The Old Age Security (OAS) program is one of the largest pension programs in Canada, providing a monthly taxable benefit to eligible seniors.
As inflation continues to affect the cost of living, the Canadian government regularly adjusts OAS payments to help ease financial pressure on senior citizens.
The following article provides the latest updates regarding the OAS payment increase in 2024, including new amounts, payment dates, eligibility criteria, and how to apply.
OAS Payment Increase 2024
The rising cost of living due to inflation has led to increased financial strain for many seniors. To address this issue, the Canadian government has announced adjustments to the OAS program for 2024.
The recent change aims to better support senior citizens and help them cover their living expenses.
In July 2024, the Canada Revenue Agency (CRA) announced a $2,250 OAS increase, reflecting the ongoing need for additional financial assistance for retirees.
This increase is designed to make retirement more comfortable and manageable. Eligible seniors will begin receiving these payments automatically.
OAS Payment Increase: New Amount
OAS payments are reviewed quarterly to reflect changes in the Consumer Price Index (CPI). For the July to September 2024 quarter, OAS benefits have been increased by 0.7%, marking a 2.8% annual increment from July 2023 to July 2024.
The additional $2,250 in 2024 will significantly assist seniors in managing their expenses.
OAS Payment Dates 2024
The anticipated OAS payment dates for the remainder of 2024 are as follows:
| Month | Day of the Week | Payment Date |
|---|---|---|
| July | Monday | 29th July |
| August | Wednesday | 28th August |
| September | Wednesday | 25th September |
Beneficiaries should confirm these dates on official government or CRA websites for any changes or updates.
OAS Payment Eligibility
Eligibility for OAS payments depends on several key factors. Here are the primary requirements:
1. Senior Citizens Living in Canada:
- Must be 65 years or older.
- Must be a legal resident of Canada at the time of OAS application approval.
- Must have resided in Canada for at least 10 years after turning 18.
2. Senior Citizens Living Outside Canada:
- Must be 65 years or older.
- Must have been a legal resident of Canada the day before leaving the country.
- Must have lived in Canada for at least 20 years after turning 18.
3. Individuals Working Outside Canada for Canadian Employers:
- Must have been employed in organizations like the armed forces or Canadian banks.
- Must return to Canada within 6 months of leaving their job.
- Must be 65 years or older and still employed during the application process.
These eligibility criteria are subject to change based on governmental decisions and evolving economic conditions. It is essential to stay updated through official channels.
How to Apply for OAS Payments
Claimants can apply for OAS payments online by following these steps:
- Visit the official CRA or My Service Canada website.
- Select “OAS” from the menu, which will direct you to the login portal.
- Enter your credentials and fill in the required details.
- Submit your application along with scanned copies of supporting documents for verification.
Once your application is processed and approved, you will be notified, and payments will begin as per the schedule.
OAS Payment News and Updates
OAS payments are reviewed quarterly—in January, April, July, and October—to align with changes in the cost of living. Importantly, while payments increase when living costs rise, they will not decrease if the cost of living drops.
This ensures stable support for senior citizens regardless of economic fluctuations.
For the latest information and updates on OAS payments, seniors are encouraged to visit official government websites and reach out to authorized representatives for any queries.
FAQs
When will the next OAS payment increase take effect?
The latest increase took effect in July 2024, reflecting a 0.7% increase for the quarter.
How much is the new OAS payment amount in 2024?
The payment has been increased by $2,250 annually for eligible recipients.
What are the key eligibility criteria for OAS payments?
You must be 65 or older, meet residency requirements, and have lived in Canada for at least 10 or 20 years, depending on your current residency status.
How often are OAS payments reviewed and adjusted?
OAS payments are reviewed quarterly—every January, April, July, and October—to account for changes in the cost of living.
Where can I check the official OAS payment dates?
You can find the payment dates on the official CRA or My Service Canada websites.
