Canada Pension Boost 2024
Good News! The Canadian citizens eligible for CPP and OAS payments will see a hike in 2024. The declaration about Canada Pension Boost 2024 is done by Canadian government under Prime minister Justin Trudeau to financially assist senior citizens with low income. This major step is taken due to inflation. Read the full article to know more about the changes in detail.
Modifications in CPP and OAS Payments
The changes made according to reports are:
- The increment in Old Age Security (OAS) Plan upto $1400.
- The increase will help inexpenses of medicine, food, healthcare, essentials, etc.
- The decision was implemented in due to rising cost of living and unable to meet expenses.
- The purpose for additional amount to CPP and OAS is to overcome inflation crisis in the country.
- There will bea also increase in CPP payment.
Pension Boost to Combat Current Scenario
Important information regarding this news is that the changes are made temporary due to ever increasing expenses and inflation, recently in Canada. Prime Minister Justin Trudeau in a fit to combat inflation and help the old people who are unable to bear expenses introduced Pension Boost 2024. As soon as Canadian economy strengthens, the CPP and OAS amount will be restored to normal.
Schedule for Payment
The Canadian Revenue Agency (CRA) has announced the dates for the arrival of CPP and OAS amounts as direct deposit to bank account. However, on 26 September 2024, a one time extra pay of $1660 CPP amount was deposited as a result of increment in OAS. Her e are the dates for next schedule:
- 29 October 2024
- 27 November 2024
- 20 December 2024
Procedure to Apply for Canada Pension Boost 2024
To apply for Canada Pension Boost 2024 follow the instructions:
- First visit to official website of My Service Canada: www.canada.ca
- When you visit homepage, click on benefits option.
- Now click on login option and enter the details.
- At last, click on Pension Boost Canada option.
- Now click and enter all your personal details asked for to be eligible.
- In the end, check all details and click on submit.
