In response to rising inflation, the Canadian government has introduced additional support for senior citizens through a $1,200 extra Old Age Security (OAS) payment. This one-time payment is part of a broader relief effort aimed at helping seniors manage the increased cost of living.
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What is the $1,200 Extra OAS Payment?
The $1,200 payment is an inflation relief measure provided by the Canada Revenue Agency (CRA) to help senior citizens cope with the financial pressures of rising prices. This payment is in addition to the regular OAS benefits that eligible seniors receive.
Who is Eligible?
To qualify for the $1,200 extra payment, you must:
- Be an OAS recipient: You must be currently receiving OAS payments.
- Meet income criteria: The payment is targeted at low- to moderate-income seniors. Specific income thresholds may apply, and those with higher incomes may not qualify for the full amount.
When Will the Payment Be Made?
The $1,200 payment is expected to be distributed later in the year, following the announcement of inflation relief measures. Exact payment dates may vary, but eligible seniors can expect to receive this additional support at the End of 2024.
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The $1,200 extra OAS payment is a crucial support measure designed to help Canadian seniors manage the rising cost of living due to inflation. If you’re an OAS recipient and meet the income criteria, you can expect to receive this payment automatically from the CRA later this year. Be sure to stay informed about the latest updates from the CRA for any changes or additional details regarding this payment.
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