Justin Trudeau, Prime Minister of Canada might announce an increase in Old Age Security Payment 2024. The Senior Citizens of Canada can expect the changes in payment from July 2024. This program offers financial support to many Canadians after their retirement period. Canadian Government has launched various programs to help the senior citizens of their country. You can also receive financial assistance from OAS and CPP if you are a permanent resident of Canada and fulfil the required eligibility criteria. Both programs are run by the Canada Revenue Agency (CRA) department.
The Senior citizens of the country get Old Age Security and Canada Pension Plan every month from CRA. If you are aged 65 or above, then you will get the payment from CRA automatically if you fulfil the OAS Eligibility Criteria 2024. Every year, the federal government makes changes in the benefits amount to match the rising inflation rates and cost of living. Read this post to get more knowledge on OAS Changes in July 2024.
OAS Changes July 2024
The OAS is a significant government funded benefit. It is one of the three supports of the retirement programs. The other two are personal savings and Canada Pension Plan (CPP). The key goal behind launching these benefits is to help senior citizens financially after their retirement years. Millions of Canadian Seniors rely on Old Age Security 2024 for their basic income. It helps them meet their financial needs in retirement.
The OAS Increase in 2024 might be done by 0.80 percent by the federal government. It may imply from 1 July 2024. This change has been done to safeguard the financial situation of the retired seniors. OAS and CPP Payment Changes are done every year to cope with the high cost of living rates. This increase is required to improve the economic circumstances of the senior citizens of the country. As the high cost of living has a direct effect on the financial circumstances. The OAS boost is not done regularly, so it’s important to evaluate your plan based on that every year.
If you are unsure about your OAS Monthly Benefit Amount, then you can visit the official site of CRA. There check the benefits section of OAS and click on the Estimate your monthly benefits section. With the help of that you can check the estimated payments that you will receive from the Canada Revenue Agency.
Old Age Security Changes in July 2024- Overview
| Title of the Article | OAS Changes July 2024 |
| Country Name | Canada |
| Payment Changes Date | July 2024 |
| Department Name | Canada Revenue Agency (CRA) |
| Beneficiaries | 65 above senior citizens of Canada |
| Expected OAS Changes in July 2024 | 0.80% |
| Category | Financial Aid |
| Official Website | Canada.ca |
What is Old Age Security (OAS)?
Old Age Security Benefit is given to senior citizens of Canada who are aged 65 or more. Canada Revenue Agency (CRA) has set some eligibility norms. Those who qualify for the Old Age Security Eligibility Criteria 2024 will get the OAS payment every month. If Services Canada has sufficient information, then you will be automatically enrolled for the benefit, and you will be notified in that case. Apply for OAS if you do not get the letter the month after you turn 64 about the Old Age Security. In addition to your OAS pension, you may be eligible for extra payments and benefits which are Allowance, Allowance for the Survivor, and Guaranteed Income Supplement (GIS). The eligibility criteria are different for these benefits, visit the CRA portal to know if you fulfil the eligibility requirements of these or not.
OAS Amount After Changes in July 2024
The Canada Revenue Agency will give Old Age Security 2024 to only qualified senior citizens of the country. As you approach the age of 65, make sure to assess if you qualify for the benefit or not. So that you can make retirement plans according to that. The OAS Eligibility 2024 mainly depends on your age and income. If your income falls below a definite threshold, then you can attain a maximum benefit out of the benefit. For say in 2024, if your income exceeds CAD 90997 then there would be a reduction in your benefit amount.
As per the updates, if the beneficiary is below 70 but more than 65 or 65 then he/she can expect an increase of 0.80% in their income. However, there is no OAS Increase in 2024 for citizens who are above 70 years.
OAS Payment Dates for 2024
You can check the below stated table to know the OAS Payment Dates for 2024. The OAS pension payments are given every month to eligible senior citizens who are aged above 65 in the country. They can expect the payment by the end of every month.
| Payment Dates | Payment Month |
| 29 | January 2024 |
| 27 | February 2024 |
| 26 | March 2024 |
| 26 | April 2024 |
| 29 | May 2024 |
| 26 | June 2024 |
| 29 | July 2024 |
| 28 | August 2024 |
| 25 | September 2024 |
| 29 | October 2024 |
| 27 | November 2024 |
| 20 | December 2024 |
FAQs For OAS Changes 2024
OAS is a monthly payment that is given by CRA, a governed authority of the Canadian Government. Senior inhabitants of the nation who are 65 years or above can take advantage of this benefit program. You will be automatically enrolled by Service Canada if they have sufficient info, you will be notified in such case.
Qualified individuals can expect an increase of 0.80% in OAS pension payments for July 2024. Check the official portal of CRA for the latest updates about changes.