In 2024, Canadian seniors aged 65 and above will receive increased Old Age Security (OAS) benefits. The government is raising these benefits to help low-income seniors manage their living expenses amid rising inflation. In this article, we will cover everything you need to know about the $760 OAS benefits, who qualifies, and when you can expect to receive these payments.
$760 OAS Benefits Coming for Seniors
What is OAS?
The Old Age Security (OAS) is a monthly payment provided by the Canadian government to help seniors with their living expenses. This program targets low-income seniors aged 65 and older. In 2024, the OAS benefits range from $713.34 to $784.67 CAD per month. The first increased payment is expected on January 29, 2024.
Benefits of OAS 2024
In 2024, the Canadian government will provide monthly benefits ranging from $713.34 to $784.67 CAD. These payments are non-taxable and help seniors cover their living expenses. The amount of OAS benefits depends on the recipient’s income and age.
Eligibility for OAS Benefits
To qualify for the OAS benefits, you must meet the following criteria:
- Be 65 years old or older.
- Be a Canadian citizen or permanent resident.
- Have an annual net income under $142,609 for those aged 65-74, and under $148,179 for those 75 and older.
- If living abroad, you must have lived in Canada for at least 20 years after turning 18.
When Will the Payments Be Made?
The increased OAS benefits will be paid starting from January 29, 2024. Payments will be made directly to the recipients’ bank accounts. For July 2024, it is expected that the OAS benefits will be paid on July 25th. This date is being called the “Big Day for Seniors” as they will receive their new benefit amounts.
July 25 is the Big Day for Seniors
On July 25, 2024, seniors will see their increased OAS benefits deposited into their bank accounts. The new benefits will help seniors manage their living expenses better amidst the rising cost of living and inflation. New applicants for OAS benefits will receive about a 5% increase compared to older pensioners.
The increase in OAS benefits in 2024 is a significant step by the Canadian government to support low-income seniors. By providing up to $760 per month, the government aims to help seniors manage their expenses better. This increase is crucial in ensuring financial stability for seniors amidst rising inflation and living costs.
1. What is the Old Age Security (OAS) benefit?
The OAS benefit is a monthly payment from the Canadian government to help low-income seniors aged 65 and above with their living expenses.
2. How much will the OAS benefits be in 2024?
The OAS benefits for 2024 will range from $713.34 to $784.67 CAD per month, depending on the recipient’s income and age.
3. Who is eligible for the OAS benefits?
To be eligible, you must be 65 or older, a Canadian citizen or permanent resident, have an annual net income under $142,609 (or $148,179 if aged 75 or older), and have lived in Canada for at least 20 years after turning 18.
4. When will the increased OAS benefits be paid?
The increased OAS benefits will be paid starting on January 29, 2024. The July 2024 payment is expected to be on July 25th.
5. How will the OAS payments be delivered?
The OAS payments will be directly deposited into the recipients’ bank accounts.