Canada’s Old Age Security (OAS) program provides monthly pension payments to eligible seniors, helping them manage living expenses during retirement. As one of the country’s largest social programs, OAS payments are adjusted regularly to keep up with inflation and the rising cost of living. In 2024, the government has updated OAS payments to further support seniors. Here’s a full breakdown of the latest payment amounts, eligibility, dates, and recent updates.
Increase
To ease financial pressures due to inflation, the Canadian government has announced a new increase to OAS payments. As of July 2024, OAS benefits are set to rise by $2,250, providing greater support to Canadian seniors. According to the latest information from the Canada Revenue Agency (CRA), this increase is part of the quarterly review of OAS benefits, intended to help seniors manage the increasing cost of living.
Payment Amount
The recent adjustment is a 0.7% increase for OAS payments during the July to September 2024 quarter. This reflects an overall 2.8% annual increase from July 2023 to July 2024. With this adjustment, seniors can anticipate an additional $2,250 for 2024, depending on their individual eligibility status.
OAS recipients who have yet to enroll in this new payment increase can easily do so online through the CRA. By signing into their CRA account and selecting “OAS” from the online menu, seniors can complete the application process. Once approved, recipients will be notified about their payment amounts and schedules.
Dates
To keep seniors informed, the CRA has also released tentative payment dates for the upcoming months in 2024. Here’s a schedule to track the OAS deposit dates:
| OAS Payment Month 2024 | OAS Payment Days | OAS Payment Dates 2024 |
|---|---|---|
| July | Monday | July 29 |
| August | Wednesday | August 28 |
| September | Wednesday | September 25 |
These dates are subject to change, so beneficiaries are encouraged to verify them through the CRA’s official website regularly.
Eligibility
To receive OAS payments, applicants must meet specific eligibility criteria set by the Canadian government. Here’s a quick look at the conditions:
- Seniors living in Canada: Applicants must be at least 65 years old and have lived in Canada for a minimum of 10 years since turning 18.
- Seniors living outside Canada: Applicants must also be at least 65 and have lived in Canada for at least 20 years since age 18. They must have held Canadian residency before moving abroad.
- Seniors working outside Canada for Canadian employers: These applicants must maintain Canadian residency and plan to return to Canada within six months after leaving their job. They must be 65 or older.
Applications for OAS payments can be completed online. Seniors need to log in to the CRA’s portal, choose the OAS option, and upload all necessary documents. The CRA will notify applicants once their application is reviewed and approved.
News
The Canadian government evaluates and adjusts OAS payment amounts quarterly in January, April, July, and October based on Consumer Price Index (CPI) changes. This ensures that OAS payments align with the current cost of living. Importantly, while the government adjusts for inflation, OAS payments do not decrease even if the cost of living goes down. These quarterly reviews provide seniors with consistent, reliable financial support that adapts to their living needs.
Through these quarterly updates and inflation-indexed adjustments, the OAS program plays a vital role in helping seniors navigate retirement with financial stability. Staying informed of changes in payment dates, amounts, and eligibility requirements can help OAS beneficiaries plan effectively for the future.
FAQs
What is the OAS payment increase for 2024?
The 2024 increase is $2,250, adjusted for inflation.
When are OAS payments released each quarter?
OAS payments are reviewed and adjusted in January, April, July, and October.
How do I apply for OAS payments?
Apply online through the CRA website under the OAS menu.
Who qualifies for OAS payments in Canada?
Canadian seniors aged 65+ with specific residency criteria qualify.
Where can I confirm OAS payment dates?
Check CRA’s official website for updated payment dates.
