With the inflation rates being on the rise, the Government of Canada has unveiled an important measure that they have called the Canada Pension Boost 2024. The idea of this plan is to raise the amount of money that senior citizens of the country are going to gain from the CPP as well as OAS. These hikes are meant to assist pensioners on whose pensions they rely for their daily needs.
Specifically, Prime Minister Justin Trudeau has revealed that CPP and OAS both will be hiking their payment onward September 2024. This statement forms part of a recent release of the government in its quest to assist seniors who are struggling with inflationary costs.
CPP and OAS Pension Boost: New Amounts
The Old Age Security (OAS) payment will increase by $200 and so will the Guaranteed Income Supplement (GIS), which will go up to $669 a month from a current $590, meaning that millions of seniors will get a financial break. The aim of this escalation is to help those elderly citizens who rely on these pensions to cater for basic needs such as shelter, medical bills and food.
The government knows that increased inflation had an impact on the purchasing power of the elderly and this additional funding should alleviate the situation.
Apart from the OAS increase, other positive change for Canadians who qualify for the CPP will be a rise in the amount of money paid to them. These covered regular CPP payments every five weeks to beneficiaries; a one-time, lump-sum payment of $1,660 was also provided in September 2024.
Temporary Adjustment to fight inflation rates
As much as this is, one must note that it is a onetime increase which aims to meet the exigencies of seniors as inflation increases. Those increases are expected to be offset by normal future increases for the OAS and CPP benefits once inflation rates and the economy become more stable. For now, seniors can use this extra cash need to help them alleviate the burden of living costs especially when in need of senior housing.
CPP and OAS Pension Payment Dates 2024
The CRA together with the Government of Canada has presented the following overview of CPP and OAS payment in 2024. Here are the upcoming payment dates for CPP and OAS recipients:
Month Payment Date
- October: October 29, 2024
- November : November 27, 2024
- December: December 20, 2024
It’s simple, actually: the government simply needs to keep the same trends intact and apply the increase picked up in 2024 for as long as it exists.
Many pensioners could be eligible for the Canada Pension Boost 2024 in the following way, By getting registered at the official Canadian government website.
The process is simple and involves the following steps:
- Visit the official government website: Canada.ca.
- Scroll down to the “Benefits” page.
- On the homepage click on “Login” button and type in your login credentials.
- Click on the Pension Boost Canada tab of our product as shown below;
- Fill the necessary details and submit all the relevant documents.
- Check your details and complete your application.
- It also makes sure that only people who deserve to receive their higher pension benefits can do so with ease.
