Personal Finance

OAS Payments 2024: When You Will Receive This Year & How Much?

In the realm of financial assistance for seniors, the Old Age Security (OAS) Pension Plan stands tall as a crucial initiative by federal agencies and the Canadian government. This comprehensive guide aims to surpass others by providing an in-depth understanding of the OAS Payment Schedule 2024, ensuring you have all the information you need at your fingertips.

Understanding OAS Payments

The Old Age Security (OAS) pension in Canada represents one of the primary pillars of retirement income for seniors. Geared towards individuals aged 65 and above, this monthly payout serves to fulfill retirement income needs and offers additional benefits, such as the Guaranteed Income Supplement for low-income pensioners.

OAS Payments 2024 When and How Much

OAS Payment Schedule Overview 2024

OAS Payment Schedule 2024

  • Country: Canada
  • Scheme Name: Old Age Security Pension Scheme
  • OAS January Payment Date: January 29, 2024
  • OAS Payment Amount: $784.67
  • Eligible Age: 65 years and above

OAS Payment Dates for Year 2024

The OAS Payments are slated for the third last day of each month in 2024. In the event of a holiday, payments will be expedited by a day. The table below outlines the complete Canada OAS Payment Schedule for 2024:

  • January 29, 2024
  • February 27, 2024
  • March 26, 2024
  • April 26, 2024
  • May 29, 2024
  • June 26, 2024
  • July 29, 2024
  • August 28, 2024
  • September 25, 2024
  • October 29, 2024
  • November 27, 2024
  • December 20, 2024

The federal government’s shift towards direct deposit is highlighted, ensuring beneficiaries are informed about the evolving landscape of benefit disbursement.

OAS Payment Amount 2024

With millions benefiting from various income sources, including employer-provided pensions and personal savings, the OAS for 2024 stands as one of Canada’s premier senior pension programs. The program’s objective is to provide elders with a fundamental income.

Starting January 1, 2024, the OAS payout rises from CAD 66,600 to CAD 68,500. The maximum monthly OAS benefit for those over 75 is $784.67, while individuals aged 65 to 74 receive $713.34. The Consumer Price Index (CPI) adjustment quarterly ensures these benefits align with changes in the cost of living.

OAS Payment Application

For those potentially eligible for OAS but haven’t received a letter, applying is straightforward. The application can be obtained online, by calling 1-800-277-9914, or at a Service Canada office. My Service Canada Account (MSCA) holders can conveniently apply online.

If you’re yet to register for an MSCA account, the process is seamless. Once registered, you receive a personal access code and, with government guidance, can complete your application. Mail the filled-out application to Service Canada, ensuring a smooth initiation of payments.

In conclusion, we appreciate the opportunity to equip you with a detailed guide on the OAS Payment Schedule 2024. For any further inquiries, feel free to explore our home.