The Canadian seniors will be getting their due Old Age Security Pension by the end of this month. The OAS is a primary federal government program for the senior citizens to make use of monthly pension amounts executed by the Canada Revenue Agency. By the time you reach the age of 60 years, you start getting the OAS payments depending on the age and contributions along with various other factors. Not every senior citizen is supposed to get the same amount of pension as the OAS as it will be determined by the annual net income of the individuals. If you are getting one, then go through the post so that you can know the latest updates in OAS along with the payments dates for July 2024. Whether it is coming on the scheduled date or getting late.
OAS Payment Dates July 2024
The OAS payment is generally up to $713 for the seniors aged between 65 and 74 and up to $784 for the seniors of age 75 and above. You can start getting the benefits since the month you have turned 65 years of age. It should also be noted that this is a retroactive payment. It simply means that you have applied for the OAS payments but could not start getting the one because of reasons known to the CRA only; the agency will automatically make the payments for the maximum of 11 months as compensation for the delay. If you are delaying the payments willingly for better benefits, then there would be not retroactive payments because the CRA will not be making the payment for the delayed months.
You should also not worry about your residency as the CRA provides payment services in more than 90 countries of the world. It means that you are staying in any part of the world, in most usual cases; the payment will not be affected. You can get the benefits either by direct deposit or through a Cheque. The payment helps the beneficiaries have access to a comfortable life even after the retirement when generally the monthly income is trimmed down notably. It lessens the financial distress prevalent among the seniors living in Canada. The rising cost of living and constantly fluctuating inflation rates have become the major cause of financial distress. Therefore this OAS benefit amount is a helping hand for such seniors.
OAS Payment Dates July 2024 Quick Overview
| Title | OAS Payment Dates for July 2024 |
| Official Website | The CRA |
| Origin Country | Canada |
| Category | Government Financial Aid |
| Payment Dates | 29th July 2024 |
| Official Website | www.canada.ca |
Quarterly Increase in OAS Payments
As the cost of living and inflation rise, the CRA considers the payments so that seniors can have updated and progressive benefits. The benefit amounts witness an increase once in every three months. In a year, the increase starts from January then in April followed by July and coming to an end in the October. If during these months, the inflation or cost of living increases, the citizens receive increased payments as per the increase in inflation. If the inflation and cost of living remain same or decreased, the benefits will not be cut out. But they will remain same. The increase is usually based on the reports of consumer price index which measures the consumption trends according to the price oscillation.
Apart from this quarterly increase, there is an additional increase of 10% in the amounts for the seniors who have crossed the age of 75. This additional increase will remain accessible for the citizens older than 75 in no chance for the younger ones.
Who is Eligible for OAS Payments
- If you have completed the age of 65, you are automatically eligible for this and the CRA will beforehand enroll you for the payments
- You must have completed at least 10 years in the country that too after turning the age of 18
- You also possess a social insurance number
- The prospective person has been a tax purpose resident
- You have also made at least one significant contribution in the CRA payments
- You are a legal resident of the country
- Your individual net income should not be higher than the world net income of $81761 for 2022
- If the income goes higher, it will become taxable for you and in many cases around 85% of the OAS payments are taxed due to higher income threshold than mandated
What if You are Staying in a Foreign Country
The OAS benefits are being distributed in more than 90 countries but as of now there is no facility of direct deposit and Cheques in 2024. You have to have a bank account in a financial institution outside Canada. You have a personal identifier used by the department that issues the benefits
- Your file number is the personal identifier used by the Veteran Affairs of Canada
- The nine digit social insurance number is your personal identifier used by the service Canada except for Canadian government annuities where your contact number is your personal identifier
- The pension number is your personal identifier used by the federal government pensions
As of now, you will be getting the OAS Payment for July 2024 on the 29th of the month. usually the CRA delivers the benefits on the last third day of the month if you do not get the benefits on the 29th then please wait for three business days before taking any action. For more updates, you can visit the official website of the CRA.
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