From the next year, beginning January 2024, Canada’s seniors will receive OAS Top-Up of $1,400 starting at the age of 75. This programme launched by the Canadian government to support senior citizens to deal with increasing living expenses including rent, healthcare and utilities, etc. Here is more information about this benefit and how to apply to qualify to receive it if you are a senior citizen.
Information about the one time $1,400 Extra OAS payment
Old age security program is a monthly benefit paid on Canadian citizens and residents who are 65 years of age and older. In an effort to offset these costs the government elected has quite recently brought a further $1,400 to these payments in the year 2024.
This grants is intended for seniors, especially those with low income, for the financial assistance they need to manage or daily expenses. The extra amount will be provided to recipients and added to their monthly payments, but this does not mean that every citizen will be able to receive it.
As a candidate, you become eligible to receive the Extra Payment when you are paid by cheque or cash and do not withdraw your full pay automatically at the end of the shift.
To be eligible for the $1,400 extra OAS payment, you must meet specific criteria:
- Age: That is you have to be of 65 years and above.
- Residency: In addition, to qualify for coverage, the individual has to reside in Canada for more than 10 years after attaining the age of 18 years.
- Income: For example, your annual net income should be less than a certain limit dictated by law. That is less than $141,600 for seniors aged 65 to 74 and below $148,000 for those who are 75 years and above.
You will get the extra payment if you’re already getting OAS, or you will be able to sign up for the program if it’s new to you.
How to apply for the extra $1,400 OAS
If you are already in receipt of OAS payments then you don’t have to do anything. Another $1,400 per month for everyone will be included with your benefits beginning in January 2024.
For seniors who have not yet started claiming OAS, individuals will need to sign up online, at the My Service Canada Account (MSCA). You also have an account where you can track the status of the application you have submitted alongside the necessary documents provided.
When to Expect Payments
This extra benefit is to be credited to the senior citizens starting from January next year, 2024. After that there are monthly cash instalments throughout the year to ensure that the targeted elderly persons have a monthly cash flows.
Therefore, when you update your My Service Canada Account and visit the official Canada Service website you will check the correct, accurate amount you are to be paid and any new changes on your benefits accordingly.
It is expected that this one will go a long way in addressing the plight of many seniors right across Canada since it will assist them to overcome the challenge of high costs through better management of their money.
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