The Old Age Security or you can say OAS is an annual pension program. The expenses for the plan are borne by the Canadian government. The aim of the OAS is to provide additional pension to the elderly citizens who have reached the age of 65. It also provides 10% payment increment once the beneficiary turns 75 years of age. For extra income after retirement, other schemes such as GIS (Guaranteed Income Supplement), Allowance and survivor Allowance are provided to the beneficiaries by the Canada Revenue Agency. To know further details, just go through the article. We will provide you essential details including eligibility criteria, payment status, payment dates and how to apply for the benefits, regarding OAS 2024.
OAS Payments 2024
- The payment amount differs on the basis of income threshold. Whether you are single, divorced, widowed or married and have a child will affect your OAS payment amounts. Before anything else, in order to get the benefits, you must have stayed in Canada for at least 10 years that too after turning 18+. Then you will be qualified for the OAS pension disbursed on monthly basis. The official dates of payment disbursement are released by the CRA on its official website.
- The payment amount under the plan is regarded as the taxable income and it will be considered for recovery tax. This applies when your annual income threshold breaches the maximum limit prescribed by the agency. The net annual income of an individual should not exceed the net world annual income threshold ($81,761) set for the base year 2022. The increments in the payments are decided on the basis of report published by the Consumer Price Index (CPI). It keeps an update on the rising cost of living and constantly growing inflation. It will just improve your pensions and allowances.
OAS Payment Dates 2024 Overview
| Brief Overview | OAS 2024 |
| Agency | Canada Revenue Agency (CRA) |
| Beneficiary Group | Older than 65 |
| Maximum Benefits | Up to $1,614 |
| Official Website | Canada.Ca |
How Much Can You Get From OAS?
How much you can get depends on the criteria which you belong to. The category of your situation will decide your profitability through the OAS. The GIS payment is also the additional amount added your OAS pension for some extra financial support provided by the agency. Last year, according to the CPI report, the increase in pension amount from April 2023 to April 2024, was approximately 3.2%. The table below is for the full pension receivers. The partial pension receivers should not consider the table for payment assessment.
| Age Factor | Net World Annual Income | Maximum monthly payment amount |
| Between 65 and 74 | Less than $134,626 | Up to $713 |
| Between 75 to above | Less than $137,331 | Up to $784 |
Additional GIS For 65 Year Old Citizens
| Circumstances | Annual Income Threshold | Maximum Payments |
| Single, Divorced, Widowed | Less than $21,624 | Up to $1,065 |
| Having common law partner receiving full OAS pension | Less than $28,560 | Up to $641 |
| Having common law partner receiving reduced OAS pension | Less than $39,984 | Up to $641 |
| Having common law partner receiving no OAS pension | Less than $51,840 | Up to $1,065 |
If you want to check other allowances and partial OAS pension payment, I suggest you to visit the official website of the agency mentioned above.
Canada OAS Eligibility Criteria 2024
Your employment background, will not a deciding factor for the OAS pensions. It does not ask to work and contribute to the economy of the nations. It is a program for social security of elderly citizens that is why the criteria are kept simplest in terms of credentials.
If you are staying in Canada you must be
- 65 or older than 65 to avail the benefits
- Resident of Canada or residing there for 10 years after turning 18
- Legal resident on the time of approval of OAS application
If you are staying outside the country you must be
- 65 or older than 65
- Have resided in Canada for 20 years after turning 18
- A Canadian citizen till the day you left the nation
OAS Annual Payment Dates 2024
The agency has announced the dates for the whole year. The dates are subject to change. We are providing you most accurate dates as per the recent updates. For further details, you are suggested to visit the official website mentioned above.
- January 29th 2024
- February 27th 2024
- March 26th 2024
- April 26th 2024
- May 26th 2024
- June 29th 2024
- July 26th 2024
- August 28th 2024
- September 25th 2024
- October 29th 2024
- November 27th 2024
- December 20th 2024
How to Apply for OAS 2024?
- In order to apply to the OAS pension program, sigh in to the official website of My Service Canada Account. Currently, by signing on MSCA official website, you can apply to the program.
- You can also apply through other means as well, the agency will ask you to a fill verification form and will ask you when you want to start the pension. The agency will update you regarding the OAS application status.
- We hope that you appreciate our efforts that we make to provide you authentic information regarding the OAS 2024. We have informed you about eligibility criteria, application process, payment amount and scheduled dates for payment. Still you have any doubts left, you can visit the official website of the CRA regarding further information of OAS 2024.
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Rene Sees her Life in a Philosophical Way. She believes that minds inspire people, but great values inspire generations .In Rene you will surely find a Writer trusty for knowledge. She Loves to research into deep & share her valuable thoughts with readers specially into Finance ,Government Aid & social security domain.