The Canadian federal government announced the OAS Payment Dates October 2024, now the beneficiaries may receive their monthly benefit amount on a scheduled date. The Old Age Security Payment is given to those who have reached a certain age and meet eligibility criteria. It is a monthly payment for Canadian residents and the final benefit amount depends on the individual’s financial conditions. if an individual’s economic condition is quite bleak in that case, they also receive additional OAS allowances so that they can meet both ends and cope with current inflation and the cost of living.
OAS Payment Dates October 2024
Old Age Security Payments are crucial for senior citizens to meet both ends, especially after retirement from active employment. There are various other benefits available for Canadian residents to avail of after retirement. However, in most of the plans, individual beneficiaries have to make valid contributions. In the OAS Payment Plan, beneficiaries are not required to make any type of contribution. The Annual Net World Income criteria will determine the final benefit amounts. If individuals have higher incomes than the mandated levels, then they will receive reduced benefit amounts. And if they have received an overpayment given the annual income thresholds, everyone has to repay the overpayment as the CRA will also compensate for underpayments to beneficiaries.
From July to October 2024, the OAS payment will be increased by 0.7% in the base amounts while from October to December 2024, the OAS payment will increase by 1.3% according to CPI Reports. The CPI suggests quarterly outputs regarding current inflation and changes in the cost of living. Based on the same, the CRA makes increments in OAS Payments while if CPI suggests slowed down inflation, there is no decrease implemented to the Old Age Security Payments.
OAS Payment October 2024 Overview Details
|
Title |
OAS Payments October 2024 |
|
Country Origin |
Canada |
|
Administrative Authority |
CRA |
|
Category |
Old Age Security Payment |
|
Payment Date |
25th of October 2024 |
|
Maximum Benefit Amount |
$790+ 0.7% Additional Increase |
|
Upcoming Increase in Base Amounts |
1.3% from October to December 2024 |
|
Official Website |
www.canada.ca |
OAS Payments October 2024 Eligibility
In order to be eligible for receiving OAS Payments in October 2024 full-fill the detailed eligibility criteria mentioned below
- Individuals have reached the age of 65 and have stayed in the country for more than 10 years that too after turning 18 years old
- Have a Social Insurance Number
- Is a permanent or legal resident of Canada on the day when the CRA approves your OAS
- Have been a tax-purpose resident of the country and employment history will not determine the benefit amount
In case, the beneficiary has left Canada but stayed there for more than 20 years that too after turning 18 years old and has been a Canadian resident on the day of leaving Canada, then he or she will also be allowed to receive the benefits even living in another country. Citizens Living in Canada for less than 10 years, will also get partial OAS Payments.
OAS Monthly Payment Amount 2024
The monthly OAS Payment is decided by various factors including residency, financial circumstances, and age. The financial conditions decide whether an individual receives a Guaranteed Income Supplement (GIS)or not. The GIS is an additional payment offered based on critical circumstances. So Have a look at the table to know when you can have a GIS
|
Your Status |
Annual Income |
GIS Payment |
|
Single, widowed, or divorced |
>$21,768 |
$1072 |
|
Have a legal partner who gets full OAS |
>28,272 (combined income) |
$645 |
|
Have a partner who gets an allowance |
>40,272 (combined income) |
$645 |
|
A partner who gets neither full OAS nor allowance |
>52,176(combined income) |
$1072 |
If you are eligible for any of the OAS payments along with the GIS, you are going to have increased payments. Individuals can add up the final benefit amount based on their annual income and other determining factors. The OAS Payment in 2024 Per Month is $790 for those who are 75 or older while it is $716 for those who are between 65 and 74.
OAS Payment Dates October 2024 Schedule
The federal OAS Payments are released on the last third day of every month and October is no exception to that. But to avoid long holidays, the payment is coming on the 29th of October 2024. The GIS and allowance will also be released on the same day and eligible ones will have double payments. If any delay occurs and you do not get the amount within 3 days, then wait for three business days before contacting the authorities.
| OAS Monthly Payment Dates 2024 | |
| September | 25th Sep. 2024 |
| October | 29th October 2024 |
| November | 27th November 2024 |
| December | 20th December 2024 |
Due to holidays in the last week of December, the CRA is releasing the payment early for the convenience of the beneficiaries. The OAS October Payments will come with a 0.7% additional increase. There will be an extra 1.3% increase in the base OAS Benefits from October to December 2024. For more details, individuals can sign in to “My Service Canada Account”. Additionally, you can browse the official website or visit the nearest office Center to know more on October OAS payment Dates 2024.
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Raul joined SD News team in 2021, bringing his experience as a editor-cum writer on global financial & trending topics. From a young age, Raul developed a keen interest in Finance, which propelled his to pursue an undergraduate degree in global and international studies. Raul skillfully combines his knowledge of political economy and finance to empower readers with crucial insights.