Older citizens in Canada have something to look forward to this August. The Canadian government has announced that seniors will receive $750 in Old Age Security (OAS) benefits. This news has sparked excitement among senior citizens eagerly awaiting these benefits.
What is the $750 OAS Benefit?
The $750 OAS benefit is a pension plan provided to eligible older citizens in Canada. It helps them cover living expenses, which have been steadily rising. The increase in the OAS benefits is designed to help seniors manage their costs better and live a healthier life.
Why is the Increase Happening?
In 2023, OAS benefits increased by 1.3%. This year, they have gone up by 3.7% due to rising prices of essentials like food. The Canadian government also offers rebates on energy and heating bills to help seniors cope with their expenses. This increase is a significant relief for retirees.
OAS Payment Dates for 2024
The new payment schedule for the $750 OAS benefits is as follows:
| Age Group | Maximum Clawback | Payment Date |
|---|---|---|
| 65 to 74 years | $142,609 | February 10, 2024 |
| 75 years and older | $148,179 | February 10, 2024 |
The amount to be transferred to beneficiaries is CAD 784.67. There might be some delays, but officials will process the payments as soon as possible.
Eligibility for $750 OAS Benefits
To qualify for the $750 OAS benefits, you must meet the following criteria:
- Age: You should be 65 years old or older.
- Residency: You must be a legal resident of Canada and have lived in the country since you were 18.
- CPP Contribution: You must have made at least one contribution to the Canada Pension Plan (CPP) while employed.
- Immigrant Residency: If you are an immigrant, you must have lived in Canada for more than 10 years.
- Tax Payments: You must have your taxes paid up to date.
If you have delayed tax payments, submit them on time to avoid penalties. You can log in to your My CRA Account to check your tax information and ensure everything is up to date.
How to Claim the Old Age Security Amount in 2024
Many seniors in Canada work part-time due to high living costs. Even with OAS, the amount can sometimes be insufficient. If you are currently 64 years old, you should apply for OAS now so you can receive payments as soon as you turn 65.
To apply, create an account on the My CRA Account portal. The portal provides the latest information and is easy to use, even if you are not tech-savvy. Simply enter your credentials to access your data.
Conclusion
The Old Age Security, Canada Pension Plan, and Guaranteed Income Supplement are essential retirement plans that help seniors manage their living expenses without depending on others. However, seniors with disabilities may need support from a carer or relative. Carers providing full-time care can also apply for an allowance.
FAQ’s
Who is eligible for the $750 OAS benefits?
To be eligible, you must be a permanent resident of Canada, be 65 years old or older, have made at least one CPP contribution, and have paid all due taxes.
How can I apply for the $750 OAS benefits?
You can apply by creating an account on the My CRA Account portal and filling out the necessary details and documents.
When will the $750 OAS benefits be paid?
The benefits will be paid on February 10, 2024, but there might be some delays in processing.