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Seniors in Canada See a Boost in OAS Payments
Seniors in Canada received some good news recently as the amount they get from Old Age Security (OAS) is going up. Starting July 29, 2024, Canadian seniors eligible for OAS benefits saw an increase of 2.8 percent compared to last year, after factoring in inflation.
This increase means that those aged 65 to 74 years can expect to receive a maximum monthly payment of up to $718.33. For seniors who are 75 and older, that maximum payment rises to $790.16 each month.
The OAS payments are crucial for many seniors, helping them cover everyday expenses and maintain a decent living standard. These payments are reviewed regularly every January, April, July, and October to keep up with living costs as measured by the Consumer Price Index.
Additionally, many seniors may be eligible for extra benefits such as the Guaranteed Income Supplement (GIS), Allowance, and Allowance for the Survivor. These extra benefits can provide a helpful financial boost, especially for those on a tight budget.
Single, widowed, or divorced Canadians aged 65 or older with an annual net income of less than $21,768 can receive a maximum GIS payment of $1,072.93. Meanwhile, surviving spouses or common-law partners aged 60 to 64 can get a maximum monthly allowance of $1,626.20.
Importantly, eligibility for OAS doesn’t depend on a person’s work history; rather, it’s based on age and residency in Canada. Most Canadians are automatically enrolled once they turn 65, but if someone hasn’t heard about their enrollment by the time they are 64, they should reach out and apply.
The Canadian government is committed to supporting its senior population, and the recent increase in OAS payments reflects this dedication. With many Canadians living longer, having reliable financial assistance is more crucial than ever.
As part of the OAS program, the Canada Revenue Agency (CRA) manages the distribution of payments. Seniors can check their payment status via the Service Canada website or by contacting CRA directly for assistance, ensuring they receive the support they need.
