The Old Age Security (OAS) pension is the largest pension program in Canada. In this program, the Canadian government provides monthly financial support to eligible senior citizens.
These payments are designed to help seniors manage their personal expenses more effectively. The payments are adjusted by the government in response to inflation.
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In this article, you will learn about the OAS pension increase, the updated amount, payment dates, eligibility, and how to apply.
Why is the Increase Necessary for OAS?
As the cost of living increases with inflation, it becomes more difficult for senior citizens to cover essential costs for items like food, clothing, and healthcare. To address this issue, the Canadian government increases OAS pensions in line with inflation.
As of July 2024, senior citizens can expect an increase of $2250 in their OAS payments. This increase aims to reduce the financial burden on seniors and help them manage their personal expenses more effectively.
New Increased OAS Amount
The Canadian government has designed the OAS pension to ensure a comfortable retirement for its citizens. The OAS amount has increased by 0.7% for the quarter from July to September, resulting in a total increase of 2.8% from the previous year. This means older Canadians will receive an additional $2250 in their OAS payments.
How to Apply for OAS Payments
In most cases, Service Canada automatically enrolls you for OAS pensions if sufficient information is available. Otherwise, you need to follow these easy steps to apply for an OAS pension:
- Open the CRA Portal: First, visit the CRA portal and select the OAS pension.
- Fill the Form: Enter your login credentials and accurately complete the application form.
- Attach Documents: Attach all required documents along with the application form.
- Submit Application: Before submitting, carefully review your application form, then submit it.
Payment Dates for OAS Pension 2024
OAS payments are provided on a monthly basis. Here are the anticipated dates for 2024:
- 29th July
- 28th August
- 25th September
Eligibility for OAS Payments
To receive OAS payments, you need to meet certain conditions:
- You must be older than 65 years.
- You must have lived in Canada for at least 10 years since turning 18.
- If you are living outside Canada, you need to have lived in Canada for at least 20 years since turning 18.
- If you are working abroad for Canadian employers like the armed forces or banks, you need to return to Canada within six months of leaving the job.
These eligibility criteria may change, so you should regularly check the official CRA website for the latest updates.
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More News About OAS Payments
OAS payments are reviewed quarterly—in January, April, July, and October—to assess changes in the cost of living. If the cost of living increases, the OAS payment also increases. However, if the cost of living decreases, your OAS payment will not be reduced.
Gideon Adler is a finance expert and journalist. He holds an MBA degree in Finance and a bachelor’s degree in Mass Communication. Gideon’s hobbies include playing baseball and chess.