The Canada Revenue Agency (CRA) oversees the financial aid that is provided to the senior citizens of the country on a monthly basis as an Old Age Security (OAS). Due to the high inflation and rising cost of living, the CRA is proposing a double benefit for the eligible citizens and will provide a $900+$1,300 Double OAS Deposit. In their retirement age, the old age citizens do not have a stable income, thus, they rely on the federal government for a financial support. With this aid, the senior citizens in Canada will be able to manage their living expenses as per their standards. On continuing to this article, you will get all the details regarding the double OAS deposit, who can receive it along with the payment dates.
$900+$1,300 Double OAS Deposit for Seniors
- The Canadian federal government established the Old Age Security (OAS) in 1952 whose main aim was to provide a financial aid to the old age citizens of Canada. The citizens in their retirement age can avail the OAS payments by the CRA after fulfilling the eligibility criteria. If you are having a financial trouble in your old age, then you will be able to claim $900+$1,300 double OAS deposit via CRA. To avail the payment, you must be 65 years old or above and must have lived in Canada for at least 10 years after turning 18. The CRA is constantly trying to increase the OAS benefits for the betterment of the old age citizens in their retirement age. Though there are certain factors that can impact your double OAS deposit in 2024 which we will discuss later in this pos.
- Due to constant rise in inflation and high living expenses, the citizens in their retirement age are facing certain financial vulnerabilities since they have a limited income. With a significant initiative of double OAS deposits taken by the CRA, the old age citizens can make their lifestyle and expenses more balanced and manageable as per the inflation and cost of living. However, the CRA has also set an eligibility criteria which must be qualified by the recipient in order to get the benefit. The payment will be directly deposited to the bank accounts of the recipient and they can track their payment status on the official website of the CRA.
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$900+$1,300 Double OAS Deposit for Seniors Overview
| Post name | $900+$1,300 Double OAS Deposit for Seniors |
| Country | Canada |
| Department | CRA |
| Category | Government aid |
| Applicability | Senior citizens |
| Payment amount | $900+$1,300 |
| Year | 2024 |
| Official website | canada.ca |
Who Will Get the $900+$1,300 Double Deposit?
The OAS was established in order to provide a financial aid to the citizens in their retirement age. The OAS program is responsible to make sure that the senior citizens of Canada do not have to face any financial burden due to inflation and high living costs. Though, you must be aware of various factors that can affect your OAS income. To be eligible, it is must for every citizen to live at least for 10 years in Canada after turning 18. The citizens who have lived in Canada for at least 10 years after turning 18 will get the full old age security. On the other side, an individual who have lived for less than 10 years in Canada will get partial old age security via CRA. Thus, the payment amount for $900+$1,300 can differ based on the number of years you have lived in the country. The Full OAS beneficiaries will be able to get a double deposit of $900+$1,300 which will be a total of $2,200. Meanwhile, the partial OAS beneficiary can expect a total amount of $1,300 via CRA.
How Much Old Age Security Can You Expect in 2024?
As per the Canada Revenue Agency, the maximum OAS payment amount you can expect in the month of June 2024 will be based on your age and income. If you are 65 to 74 years old, then the maximum OAS payment you can get is $713.34. But to be eligible for this amount, your income must be equal to or less than $134,626. If you are 75 years old or above, then your maximum OAS income can be up to $784. To be eligible for this maximum amount in your retirement age, your income must be equal to or less than $137,331. Eligible citizens over 75 years of age will be able to get a 10% increase in their old age security via CRA and it will not affect the calculation of your Guaranteed Income Supplement (GIS)
How to Apply for $900+$1,300 Double Deposit?
Before applying to claim the payment, make sure to check the eligibility criteria set by the Canadian government. Applying process for the $900+$1,300 OAS is straightforward. I have provided the step-by-step procedure in the following points:
- At first, you have to visit the official website of the CRA.
- On reaching the homepage, an application form will be provided
- Fill up the application form with the essential details as asked.
- You need to attach some document in the documents that will be required for the procedure.
- After filling up the application form, submit the form and after that, the authorities will review your form whether you are eligible or not.
$900+$1,300 Double OAS Deposit Fact Checks
To be eligible for the OAS benefits in your retirement age, it is must for you to work during your employment age and contribute in any way. The OAS payment usually comes out in the last week of the month and for the month of June 2024, you can expect your payment to arrive on 26th June 2024. For more information and latest updates, you can also visit the official website of the CRA.
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