OAS Increase August 2024 – Check new Amount, Eligibility & Payment Date

In Canada, the elderly and retired individuals receive an Old Age Security Pension. The Old Age Security Pension payments are mostly affected by the age of the aged citizen, residential status, and income. Every quarter the Canada Revenue Agency updates their OAS payment amounts. The Canada Revenue Agency reviews or alter these amounts in January, April, July, and October. The recent increase made by the CRA for OAS amounts is in July 2024. These payout amounts are determined by the consumer price index which shows the changes in living expenses which came with the high inflation. Discover the Canada OAS Increase August 2024, also you may see how these changes will affect other OAS benefits like GIS, Allowance, and Survivor Allowance.

OAS Increase August 2024

The benefit payment amount for OAS is adjusted by Canada Revenue Agency in response to CPI adjustments. The changes in the cost of living are reflected in the Consumer Price Index and are caused by both inflation and deflation. When the cost of living rises, OAS payment amounts typically increase and when it falls OAS payment amounts generally remain the same. The Consumer Price Index will determine the OAS Increase August 2024. This also affects the other OAS payments, such as the Allowance, Survivor Allowance, and Guaranteed Income Supplement. This article will show the adjustments to the Old Age Security Payment and explain how to calculate it.

OAS Increase August 2024

Overview- OAS Increase August 2024 

TitleOAS Increase August 2024
Year2024
MonthAugust
CountryCanada
Name of the Managing AgencyCanada Revenue Agency 
OAS Increase Payout 0.7%
Frequency of OAS PaymentMonthly
ObjectiveFinancial Status
BeneficiariesOld or Aged Citizens 
TaxabilityTaxable
Post CategoryFinance
Official Web portalwww.canada.ca

OAS Amount & Income Raised 2024

The most recent payment adjustment for the OAS payments made by the Canada Revenue Agency is available here. Every quarter, the Consumer Price Index is used by CRA to modify the payment amounts in the first month. During this quarter (July to September), the Old Age Security pension payment increased by 0.7%. Together with the monthly payment levels, the income ceiling is also raised. Let’s examine the increase in the Canada Old Age Security amount and income limit for August 2024 as well as the April–June 2024 maximum old age security amount and income limit. Let’s see how the OAS amounts and Income Limits have changed by comparing them. 

Increase in Income Limit: 

AgeAnnual Net Income as on 2022Annual Net Income as on 2023Annual Net Income Increase 
65-74 Years$134,626$142,609$7,983
75 Years and above$137,331$148,179$10,848

Increase in Payment Amount:

AgeMaximum Monthly OAS for June 2024Maximum Monthly OAS August 2024Maximum Monthly OAS Increase 
65-74 Years$713.34$718.33$4.99
75 Years and above$784.67$790.16 $5.49  

OAS Increase August 2024- Computation

The Average CPI of the previous three months and the Average CPI of the previous three months when OAS rise are used to calculate the OAS Amount for August 2024. We identify these months and determine their respective CPIs. To find out the average CPI, look at the provided table. 

Latest 3 Months CPI CPI OAS Rise Latest 3 Months CPI CPI 
February 2024158.8August 2023158.7
March 2024159.8September 2023158.5
April 2024160.6October 2023158.6
Average CPI 159.7 Average CPI 158.6 

The calculation for the OAS Increase is as follows:

  • Firstly deduct the Average CPI of 159.7 from Average CPI of 158.6.
  • Then divide the outcome of 1.1 by 158.6.
  • This has a result of 0.0069356.
  • Multiply the result with hundred to convert them into percentages. 
  • 0.0069356* 100 = 0.6935% which is approximately 0.7%. 
  • The OAS Pension Benefits are raised by 0.7% in August 2024.

OAS Benefit Increase 2024

As the various other benefits are made to old age security recipients and these benefits are GIS, Allowance and allowance that is provided to survivors. For August 2024, these amounts are also get increased and we will check these OAS Benefit 2024

Guaranteed Income Supplement: 

StatusIncome LimitMaximum Monthly Amount
Single, Widow, DivorcedBelow $21,768 $1072.93
Spouse with Full OAS PensionBelow $28,752$645.84
Spouse with Allowance recipient Below $40,272$645.84
Spouse without OAS and Allowance Below $52,176$1072.93

Allowance:

StatusIncome Limit (You + Your Spouse) Maximum Monthly Amount
Couple with Full OAS and GIS Below $40,272$1364.17

Survivor’s Allowance: 

StatusIncome LimitMaximum Monthly Amount
Surviving Spouse Below $29,328 $1626.20 

FAQ Related To OAS Increase August 2024

What is this OAS Increase August 2024?

The OAS increase is the rise in the payment amounts so that the citizens can stay up with the inflation and high living costs.

Why does CRA increase OAS Payouts in 2024?

Due to inflation and growing expenditures the CRA increases the OAS Payments in 2024. 

Where can more information for this OAS Increase can be seen?

More data for this increase can be found on the CRA Official portal. 

Leave a Comment

Your email address will not be published. Required fields are marked *