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 In August 2024
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 August 2024 | Go through the full post |
| 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 |
New $2400 OAS Increase Eligibility 2024
OAS Eligibility 2024 is the same as the OAS qualification requirements. We will check the Old Age Security pension requirements for qualification below and these requirements for the qualification are based on the age of the individual, income of the individual, residency of the individual and the time period for residing in Canada:
- Sixty-five is the OAS Payment Qualifying Age.
- In order to receive the OAS Payment, an elderly or senior person must be a resident of Canada.
- The OAS claimant must have resided in Canada for at least ten years and the ten years will be calculated based on the claimant’s age of eighteen.
- The past year’s income for seniors, defined as those 65 to 74 years old, is $142,609.
- The past year’s earnings for those 75 years of age or older are $148,179.
New $2400 OAS Increase Payment Date 2024
New $2400 OAS Increase Payment Date 2024 is not yet verified. We can check here the Old Age Security Pension Plan payment dates for upcoming months:
| Month | OAS Payment Date 2024 |
| August | 28th |
| September | 25th |
| October | 29th |
| November | 27th |
| December | 20th |
OAS Amount 2024
The senior individual’s age and income have an impact on OAS Amount 2024. These both factors can increase or reduce the benefit amount as the more payment is delayed the more will be funded and the earlier you receive the less payment will be funded.
| Senior citizen Age | Income Threshold | Maximum OAS Amount 2024 |
| 65 Years to 74 Years | $142,609 | $718.33 |
| 75 Years or over | $148,179 | $790.16 |
FAQ Related To New $2400 OAS Increase In August 2024
In August 2024, the hike is anticipated to go into effect, subject to official announcements and government approvals.
Seniors who receive Old Age Security benefits in accordance with the rules of the Canadian government’s program are usually eligible.
Nearer to the implementation date, specific details and requirements for the qualification will be communicated. Updates will be available on the Service Canada website and through appropriate government sources.
Contact Service Canada or go to the official Government Agency website to check the most recent and accurate information.
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.