The government of Canada offers different types of retirement plans to the eligible retirees of the nation. The following article discusses the Canada OAS Increase in September 2024. The Canada Revenue Agency administered the Old Age Security program where people who are 65 years old or older get monthly OAS benefits. However, the amount which was provided to eligible beneficiaries was not enough considering frequent changes in the cost of living.
The government try to adjust the CAD Old Age Security Increase Payment according to the Cost of Living to ensure that people who depend on the OAS benefit to cover monthly expenses do not become helpless. Scroll down the following and get details regarding the payment date, eligibility criteria, increased amount and more.
Canada OAS Increase in September 2024
The Canadian Government offers the OAS as a monthly payment. Many senior citizens have worked hard to offer services to the country for their entire lives. However, now, they cannot work anymore to provide for themselves and have no savings. In this situation, the Old Age Pension works as a saviour. The offered amount might not be very large but seniors will be able to cover the cost of groceries, utilities and more.
Please note that the current Canadian OAS Benefit Amount will be the same for September 2024. The Canada OAS Increase Amount will be offered from October onwards. the amount which is being increased has still not been disclosed but is expected to be mentioned officially soon after providing the September 2024 OAS payment.
CAD Old Age Security Increase Payment in September 2024
The CRA officials review the amount of the OAS in January, April, July and October annually. This process is done to reflect the increments in the COL i.e., cost of living as evaluated by the Consumer Price Index. Please note that the amount only increased.
No negative impact will be faced by the OAS Amount. The current OAS amount which is offered by the CRA will remain the same till September 2024. The next Canada OAS Increase will be made in October 2024. In the meantime, check out the table attached below to know the OAS Amount details applicable from July to September 2024:
| Age | Maximum monthly payment amount | Beneficiaries’ annual net world income in 2023 must be |
| 65 to 74 | $718.33 | Less than $142,609 |
| 75 and over | $790.16 | Less than $148,179 |
$300 Canada Federal Payment September 2024
Eligibility Criteria to get the Canada OAS Increase in September 2024
The following is the detailed information related to the eligibility criteria which is necessary for the Canada OAS Increase in September 2024. The following are eligibility conditions set by the officials:
| Categories | Eligibility Conditions |
| For People Living Outside Canada | 1. Should be residents of Canada for at least 20 years since they are 18 years old. 2. Must have Canadian citizenship or be legal residents of Canada on the day before they leave Canada. 3. Individuals must be a minimum of 65 years old or more. |
| Canadians working outside Canada for Canadian employers | 1. Individuals must have returned to Canada within six months of completing the employment. 2. Applicants who are 65 years old while still employed and maintained a residence in Canada during their time outside of Canada. |
| For People Living in Canada | 1. Individuals must be at least 65 years old or more. 2. Applicants should be citizens of Canada or legal residents at the time the OAS pension application is accepted officially. 3. Candidates must be residing in Canada for a minimum of 10 years from the age of 18. |
Frequently Asked Questions
Has CRA made the Canada OAS Increase in September 2024?
The Canada Revenue Agency has not yet increased the Old Age Security. The next changes will take place from October 2024 onwards.
How will beneficiaries receive the CAD Old Age Security Increase Payment?
Eligible beneficiaries will get the payment via direct bank transfer or cheque which is sent via mail. Please note individuals who have selected bank transfers will get payments earlier than cheques.
How to apply for the Canada OAS Increase Payment?
There is no need to apply for the OAS program as the officials mostly automatically enrol individuals based on their information with Service Canada. In some cases, people might have to apply for it manually.
