There is an expected increase in OAS Payments for seniors from October 2024. It is speculated that the amount will reach up to $1250 in the bank accounts of the old population. However, no confirmation has been claimed with the given amount of $1250, though it is recommended to check the updates.
Overview of OAS Payments and increment up to $1250
The OAS or Old Age Security Pension Scheme introduced by the Canadian Revenue Agency (CRA) is a threshold provided to senior citizens of Canada who are 65 years old or above. It’s not like the CPP( Canada Pension Plan) measured the person’s working life and how much he has responded to government taxes.
It is a monthly deposit that covers household expenses during retirement. The range of maximum OAS provided in 2024 is $718.33 and $790.16 monthly. A report predicts that in October 2024 there will be an addition of $1250 in the bank account of beneficiaries.
The article gives an overview of the eligibility criteria, schedules and additional support through the GIS (Guaranteed Income Supplement) program. GIS is often accompanied by OAS and can be as high as $1072.93 per month.
Schedule for Upcoming OAS payment in 2024
The dates for the next OAS payments to be deposited are as follows:
- 25 September 2024
- 29 October 2024
- 27 November 2024
- 20 December 2024
These dates are for all OAS beneficiaries, irrespective of the assurity of the amount of $1250, if the increment is there or not. One can receive this through mail cheques or deposit in accounts.
Requirements for the OAS payments
The important criteria required to be eligible for OAS payments are:
- Age limit 65 years or above
- Must be a Canadian citizen or permanent resident living for at least 10 years after 18 years and lived upto 40 years.
- The income criteria for OAS payment at the age of 65-74 years is the limit below $142,609 and seniors of 75+ years have an income below $148,179.
However, for people who are already enrolled under the OAS plan then they are no need to apply for an additional $1250. Seniors who haven’t applied for OAS can go through the application available on the Service Canada website.
Method for claiming $1250 OAS payment for October 2024
- On the confirmation of the OAS payment, it will be directly deposited to the bank accounts. The process is automated.
- If you are already entitled to the OAS payments the sum of $1250 will also get credited with other amounts.
- For new applicants, register with My Service Canada and fill out the application form. Ensure all criteria are fulfilled such as residence proof and income.
- In case, bank details are changed or some other important document, make sure you update the profile.
Conclusion
Canadian Revenue Agency frames policies for the benefit of Canadian citizens as well as old age groups. The claim of an increment in the OAS payment of $1250 may be a rumour or not, but the low-income holders of Canada’s senior citizens benefit from many pension plans and financial assistance. If the increment in OAS is implemented of $1250 then it will cover great costs for the old groups.
