Recently, CRA has made changes to Old Age Security Eligibility, Payment Amount 2024. After the increment in CPI, the CRA decided to change the OAS Monthly Payment Amount to 2024. From July 2024 to September 2024. CRA will provide $718.33 to 65-74 old citizens and $790.16 to those citizens who are 75 or above. The department also made changes in OAS Eligibility Criteria 2024. In this article, you citizens can gather all the info regarding the OAS New Changes 2024 by CRA.
OAS New Changes 2024 by CRA
The Canadian government provides OAS Benefit Amounts 2024 to those citizens who are 65 or above. CPI increment would affect the lives of Senior citizens of Canada who have no source of income and manage their basic expenses with OAS Payments or with other allowances. OAS Monthly Payment allows recipients to keep up with the increased expenses of living. Through the OAS New Changes 2024, Seniors can expect a little more financial assistance from the government.
In Multiple Scenarios, the government will directly enrol eligible seniors for the OAS Benefit but in some cases, applicants are required to apply for the benefit. Read this article carefully if you want to gather more information regarding the OAS 2024 and the Changes Made by CRA.
CRA Old Age Security 2024 – Overview
| Article Title | OAS New Changes 2024 by CRA |
| Department | Canada Revenue Agency |
| Program | Old Age Security (OAS) |
| Benefit Amount | 65 to 74: $718.33 75 to Above: $790.16 |
| Required Age | 65 or above |
| Category | Financial Aid |
| Official Website | Canada.ca |
OAS Eligibility for 2024
Citizens who wish to receive the OAS 2024 benefit amount, are required to meet OAS Eligibility Criteria. It is significant to check the eligibility necessities before applying for any benefit. CRA Sets the Eligibility criteria for citizens who are living in Canada or outside Canada. Canadian citizens who fulfil the below-mentioned requirements can qualify to receive the OAS Benefit Amount 2024.
- The applied candidate must be a permanent resident of Canada.
- When CRA approves the candidate’s OAS Application, candidates are compulsory to be permitted residents of the nation.
- A total of 10 Years of residence in Canada is required since the candidate turned 18.
- If you live outside Canada, 20 years of residence in Canada is required since you turned 18.
- Those candidates living outside Canada and wishing to receive the OAS Payment Amount in 2024 are required to be legal citizens of Canada before they leave Canada.
- Citizens working outside Canada for Canada’s Army or banks are required to fulfil two conditions whether they Back to Canada in 6 months after ending their employment, or are still employed at 65 and maintain residence in Canada.
- Citizens who are working outside Canada for Canada’s Army or banks are required to provide two documents such as employment proof from the employer and Physical proof of returning to Canada. (if you are still employed outside Canada at the age of 65.)
OAS Payment by CRA
The CRA made changes to the OAS Monthly Payment 2024 from July to September month. After the increment in the Consumer Price Index, the CRA increased the OAS monthly payment. Otherwise, CRA provides January through March $713.34 to (65-74 old citizens) and $784.67 to those citizens who are (75 or above). Citizens can check the table below to see the OAS Payment Increased in 2024.
| Age | Monthly Changed OAS Payment 2024 | Candidates’ Annual Income 2024 must be |
| 65 to 74 | $718.33 | Less than $142,609 |
| 75 to above | $790.16 | Less than $148,179 |
The federal government of Canada runs various kinds of financial assistance programs to provide support to those citizens who need it the most. Among them, OAS is a part of it. Through the OAS Benefit Amount, the Canadian government provides monthly assistance to those citizens who meet the OAS Eligibility Criteria. OAS benefit amount is determined by the CPI ratio and in 2024, CRA found out increment in the Consumer price index. Due to the increment in CPI, the government of Canada has decided to make positive changes in OAS Monthly Payment.
Additional Income with OAS 2024
Furthermore, Candidates can also receive other government schemes benefits along with OAS Amounts 2024 such as GIS Allowance or Allowance for the survivor. These additional incomes will be based on your annual income. This Additional allowance is an internal part of Old Age Security. GIS Allowance is treated as non-taxable income. If you are an eligible candidate to receive additional income.
The government will notify you with the latter with mentioned when you can receive your 1st Payment. CRA will send you this letter after you turn 64. If you are a recipient of OAS, then you don’t need to apply additional, the government if directly enrol you if they find you eligible but in some scenarios, candidates are required to apply for the extra allowance.
| Official Website | https://www.canada.ca/ |
| Homepage | https://counterview.org/ |
These additional allowances will be based on your annual income, living conditions, and dependent family members. Along with OAS, the GIS Amount in 2024 has also increased by the CRA. citizens can see the table below to know the GIS Benefit Amount 2024.
| Conditions | Annual Income Must be | Monthly GIS Allowance |
| If you are single, widowed, or divorced | Less than $21,768 | $1072.93 |
| If you have a common law partner and spouse who receive full OAS payment | Combined but less than $28,752 | $645.84 |
| If you have a common law partner and spouse who receive the allowance | Combined but less than $40,272 | $645.84 |
| If you have a common law partner and spouse who receive full OAS payment and allowance both | Combined but less than $52176 | $1072.93 |