OAS Increase Payment Arrival Dates For Seniors

OAS Increase Payment Arrival Dates For Seniors : The Old Age Security (OAS) pension program provides monthly payments to eligible individuals over 65 in Canada. In Canada, this is one of the largest pension systems. There is a tax on the monthly payment.

To assist those who are struggling financially, the government modifies the payment amount according to the inflation rates.

You’ll get an overview of the most recent rise in the OAS payout in this article. Learn the most recent information about the OAS Payment Increase.

We’ve gone into further detail regarding the updated OAS amount, payment schedules, qualifying requirements, and a brief fact check.

Major Highlights: OAS Payment Increase

Here are the major highlights of the CPP OAS Scheme:

Name of Scheme	CPP and OAS
Country of Origin	Canada
Regulating body/Department	Employment and Social Development (ESDC)
Year	2024
Category	Governmental Schemes
Objective	Improve retirees and old age life
Applicable Persons	Old age people, Retirees
Age Limit	CPP – 60+ years, OAS – 65+ years
CPP OAS Payment Amount	$2250 in OAS Payments
CPP OAS Payment Dates in August	28 August 2024
Official Website	www.canada.ca

RELATED : CPP OAS Payment Dates -Eligibility, Claim Canada Pension

Next OAS Payment Increase 2024

Considering the present cost of living, individuals find it difficult to keep up with their payments due to the increasing rate of inflation. Consequently, to reduce economic uncertainty, the Canadian government modified the OAS payout scheme. 

According to official announcements, seniors will receive higher pensions, which will significantly lower their living expenses. As per the most recent reports, the CRA predicted that in August 2024, the OAS will increase by $2250. To pay for living expenses after reaching retirement age, an individual needs a second source of income. 

Thus, the CRA predicted an increase in the pension amount. The authority’s regulations provide that senior citizens who qualify can receive the money early, however their benefit amount will be less.

OAS Payment Dates for 2024

Following are the payment dates on which the OAS payments are scheduled:

Payment	Dates
January	29 January 2024
February	27 February 2024
March	26 March 2024
April	29 April 2024
May	29 May 2024
June	26 June 2024
July	29 July 2024
August	28 August 2024
September	25 September 2024
October	29 October 2024
November	27 November 2024
December	30 December 2024

Eligibility Criteria For OAS Increase Payment

Here are the eligibility requirements for getting the OAS Payments:

1. For Canadian Residents:

Criteria	Requirement
Age	Canadian resident must be 65 years or older
Residency	Must be living in Canada
Duration of Residence	At least 10 years of residency after turning 18

2. Residents of Abroad: 

Criteria	Requirement
Age	At least 65 years old
Residency	Canadian resident when leaving Canada
Duration of Residence	At least 20 years of residence in Canada after turning 18

3. For Residents Working Outside Canada:

Criteria	Requirement
Age	Must be 65 years of age or older
Residency	Retain Canadian residency and return within 6 months of leaving foreign job (passport documentation)
Duration of Residence	Proof of employment from a foreign employer required for work to count as Canadian residency

RELATED :

• Canada Pension Payment Increase
• $1428 Canada Workers Benefit 2024
• Canada Grocery Rebate Payment 
• Advanced Canada Workers Benefit

Tips To Ensure You Receive Your OAS Payment on Time

You can follow these tips to ensure that your OAS Payment is credited to your bank account on time:

• Make sure Service Canada has up-to-date information about your financial details, mailing address, and other pertinent details. You can contact Service Canada directly or change your information online via your My Service Canada Account (MSCA).
• If you would prefer to receive your OAS payments straight into your bank account, choose direct deposit. Compared to getting a check in the mail, this approach is quicker and more dependable.
• Learn the OAS payment plan for the upcoming year. Usually, payments are made on the third-to-last working day of the month. To ensure you know when to receive your payment, note these dates in your calendar.
• Make sure that your OAS payments have been deposited by checking your bank account regularly. By doing this, you can identify any problems early.
• Report any changes in your life—such as relocating to a new residence, getting married, or experiencing a change in income—to Service Canada right away. Regular upgrades can help you avoid payment interruptions.

What to Do If Your OAS Payment Is Delayed?

You may encounter a very common— OAS Payment delay. In such cases, you can take the following steps:

• Verify the Payment Date: Check the OAS payment schedule to confirm that the payment date has indeed passed before confirming the payment date. Remember that bank processing timeframes or holidays can cause payments to occasionally be delayed by one or two days.
• Verify Your Bank Account: To find out if the payment was deposited, check your bank account. Give yourself a few extra days for your OAS to come by mail if you get it by check.
• Get in touch with Service Canada: Please get in touch with Service Canada right once if your payment is delayed. They can be contacted via phone, online via your My Service Canada Account, or in person at any Service Canada location. 
• Review Your Account Information: Verify again that the mailing address or direct deposit information you provided is correct and up-to-date. One possible reason for the delay could be inaccurate information.
• Examine Potential Problems with Income Thresholds: Your OAS payment amount and eligibility may be impacted if your income has changed significantly. Check to see if this explains the delay.
• Request the Replacement Cheque: You can ask Service Canada for a replacement check if you received your OAS through the mail and it hasn’t arrived. It’s critical to take quick action because there can be a waiting period before a replacement is provided.
• Be proactive and patient: Delays might be annoying, but you can guarantee you get your money as quickly as possible by being proactive and keeping an eye on your account, and taking quick action when something goes wrong.

OAS Payment Increase: Fact Check 

Criteria	Description	Value
Calculation Basis	Age, income, and Canadian Residency	N/A
Age-Based Increase	10% increase for seniors aged 75 or older	10%
Income-Based Supplement	Guaranteed Income Supplement (GIS) for low-income seniors aged 65 or older	N/A
Benefit Increase	OAS benefit increase of 0.7% for the quarter ending September 2024	0.7%
Maximum Monthly Payout (65-74)	Maximum monthly OAS payment for those aged 65 to 74	$718.33
Maximum Monthly Payout (75+)	Maximum monthly OAS payment for those aged 75 or older	$790.16
Maximum Individual Payout	Maximum monthly OAS payment for an individual	$1,072.93

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