provided to senior citizens for their comfortable retirement. Such programs provide welfare assistance to the entitled individuals in the management of their living costs. As per the Consumer Price Index (CPI) changes, for the July to September 2024 quarter, the OAS benefits are increased by 0.7% for an increment of 2.8% over the previous year from July 2023 to July 2024. The entitled recipients can expect the payment of $2250 OAS increase in 2024.
Claimants can apply online to avail of these payments. The individuals have to select OAS from the online menu, which will direct them to the log-in portal. Enter the login credentials and submit it. Fill out the accurate details and verify it. Enclosed the scanned copies of supporting documents along with the application form for further verification of the authenticity of the claimant. The individuals will be notified regarding the approval of their application.
OAS Payment Dates
The payment dates for old-age benefits are available on the official web portal of the CRA. However, the anticipated dates of the $2250 Old Age Security payment are listed below:
| OAS Payment Month 2024 | OAS Payment Days 2024 | OAS Payment Dates 2024 |
| July | Monday | 29th July |
| August | Wednesday | 28th August |
| September | Wednesday | 25th September |
The beneficiaries must confirm the dates through authentic web portals of the government and CRA and regularly browse them for any changes and updates.
OAS Payment Eligibility
To get the OAS payments, Canadians have to qualify for entitlement parameters set by the government to ensure that the benefits will be granted to authentic seniors. Some of these parameters are as follows:
- If senior citizens living in Canada – The individuals must be 65 or above. The individuals must be legal residents of Canada during the approval of the OAS pension application. Since the age of 18, for at least 10 years, the senior citizens must have resided in the country.
- If senior citiznes live outside Canada – The individuals must be 65 or above. The day before an individual leaves Canada, he or she must have legal residency in Canada. Since the age of 18, at least for 20 years, the senior citizens have resided in Canada.
- If an individual works out of Canada for Canadian employers – The individual who is working in the armed forces or banks must have a residence in Canada. Such individuals must return to Canada within 6 months after quitting their job. The individuals must be 65 or above and still employed.
The qualifying parameters might be adjusted by the government, considering the current circumstances of the county. Thus, to avoid missing out on any updates, keep browsing the government’s official website.
|
Important Links |
OAS Payment News
The payment amount of Old Age Security is reviewed every year quarterly in January, April, July, and October to ensure the relflection of the rising cost of living. Notably, if the payment rate increases along with the cost of living and if the cost of living goes down, the payment rate will remain the same, it will not decrease.
Senior citizens can visit the official governmental websites to get to know the latest information and reach out to the authorized officials for any queries. Viewers can browse this web page to read OAS payment-related articles.
