Based on the proposed rate increase table starting at October 2024, OAS pension for Canadians with 65 years and over will be receiving $713.34 per month. This benefit has been standardized to assist retirees using increased living expenses. In this part of the article, you’ll be given details on eligibility and timeline, payment date and all the crucial tips you need to know about OAS.
Payment Dates for October 2024
For October, it is planned to pay OAS on October 25, 2024. Other payment dates are expected in October, 29, November, 27, and on December, 20 of 2024. If you have not received your payment or require the status of your payment, you can go to CRA website or Service Canada website
Starting October 2024, Canadians aged 65 and older will receive $713.34 per month from the Old Age Security (OAS) pension. This benefit has been adjusted to help retirees manage rising living costs. In this article, we’ll cover eligibility, payment dates, and everything you need to know about maximizing your OAS benefits.
Who is Eligible for OAS?
To qualify for the Old Age Security pension, applicants must meet the following requirements:
• Be 65 years or older.
• Be a Canadian citizen or legal resident.
• Have lived in Canada for at least 10 years since the age of 18.
These criteria assist in ensuring that the elder Canadians receive the support they require as they retire.
Canada Pension Plan (CPP) Benefits
Many Canadians also receive benefits from the CPP apart from the OAS Benefits Payment Plan and the Guaranteed Income Supplement. CPP is an earnings-related scheme, and that you have to have had an opportunity to practice and contribute to the plan during your working years to qualify. Employer and employee both pay money into the pension schemes that guarantees that they have a steady income during their retirement.
Adjustments to Original Amounts of Payment from the OAS for the Elderly Persons Who Are 75 Years Old and Above
During the same period, an increase in a higher monthly payment rate of 784.67 USD shall be applicable to the seniors who are over 75 years. These payments are indexed to the CPI every three months which makes it easier for the elderly to be able to sustain their lifestyle in future.
Tax Considerations: OAS Clawback
However, if the senior has higher income, he or she may have to make some repayments to the government about the OAS pension. He or she is entitled to have their OAS payment reduced by fifteen percent by the amount by which the annual income exceeds $86,912. For example, if your income is one hundred thousand dollars or $100,000, your monthly payment as per OAS will be $549.74.