If you’re a Canadian senior aged 65 or older, you’re probably familiar with the Old Age Security (OAS) program. In October 2024, seniors who qualify for OAS will receive up to $1,300, along with an extra $250 payment. This one-time boost aims to help seniors cope with rising living costs, particularly as inflation continues to impact everyday expenses. Whether you’re new to OAS or have been receiving it for years, here’s everything you need to know about these upcoming payments, including who qualifies, how much you’ll receive, and what to expect next.
Canada $1300+$250 Extra OAS in October 2024
| Details | Key Information |
|---|---|
| Total Payment | Up to $1,300 from OAS + additional $250 payment |
| Eligibility | Canadian residents aged 65+, meeting income thresholds |
| Income Thresholds | $148,451 for ages 65-74, $154,196 for ages 75+ |
| Payment Date | October 29, 2024 |
| Additional Benefits | Guaranteed Income Supplement (GIS), Allowance for Survivor |
| Official Website | Canada.ca |
The $1,300 + $250 OAS payment in October 2024 is a valuable financial support measure for Canadian seniors, particularly as the cost of living continues to rise. Understanding how much you’re eligible to receive, the application process, and key payment dates can help ensure you don’t miss out on this financial assistance. If you’re unsure about your eligibility, it’s always a good idea to visit the official Canada.ca website for more details and resources.
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What is the $1,300 + $250 Extra OAS Payment?
The Old Age Security (OAS) is a monthly pension provided to eligible seniors in Canada. The amount you receive depends on factors such as age, residency, and income. This October 2024 payment will include a regular OAS pension (up to $1,300 for some seniors) and an extra $250 one-time payment, designed to help seniors handle the increasing costs of living, especially as inflation continues to rise.
The OAS program adjusts payments quarterly based on the Consumer Price Index (CPI) to account for changes in the cost of living, ensuring that seniors maintain their purchasing power even as expenses rise. This extra $250 is part of the Canadian government’s broader relief measures targeting vulnerable populations, including seniors on fixed incomes.
Who Is Eligible for the $1,300 + $250 Payment?
To qualify for the October 2024 OAS payment and the extra $250, you must meet specific criteria:
- Age: You must be at least 65 years old to receive OAS.
- Residency: To receive the full OAS pension, you must have lived in Canada for at least 40 years after turning 18. If you’ve lived in Canada for less than 40 years, you will receive a prorated pension based on your time in the country.
- Income Thresholds:
- For seniors aged 65 to 74, the maximum allowable income is $148,451.
- For seniors aged 75 and over, the threshold increases to $154,196. If your income exceeds these limits, you may receive a reduced payment or no payment at all due to the OAS clawback.
- Guaranteed Income Supplement (GIS): Seniors with lower incomes may also be eligible for the GIS, which can add an extra $1,086.88 per month to your total payment.
How Much Will You Receive?
Your total payment in October 2024 will depend on your age, income, and any additional benefits you qualify for. Here’s a breakdown of what you might expect:
- Basic OAS Pension:
- Seniors aged 65 to 74 can receive a maximum monthly payment of $727.67.
- Those aged 75 and older can receive up to $800.44.
- Guaranteed Income Supplement (GIS): If you’re a low-income senior, you could receive an additional $1,086.88 per month. This supplement is particularly helpful for seniors whose annual income falls below certain thresholds.
- Allowance for the Survivor: If you’re between 60 and 64 and have lost your spouse, you could qualify for up to $1,647.34 in monthly payments in Canada.
With these supplements, the total payment for some seniors in October 2024 could reach $2,455, providing much-needed financial relief during tough economic times
How to Claim the OAS Payment in 2024
If you’re eligible for OAS, the October 2024 payment will be automatically deposited into your bank account if you’ve set up direct deposit. However, if you’re not yet receiving OAS or believe you might be eligible for additional benefits like the GIS, here’s how to ensure you receive your payment:
1. Check Your Eligibility
Make sure you meet the age, residency, and income criteria for OAS. If you’re unsure, visit the official Canada.ca website for more detailed information and tools to check your eligibility.
2. Apply Online or by Mail
If you’re not already receiving OAS, you can apply online through your My Service Canada Account (MSCA) or submit a paper application by mail. Be sure to apply at least six months before your 65th birthday to avoid any delays in receiving your pension.
3. Apply for the Guaranteed Income Supplement (GIS)
If your income is low, don’t forget to apply for the GIS. The application for GIS must be renewed each year, and your benefit amount will depend on your previous year’s income
Frequently Asked Questions (FAQs)
1. When will the $250 extra payment be made?
The $250 payment will be made along with the regular OAS payment on October 29, 2024. If you have direct deposit set up, the funds will be available in your account on this date.
2. Can I receive both OAS and CPP at the same time?
Yes, you can receive both Old Age Security (OAS) and Canada Pension Plan (CPP) payments as long as you meet the eligibility requirements for both programs. While OAS is based on age and residency, CPP is based on your work contributions.
3. Will I have to pay taxes on the $250 extra payment?
Yes, the $250 payment is considered taxable income, and you will need to report it when filing your income taxes for 2024.
4. What if my income is too high to qualify for the full OAS payment?
If your income exceeds the OAS clawback threshold of $90,997 for 2024, your OAS payments will be gradually reduced. For every dollar above this threshold, 15 cents will be deducted from your OAS payments.
5. Can I receive OAS payments if I live abroad?
Yes, if you’ve lived in Canada for at least 20 years after turning 18, you can still receive OAS payments even if you’re living outside of Canada. Your payments will be sent to your foreign bank account via direct deposit
