Here’s what all OAS recipients want to Know. There is a stirred up news for Old Age Security Recipients in August 2024. Yes, You heard correctly. This news is for OAS beneficiaries. The OAS payment will increase to $2400 per year in August 2024. The extra $2400 amount will be received by the seniors or old aged citizens. It means that there is a massive increase of $200 per month starting from August 2024. This increased payment of $2400 Annually can reduce the financial stress from old aged citizens as there is no one financially available to old citizens. In response to this the CRA made this initiative to finance the seniors as they work for their whole life and this work is for the development of Canada. This contribution of seniors results in a New $2400 OAS Increase In August 2024.
New $2400 OAS Increase Fact Check
As in the retirement years, most of the citizens are not in the position to work. Seniors do not now have any income source that helps them to cover their general expenditures. As a result the Government initiated this security pension plan where the monthly cash or financial assistance is provided for the General expenditures. These OAS pensions can secure the retirement of the senior or aged citizen. Now the seniors do not need to struggle for basic necessities because the Government of Canada provides this much financial support which can solve the basic requirements. The OAS has had various reforms from its introduction but now In 2024 there is an increase of $200 per month or $2400 annually. Instead of receiving $718.33 or $790.16 the senior citizen will get this amount along with extra $200. This New $2400 OAS Increase In August 2024 will soon be implemented and now here in this post we will check who gets eligible for this massive Canada OAS Increase 2024 and when the payments are made. Also we will look at OAS amounts for 2024 based on age and income of the senior or aged citizen.
CRA OAS Benefits 2024- Overview
| Title | New $2400 OAS Increase In August 2024 |
| Year | 2024 |
| Month | August |
| Name of the Country | Canada |
| Payment benefit name | Old Age Security |
| OAS Eligibility 2024 | Qualified Old or Aged Citizens |
| Objective | Financial Assistance |
| CRA Credit Dates | On Official Website |
| Fact Check | Not True, No Official Announcement Has been announced |
| Frequency of the Payment | Monthly |
| OAS Increase Amount 2024 | $2400 |
| Mode of the Payment | Direct Deposit or Checks |
| Category | Finance |
| Official Web portal | www.canada.ca |
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.