Find out about the latest news and facts about the Next OAS Payment Increase 2024: New Amount, Payment Dates, Eligibility, and More. People over 65 in Canada who are eligible receive monthly payments from the Old Age Security (OAS) payments pension program. This is one of the biggest pension systems in Canada. The monthly payment is taxed. The government changes the amount of the payment based on inflation rates to help people who are having a hard time with money. This piece will give you a short summary of the recent increase in the OAS payment.
Next OAS Payment Increase 2024
At the current cost of living, the rising rate of inflation makes it hard for people to keep up with their bills. As a result, the Canadian government has made some changes to the OAS payment program in order to make the economy less unclear. The government has said that the amount of money seniors get will go up, which will greatly reduce their living costs.
According to the latest news, the CRA said that the OAS would go up by $2250 in July 2024. When a person reaches retirement age, they need a second source of income to cover their living costs. So, the CRA said that the pension amount would go up. According to the authority’s rules, senior citizens who are eligible can get the payment early, but their benefit amount will be less.
OAS Payment Increase New Amount
Seniors can enjoy a comfortable retirement with the help of the OAS payments. People who are eligible for these kinds of programs get help from aid agencies with paying their living costs. Based on changes in the Consumer Price Index (CPI), the OAS payments went up by 0.7% for the July to September 2024 quarter. This is a 2.8% increase over the same time last year, from July 2023 to July 2024. People who are eligible will get an extra $2250 in OAS payments in 2024.
People who are owed money can apply for it online. The people need to choose OAS from the online menu. This will take them to the log-in page. Type in the username and password and click “Submit.” Fill in the correct information and make sure it’s correct. Added scanned copies of supporting papers to the application form so that the claimant’s identity can be checked even more. The people who applied will be told if their application was accepted.
OAS Payment Dates
The times when old-age benefits will be paid out can be found on the CRA’s official website. However, the times when the $2250 Old Age Security payment is expected to arrive are shown 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 |
Beneficiaries must check the dates on official government and CRA websites and check them often for any changes or new information.
OAS Payment Eligibility
In order to get OAS payouts, Canadians must meet certain requirements set by the government to make sure that only real seniors get the benefits. Here are some of these parameters:
- 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.
Depending on what’s going on in the county right now, the government might change the requirements for eligibility. So, to make sure you don’t miss any news, keep checking the main website of the government.
OAS Payment News
The amount of Old Age Security payments is looked at four times a year, in January, April, July, and October, to make sure they keep up with the rising cost of living. Notably, the payment rate will stay the same if the cost of living goes up and down. If the cost of living goes down, the payment rate will go down.
Seniors can get the most up-to-date information on government websites and get in touch with the right people if they have any questions. This page has stories about OAS payments that people can read.