What’s the News About CPP and OAS?
Canadian Revenue Agency (CRA) provides CPP (Canadian Pension Plan) and OAS (Old Age Security) to seniors. Recently, an update has come regarding changes in CPP and OAS 2024 which will be implemented from January 2024. According to the information, there is a hike in both CPP and OAS payments which will be reflected in the bank accounts of Seniors. Let us take a look at the details of the changes in CPP and OAS 2024.
Changes in CPP and OAS 2024
CRA has introduced some increments to the payments of CPP and OAS. This benefit is granted to seniors who have a low income and are facing living costs expenses. CPP is generally an amount of retired seniors that is paid as a part of their income.
OAS is for seniors above 65 years and permanent residents of the country. It is based every month. The noticeable change is that CAD 90997 is the clawback limit increase. Also, you will see an increment in last quarter’s payment by 1.3%. Check the necessary details from the official website: Canada.ca.
Intricate details of Changes in CPP 2024
- The CPP has been increased from 4.95% to 5.95% for both the hirers and employees.
- Self-employed will contribute to both employer and employee and will take upto 11.9% of CPP.
- CPP earnings ceiling will be increased by 2025. This will cover up additional CPP paid.
- Also, changes to the CPP Disability Benefit have been raised.
- The Post Retirement Benefits have been added to CPP which will benefit the citizens more.
- The CPP amount will be $1364 per month.
Remarkable Changes in OAS 2024
- One of the biggest changes is the flexibility in choosing OAS benefits.
- The seniors can voluntarily delay the payments upto 5 years.
- These benefits are applied to applicants with traditional retirement age and OAS for the quarter months of Oct. to Dec. 2024.
- These changes will be applied according to schedule timely to benefit the citizens.
- OAS increment is expected by 1.3% for October to December 2024.
Eligibility for Acquiring Payments
- Beneficiaries living in Canada for the long term will get the amount.
- The age limit must be 65 years and above.
- For this one must have made legal contributions towards this plan.
- The resident must be staying for atleast 10 years.
Dates for Payment 2024 (CPP & OAS)
The payment for CPP and OAS is directly deposited by CRA on the last third date of the month. Here are some dates when payment will be availed:
- 25 September 2024
- 29 October 2024
- 27 November 2024
- 20 December 2024
Conclusion
In the article, we get to know about the latest changes made by the CRA in the CPP and OAS payments. The government of Canada to provide relief to the seniors they have raised the percentage amounts for both CPP and OAS. The article provides detailed information on the changes, eligibility and the increment made.
