The Canadian government is supporting senior citizens by increasing the OAS Pension Payment by an additional $976 for 2024. This means that all seniors currently receiving Old Age Security (OAS) benefits will see this extra amount deposited into their bank accounts this year.
Inflation is causing the cost of living to rise, making life harder, especially for senior citizens. Prices for medical care, food, and rent are going up. While working people can earn more money to handle this, senior citizens over 65 years old often cannot. They rely on monthly pensions from the Old Age Security Scheme. The Canadian government is adding $976 to help these senior citizens.
Old Age Security benefits are monthly payments made by the federal government to supplement the income of eligible Canadians age 65 and older. Along with the Canada Pension Plan (CPP) and personal savings, OAS contributes to financial support for older Canadians. CPP and OAS payments are issued on the same dates. Many Canadians are surprised by how much extra they can get!
Everyone receiving OAS benefits will get the extra $976. Check your eligibility with these criteria:
Canadian Citizen: You must be a Canadian citizen.
Residency: You must have lived in Canada for at least 10 years after turning 18.
Age: You can apply for OAS after age 65
Full Pension: To get the full pension amount, you should have lived in Canada for at least 40 years after turning 18. The pension amount decreases if you lived in Canada for fewer years.
If you’ve lived in Canada for at least 40 years since you turned 18, you’ll likely be eligible for the maximum pension payout amount. If you don’t qualify for the full OAS pension, you might be eligible for partial OAS, If you live in Canada when you apply, you can receive a partial OAS pension if you have lived in Canada for at least 10 years after the age of 18.
You can start receiving OAS at age 65. However, you can choose to delay your start date up to 60 months (which is five years) in return for a monthly 0.6% increase in your eventual pension payment. Using the September 2024 maximum monthly payout amount of $718.33 as an example, this is how delaying your start date could affect your pension.
Note that there are some circumstances when you may be entitled to other benefits, such as if you are widowed, or your spouse or common-law partner is eligible for the Guaranteed Income Supplement (GIS).