This article will discuss about the upcoming Old Age Security (OAS) increase in Canada in the 2024. The OAS program is one of the two most important retirement benefits program while the other being Canada Pension Plan (CPP). The Canadian government along with the Canada Revenue Agency (CRA) run the OAS payment to financially assist the old age citizens of the country. The CRA constantly trying to increase the OAS payment for the seniors in order to make their retirement age financially balanced and manageable. You can check your eligibility criteria before receiving the payment.
OAS Increase 2024
- The Canadian federal government is responsible to give OAS payments, guaranteed income supplement along with two other payments to the old age Canadian citizens. These initiatives help the needy citizens in making their monthly expenses manageable like paying their house rents and utility bills like gas, water and electricity. Apart from that, the seniors can also purchase basic household goods like groceries and milk products. As the inflation is rising each year and the old age citizens do not have a stable income, the Old Age Security benefits become a major source of income for them. Although, the CRA keeps increasing the payments on a period of three months for the better financial assistance as per the rise in inflation and living expenses in the country.
- With the prices are going higher and the income remains the same, this OAS increase in 2024 will be of immense support for the low-income old age citizens. However, you are advised to make sure you qualify for the eligibility criteria which is set by the Canadian government. To qualify for the OAS payment, you must be a Canadian citizen and must have lived for at least 10 years in the country after turning 18 years old. If you currently do not live in Canada, then it is must that you have lived for at least 20 years in the country after turning 18 years of age. Apart from that, you must be 65 years old or above as per the retirement age in Canada.
OAS Increase 2024 Overview
| Post title | OAS Increase 2024 |
| Country | Canada |
| Department | CRA |
| Category | Government aid |
| Applicability | Old age citizens |
| Year | 2024 |
| Official website | canada.ca |
Maximum Increased OAS Amount in 2024
The Canadian government will soon provide the OAS payment in 2024. The maximum payment expected for an eligible individual of age between 65 to 74 is $713.34. On the other hand, if you are 75 years old or above, the maximum payment you can receive under OAS is $784.67. Apart from that, the CRA also provides the guaranteed income supplement (GIS). If you are single, separated or widower, then the maximum GIS amount you can receive via CRA is $1,065.47. Meanwhile, if the claimant’s spouse or common-law partner is receiving a full OAS benefit, then he will be eligible to receive a full amount of $641 under GIS. Apart from OAS and GIS payment, if you turn 75 years old as of June 2022, then you will automatically receive an increment of 10% in your old age security via CRA.
OAS Increase 2024 Payment Dates
The OAS payment changes on a period of 3 months based on the change in consumer price index (CPI). If the CPI increases then the OAS payment will also increase and vice versa.
| Month | Payment dates |
| June | 26th June, 2024 |
| July | 29th July, 2024 |
| August | 28th August, 2024 |
| September | 25th August, 2024 |
| October | 29th October, 2024 |
| November | 27th November, 2024 |
| December | 20th December, 2024 |
How to Apply for Old Age Security 2024?
Check your eligibility criteria before applying for the OAS payment and you can also check the payment benefits that will depend on at what age you start receiving OAS income. At earliest you can choose for OAS at 65 and if you want to work in your post-retirement age, then you can do so while receiving your OAS payment. I have provided the step-by-step procedure to apply for the OAS in the following points:
- You can choose whether you want to apply online or offline.
- You can apply at least one month after turning 64 years old.
- Before applying, you must not be currently receiving the OAS payment.
- You will need to a My Service Canada Account to apply. If you do not have a MSCA then you can create one.
- You will have to fill up an application with accurate details and then you can submit the form to the authorities.
- Apart from that, you can also apply offline by taking a print of the application form.
- Fill up the application form, attach all the required documents along with it.
- Mail the application form to the authorities and they will let you know about your payment status.
OAS Increase 2024 Fact Checks
You can track your payment status on My Service Canada Account. Apart from the OAS payment, you can also receive GIS payment which are mainly for your spouse or common-law partner and allowances for survivors. You can receive your payment directly in your bank accounts on a monthly basis. For more information about the OAS increase in 2024, you can also visit the official website of the Canada Revenue Service.
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