$1,200/Month Approved for Canada Seniors- Know Payment Dates, Eligibility & Reality Check

To improve the financial stability in the country and to fulfill the basic financial requirements, the Canadian federal government has proposed to give $1,200/month Approved for Seniors. If you are 65 years old or above and having financial complications, then you can apply for the $1,200/month for retired citizens. The scheme will be profitable for the senior citizens who are facing troubles in affording their basic household requirements like purchasing goods and paying bills and rents due to an increase in inflation. In this article, we are going to provide all the essential information regarding the $1,200/month for retired citizens like eligibility criteria, payment dates and fact checks. So, if you are looking to apply for the benefits, then this post will be helpful for you. Take a look here

$1,200/Month Approved for Seniors

  • On reaching a certain age, the Canadian government provides a financial aid to the senior citizens under the Old Age Security (OAS) and Canadian Pension Plan (CPP). Now due to increasing inflation, the Canadian government and the Canadian Revenue Agency (CRA) has decided to give $1,200/month to the retired citizens. According to the government, a person above 65 years old is considered as a retired person. So, if you are eligible for the $1,200/month for the retired seniors, then you must apply for the benefit.
  • As of July 2024, if you retire at an age of 75 or above then the government of Canada will provide you a 10% increase in your Old Age Security (OAS). This age is the most profitable age to receive the Old Age Security (OAS). The amount will be of benefit for the senior citizens with low-income in covering their basic expenditures including the bill payments and buying the basic essential goods. All the senior citizens who meet with the eligible criteria set by the government officials will receive this payment.

CRA Benefit Payment Dates May 2024

OAS Payment Increase May 2024

OAS Increments May 2024

$1,200/Month for Retired Seniors Overview

Post name $1,200/Month for Retired Seniors
Department Canada Revenue Agency (CRA)
Country Canada
Applicable for Senior citizens of Canada
Program name Old Age Security (OAS)
Category Government aid
Amount $1,200/Month

$1,200/Month Approved for Canada Seniors- Know Payment Dates & Eligibility for Upcoming Benefits

is $1,200/Month Extra for Seniors Coming?

  • The eligible senior citizens are all set to receive a payment amount of $1,200/Month if they meet all the eligibility. The main reasons behind this scheme are being the complications rising in managing the daily expenditure of the senior citizens after retirement. Low retirement funds of the retired citizens could be another reason behind the proposing of $1,200/Month by Canada Revenue Agency (CRA).
  • Under the $1,200/month for retired citizens, all the eligible senior citizens who have retired or are going to retired will receive an additional amount of $1,200. The Canadian Revenue Agency (CRA) has confirmed that the $1,200 amount will be an additional add on Old Age Security (OAS). So before applying for the Old Age Security (OAS) and the $1,200/Month extra for senior citizens, is will be beneficial if you check all the eligibility criteria set by the Canadian government.

Eligibility for $1,200/Month for Seniors

The Canadian government has set a retirement age for the citizens of Canada and it is must for all the citizens to fulfill all the essential eligibility before applying for the Old Age Security (OAS) and Canada Revenue Agency (CRA). To check your eligibility criteria before apply, you can check the points listed below:

  • You are eligible for the $1,200/month payment amount for retired seniors if you are a citizen of Canada.
  • To be eligible, according to the retirement age which is set by the Canadian government, you should be 65 years old or above.
  • If you are 75 years old or above, the you are eligible to receive an increment of 10% in your Old Age Security (OAS).
  • To be eligible to avail the benefits of this program, you must have your Social Security Number.
  • An immigrant living for 20 years in Canada after turning 18 is also eligible for the $1,200/month for retired seniors.

When Will You Receive the $1,200/Month Direct Benefits?

After the announcement of $1,200/month for retired seniors by the Canadian Revenue Agency (CRA), the retired citizens are waiting for the payment dates. Due to rise in inflation and the complications in covering up the basic household needs, the Canadian government has decided to include an extra $1,200/month for the retired citizens.

The $1,200/month will be included with the Old Age Security (OAS) for the eligible retired citizens and will depend on various factors like income source and age. To claim these benefits, you should meet all the required eligibility set by the Canadian government. The payment will be received by the retired seniors every month and it will be directly deposited to their respective bank accounts.

$1,200/Month For Seniors Coming Reality Check 

  • The Canadian Government has proposed to give an extra $1,200/month to the retired seniors but it will be depended on many factors like age, income and how long a citizen has stayed in Canada.
  • This profitable amount will help those who have a low-income after retirement as to cover the daily expenses after retirement can be difficult. Before applying, make sure to check the eligibility criteria for the benefits as mentioned earlier.
  • The $1,200/month extra old age security will help to cover the expenses like bill payments, house energy payments and in purchasing the essential household goods.

Leave a Comment