This post will talk about the upcoming OAS increases in May 2024. The benefits from Old Age Security are a big part of making sure that Canadian seniors are financially secure.
The OAS program is meant to give pension benefits to senior Canadians who are qualified and give them a steady source of income. There have been some OAS Increments in May 2024 that will be sent out in May 2024. This piece will talk about them.
Additions to OAS in May 2024
The Canadian Federal Government gives seniors the Old Age Security (OAS) pension, the Guaranteed Income Supplement, and two other payments every month. Senior citizens living in low-income households can pay their monthly basic bills with the help of these payments.
These people will not be able to buy basic groceries, pay their bills, or get medicine or treatment if they don’t get OAS and related payments.
The payments are changed regularly by figuring out how much inflation has changed the difference between income and spending. This change to the payouts means that the monthly payments will likely go up to cover the higher cost of living.
The new payments will be up to $784.67 a month for people who are qualified for OAS. The article will go into specifics about the OAS Increments that are coming in May 2024, such as who is eligible, how much they will increase, and when they will be paid.
OAS Increases in May 2024: A Quick Look
| Title | OAS Increments May 2024 |
| Country of Implementation | Canada |
| Associated Department | The Canada Revenue Agency |
| Program | The Old Age Security |
| Intended Beneficiaries | Low-income Senior Citizens |
| Expected Amount | Up to $784.67 |
| Payment Frequency | Monthly |
| For More Information | www.canada.ca |
Extra Benefits for OAS Payments
The Old Age Security Pension (OAS Pension) is a steady stream of money sent to low-income senior people in Canada every month. Besides the perks of OAS, there are three more GIS pros;
- a payment for a spouse or legal partner;
- Allowance for Survivors.
Finally, it’s important to note that the OAS Pension and other benefits are not given to all seniors; they are only given to those who meet all the requirements and turn 65. Participants who are qualified for the OAS Pension must claim their benefits before or as soon as they turn 60 years old.
Senior citizens who have applied and are found to be qualified will be automatically added to the OAS program. Once the person turns 64 years old, their registration will be checked within a month. On the other hand, the OAS Pension payouts will start:
- a month after turning 65 years old; or
- any date that the claimant wrote down on the application form.
The OAS Pension will also go up by 10% for anyone who receives it when they turn 75 years old. If your yearly income is higher than certain limits, the OAS Pension payouts are taxed as income and are subject to the recovery tax.
OAS Increases Eligibility in May 2024
According to the OAS Pension rules, the person wishing to receive benefits must meet certain requirements, such as being at least 65 years old and a lifelong Canadian citizen or legal resident. However, there are also certain requirements for residency, which are:
For people who live in Canada –
- Have lived in Canada for at least 10 years after turning 18 years old.
- For people who don’t live in Canada –
- Have lived in Canada for at least 20 years after turning 18 years old.
- Canadians having jobs By Canadians who work outside of Canada, such as people who work in the Canadian Armed Forces or banks –
- Returned to Canada within six months of finishing the job;
- A Canadian could get a pension in another country, or they could get one in Canada and one in the other country.
- The person making the claim must have lived in a country that has a social security deal with Canada;
- The person making the claim must have paid into a social security program in a country that has a deal with Canada for social security.
As a note, a claimant’s eligibility for the OAS program is not affected by their work experience. Also, since it is a non-contributory program, they do not have to pay into it every month while they are working.
Increased Amount of the OAS pension in 2024
The following amount will be sent to people who receive an OAS pension:
- Claimants aged 65 to 74 can get up to $713.34;
- Claimants aged 75 and up can get up to $784.67.
The following amount will be sent to people who receive a GIS pension:
- Up to $1065.47 if the claimant is single, separated, or widowed and their civil partner or spouse isn’t getting any OAS pension or related allowance;
- Up to $641 if the claimant’s spouse or civil partner gets the full OAS income or any other allowance that goes with it.
The following amount of Allowance will be sent to recipients:
- Up to $1354.69 if the claimant’s spouse or civil partner is getting GIS or a full OAS income.
- The following amount of Survivor’s Allowance will be sent to recipients:
- Up to $1614.89 if the applicant is a spouse or civil partner who has died.
Related:
- Canada Pension Payments for May 2024: Eligibility, Amounts, and Payment Schedule
- Food Stamps Changes in 2024: Eligibility Updates for SNAP Benefits in These States
- Canada Grocery Rebate: May 2024 Payment Dates, Eligibility, and Amounts Explained
Dates of OAS Payment Increases in 2024
| Month in 2024 | Exact Date |
| April | 26th |
| May | 29th |
| June | 26th |
| July | 29th |
| August | 28th |
| September | 25th |
| October | 29th |
| November | 27th |
| December | 20th |
Note: Every three months, the OAS Pension payouts are changed based on changes in the Consumer Price Index. If the CPI goes up, the OAS Pension will go up, and if it goes down, it will go down.
About the OAS Increases in May 2024: We’ve already talked about who can get the increased amount and when they will get it in 2024. People who get an OAS pension will get their money on time in May 2024.