The announcement that seniors will receive $750 in Old Age Security (OAS) benefits in September has excited older Canadians. Many are eagerly anticipating this financial support to help manage their rising living expenses.
Canada Seniors to Receive $750 OAS Benefits in September
Canadian seniors look forward to receiving their Old Age Security payments soon. This OAS payment is part of a regular pension program for eligible citizens. The $750 OAS benefit in September will align with the Canada Pension Plan (CPP) payments. As the cost of living in Canada continues to increase, particularly for necessities, many seniors need additional financial support to maintain a healthy lifestyle. The OAS program is designed to help cover these rising costs.
In 2023, the OAS payment increased by 1.3%; in 2024, it rose to 3.7%, reflecting the higher prices of essential items like food. The Canadian government also offers rebates on energy and heating bills to assist seniors with managing their expenses. This support is vital for retirees across the country.
Payment Dates for 2024
The maximum clawback for seniors aged 65 to 74 will be $142,609, and for those aged 75 and older, it will be $148,179. This is based on the 3.7% increase in OAS for 2024, calculated according to the Consumer Price Index for Workers (CPI-W). The government recognized that keeping the exact payment amounts would not be enough to cover rising monthly expenses.
The updated OAS payment of CAD $784.67 will be transferred to beneficiaries by February 10, 2024. If there is any delay, the authorities have assured seniors that the payments will be processed as soon as possible.
Eligibility Criteria for OAS Payments
To qualify for the OAS payments, seniors must meet certain eligibility requirements:
- They must be 65 years of age or older.
- They must be legal residents of Canada and have lived in the country for at least 18 years.
- They must have made at least one contribution to the CPP during their employment.
- Immigrants must have lived in Canada for more than 10 years.
- Taxes must be filed on time, and seniors with delayed tax payments must settle their dues and any penalties. To avoid debt, seniors should contact the Canada Revenue Agency (CRA) and check their tax status through My CRA Account.
How to Claim Old Age Security in 2024
With inflation and the cost of living rising, many seniors are turning to part-time or freelance work. While OAS payments help, they may not be enough for some. Seniors 64 years old should apply for OAS to ensure they receive their benefits once they turn 65.
To claim OAS, seniors can create an account on the My CRA Account portal. The process is simple, requiring basic details, and no special technical knowledge is needed to access the account. Seniors can use this portal to stay updated on their benefits and payment information.
The Old Age Security, Canada Pension Plan, and Guaranteed Income Supplement are vital programs that provide financial stability for seniors, allowing them to avoid relying on family members for support. However, additional care may be required for seniors with disabilities. In such cases, caregivers or relatives often step in to assist. Caregivers can also apply for an allowance if they provide full-time care to needy seniors.
Click the link to know more
