OAS Increments April 2024: Who is Eligible for Incremented Amount & what are the Payment Dates?

This article will discuss on the upcoming OAS Increments April 2024. The Old Age Security payments are a key enabler that ensures financial security of the senior citizens in Canada. The OAS program is designed to offer pension benefits to eligible senior Canadians and provide a stable source of income for these beneficiaries.There have been some OAS Increments April 2024 that are to be delivered in the month of April 2024, which will be discussed here in this article.

OAS Increments April 2024

The Canadian Federal Government has been offering OAS pension along with Guaranteed Income Supplement and other two allowances for senior citizens on a monthly basis. These payments allow adequate funds for the senior citizens residing in low-income households to meet payments regarding their monthly essential expenses. In absence of the OAS and related benefits these beneficiaries will be unable to purchase basic groceries, pay utility bills and get medicines or treatment.

CRA Benefits Increment April 2024

CPP Payment Increase 2024

Child Tax Credit 2024 Update

The payments are regularly revised by calculating the difference in income and expenses due to inflation. This revision in payments provides projected increment in the monthly payments to suffice the increased cost of living rates. The new payments will be up to $784.67/monthly for eligible OAS recipients. The article will be providing details such as eligibility, incremented amount and payment dates associated with the OAS Increments that are coming in April 2024.

OAS Increments April 2024 Overview

Title of the Article	OAS Increments that are coming in April 2024
Country of Implementation	Canada
Associated Department	The Canada Revenue Agency
Program	The Old Age Security
Intended Beneficiaries	Low-income Senior Citizens
Expected Amount	Up to $784.67
Payment Frequency	Monthly
For More Information	www.canada.ca

OAS Payments 2024 Benefits

The OAS Pension is monthly payments that are delivered as consistent financial aid to senior citizens living in low-income Canadian households. Along with the OAS benefits, there are three other benefits:• GIS benefits;

• Allowance for spouse or civil partner;

• Survivor’s Allowance.

Most importantly, this OAS Pension and associated benefits aren’t given to every senior citizen but only to those satisfy all eligibility criteria upon attaining the age of 65 years. The eligible recipients of OAS Pension will have claim the associated benefits before or as soon as they reach the age of 60 years. Those senior citizens who have applied and are deemed eligible will be automatically enrolled under the OAS program. The enrollment will be verified within a month after attaining the age of 64 years. Though, the OAS Pension payments will begin:

• a month after attaining the age of 65 years; or

• any particular date that has been mentioned in the application form by the claimant.

Further, the OAS Pension of any beneficiary will be increased by 10% upon attaining the age of 75 years. The OAS Pension payments are considered taxable income if the annual income exceeds the prescribed thresholds and therefore subjected tothe recovery tax.

OAS Increments April 2024 Eligibility Standards

The claimant needs to fulfill certain criteria such as attained at least the aged of 65 years and being a permanent Canadian citizen or legal resident to be deemed eligible for receiving the benefits under OAS Pension. However there are specific residency criteria as well that are as follows:

For those who are living with in Canada –

• Spent at least 10 years residing in Canada after attaining the age of 18 years.

For those who are residing outside Canada –

• Spent at least 20 years residing in Canada after attaining the age of 18 years.

Canadians being employed By Canadians for working outside Canada, i.e. Personnel working in Canadian Armed Forces and Banks –

• Returned within 6 months to Canada upon ending such employment;

Canadian qualified for pension in another country or for both in Canada and other country –

• The claimant needs to have resided in any country havingestablished a social security agreement with Canada;

• The claimant needs to have contributed in a social security program of any other country that has a social security agreement established with Canada.

Note: The eligibility of claimant under the OAS program is not affected by the work history of the claimant and is a non-contributory program hence no monthly contributions are required to be made towards the program while being employed.

OAS Pension Incremented payment amount 2024

The following payment amount will be delivered to OAS Pension recipients:

• Up to $713.34 – claimants aged between 65 and 74 years;

• Up to $784.67 – claimants aged 75 years and above.

The following payment amount will be delivered to GISPension recipients:

• Up to $1065.47 – for single, divorced or widowed, and if claimant’s civil partner or spouse isn’t receiving any OAS pension or any associated allowance;

• Up to $641 – for claimant’s civil partner or spouse receives full OAS pension or any associated allowance.

The following Allowance amount will be delivered to recipients:

• Up to $1354.69 – if claimant’s civil partner or spouse is receiving GIS or full OAS pension.

The following Survivor’s Allowance amount will be delivered to recipients:

• Up to $1614.89 – if claimant is surviving civil partner or spouse.

Payment dates of the OAS pension

OAS Increments 2024 Monthly Payment Dates

Month in 2024	Exact Date
April	26th
May	29th
June	26th
July	29th
August	28th
September	25th
October	29th
November	27th
December	20th

Note : The OAS Pension payments are revised on a quarterly basis based on the fluctuations in the Consumer Price Index, i.e. if the CPI ratings goes up the OAS Pension will be increased and if goes down then is decreased. So details on OAS Increments April 2024 : Who is Eligible for Incremented Amount & What are the Payment Dates in 2024 is discussed above . OAS Pensioners can expect payment on scheduled Dates in 2024.

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G Alikpala

Gidget bringing her experience as a passionate Content researcher. Gidget’s interest in philosophy propelled her to pursue a degree in international relations and a master’s in Journalism . At Sass News Portal, Gidget combines her knowledge of political economy and personal finance to empower readers by providing answers to their most pressing questions.