Canada’s Seniors to Receive Additional $1,400 Monthly OAS: Key Details

Updated on March 4, 2024

Discover the Scoop on the $1,400 Extra OAS for Canadian Seniors! Here’s the Lowdown: Old Age Security pensions are monthly federal benefits provided to Canadian citizens, with payments varying based on age and living conditions.

$1,400 Monthly Extra OAS Coming for Seniors in Canada?

In 2024, the Federal Department of Employment and Social Development is set to provide $1,400 in monthly assistance, addressing the rising cost of living due to inflation. For more details on the extra OAS for seniors in Canada, read on.

Canada’s Federal Government actively addresses social welfare through programs like OAS, offering monthly assistance to those aged 65 and above. In 2024, eligible seniors can expect an additional $1,400 in monthly OAS.

Canada’s Federal Department of Employment and Social Development is set to provide a monthly assistance of 1.4K CAD, addressing the challenges posed by the increasing cost of living and inflation. This decision aims to alleviate the crisis faced by struggling households.

The OAS stands as a vital retirement program in Canada, offering financial support to eligible Canadians once they reach 65. Relying on general tax revenue, millions of seniors benefit from OAS. Starting January 2024, authorities have boosted the pension amount to 68.5K CAD, ensuring OAS beneficiaries receive an additional $1,400 in monthly assistance.

Old Age Security (OAS) becomes available to Canadians at the age of 65, and to apply, individuals need to submit an application letter meeting federal eligibility criteria. This includes having a permanent Canadian residence, applying within 6 months of turning 65, and having lived in Canada for over 10 years after turning 18.

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In 2024, eligible OAS pension benefits will be 707.68 CAD for those aged 65 to 74 and 778.45 CAD for individuals aged 75 or above. Jan 2024 OAS payments will be issued on Jan 28. To receive full pension benefits, a recipient needs 40 years of Canadian residence; those with 10 to 20 years receive a half pension payment.

Here’s What You Need to Know

The Old Age Security program provides monthly assistance, with eligible recipients receiving $713.34 or $784.67 in 2024, depending on their age. To qualify for these pension benefits, individuals need to have an annual net income ranging from 18,179 CAD to 142,609 CAD.

To receive OAS benefits, follow these steps for the $1,400 Monthly Extra OAS:

  1. Visit the official portal canada.ca.
  2. Choose the Old Age Security option.
  3. Confirm your eligibility before proceeding.
  4. Fill out the application form accurately and attach required documents.
  5. Double-check the application and click submit.

After submission, approval typically takes 3 to 4 weeks. Once approved, OAS benefits start the following month, deposited directly into your bank account.

Check your application status via the MSCA portal. Select application status, enter your SIN and PIN, and monitor your OAS payment status.

 

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