Canada OAS Increase News 2024 – Check Eligibility Update & Deposit Dates

The old age security plan for 2024 was launched by the government of Canada on 1 January 1952. The OAS aims to support the elderly citizens of Canada with their financial needs and concerns. The government not only works on establishing such plans but they also keep monitoring them and see how things can be improved. For the year 2022-2023 the OAS benefits were increased by 2.3%. Looking forward to the consumer price Index and the growing rate of inflation the government of Canada has decided to increase the amount according to the Canada OAS Increase News 2024

From July 2024 to September 2025 there will be a significant rise of 0.7%. in the old age security amount. This change is monitored and executed by the Nation health and welfare department of Canada. This program was established to support people over the age of 65 so that they can peacefully live their elderly era without being dependent on someone. You are advised to check Canada OAS Increase Eligibility 2024 and then claim the benefits. This program along with the retirement benefits ensure that people are able to fulfill their basic needs such as food, shelter, healthcare and clothes.

Canada OAS Increase News 2024

Canada OAS Increase News 2024

It is said that the 2024 OAS will benefit up to 3 million people in Canada In terms of financial assistance. The OAS is calculated and adjusted accordingly once every three months according to the changes occurring in the consumer price Index of Canada. This year there is a significant rise of 0.7% in the OAS as mentioned by the official sources of the CRA according to Canada OAS Increase News 2024. The OAS benefits are estimated and evenly calculated based on the duration of the candidate’s residentship in Canada. 

The OAS is not directly funded by the federal government, instead all these contributions are driven from the salaries of the employees and employers. This year the employees are expected to contribute 5.95% whereas, the employers are expected to pay 11.5% from their total salaries. This will give them some advantage in future as the most of it goes to someone who has been contributing for a very long period of time.

Canada Old Age Security Increase 2024

TitleCanada OAS Increase News 2024
GovernmentCanada
AuthorityCanada Revenue Agency
Name of Program Old Age Security Plan
Year 2024
Payment Dates29 July 2024
Eligible CandidatesElderly population of Canada
Eligibility CriteriaResidence of Canada over the age of 65
Canada Old Age Security Increase 20240.7%
CategoryFinance
Official Websitewww.canada.ca.

Canada OAS Increase Eligibility 2024

All existing beneficiaries of the OAS 2024 will automatically receive the new OAS amount with 0.7% increase in it. People who are new to this program and they are looking forward to enrolling in this program will have to undergo the following terms and conditions before they start filling their application forms. The OAS is not for everyone, this program is structured for low income individuals only. Hence, the Canada OAS Increase Eligibility 2024 is a must for everyone to follow.

  • You are 65 plus, a legal resident and citizen of Canada.
  • You have worked and resided in Canada for more than 10 years after you turned 18.
  • You should have contributed to the OAS Canada program, even one valid contribution makes a count. The people of Canada who have been contributing before 1997 will get the most of it during their time of seeing the payment.
  • Even if you live outside Canada you should have lived in Canada for a minimum 10 years before you moved out.
  • People who live outside Canada but are working for the federal government need to return back to Canada within 6 months after their duties are over.       

Claim Canada Old Age Security 2024

Follow these simple steps to Claim Canada Old Age Security 2024 only after you fall under the eligibility criteria for OAS 2024.

  • Visit the official online portal of the CRA at www.canada.in.
  • Sign in using your login credentials into your MSCA. 
  • There you easily locate your application form for OAS and start filling it with all your details. Don’t forget to check for accuracy.
  • Attach all the documents mentioned in your OAS application form.
  • Click on submit and wait for a few days until the government reviews your application and verifies the authenticity of your documents.
  • Applicants will receive an email containing the decision of your application, whether they qualify or not.

OAS Payment Dates 2024

The payment dates are officially declared on the online portal of the CRA. Yet there is a possibility that the dates may change in future, depending upon the new changes made by the Federal government. The OAS Payment Dates 2024 are as follows

Monthly OAS payments OAS Payment Dates 2024
July 202429 July 2024
September 202428 August 2024
October 202425 September 2024

Canada OAS Increase News 2024 – Fact Check

This article is published to conduct a check upon the latest rumors that state that there is an increase in the OAS 2024. The article solely published to take a deep check upon the new OAS increase and serves no other purpose. The article is published after deep research and analysis upon the new increase in the OAS payment amounts for 2024. There are various possibilities that these changes may differ in the upcoming time as the government constantly works on improving the quality of these services.

Therefore, all viewers and readers are advised to take all advice from professionals and online portals of the CRA if they want to claim benefits under any such programs. This article may not be accurate as per the future decisions made by the CRA.

FAQs On Canada OAS Increase News 2024

What is OAS Canada 2024?

The old age security plan launched under the government of Canada is to provide funds to the retired and elderly people of Canada.

What should be the age of people enrolling into the OAS benefits 2024?

Anybody over the age of 65 is applicable for the OAS 2024.

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