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 in Mid of 2025.
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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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How do I apply for the additional benefit, for which I appear to qualify?
How do I apply for this benefit that says I qualify for
It will be deposited automatically if your income meets criteria and you are receiving OAS already . Will not be automatically deposited until mid 2025 .
Hi just wondering what the income total is to be qualified or not qualified for the 1,200.00 benefit.
Also what amount will be given to those others with higher income.
Thanks for your Time..,😊
Best guess is income under $35k for single and $55k for a couple. Based on 2024 tax year.
That don’t seem fair if a senior is trying to stay in her home. With the rising costs of taxes, insurances , food, electricity, oil, . You can’t live and keep your home on $35000.
Let me know if you can do it please
There’s also the option of getting a reverse mortgage. Most likely you have equity in the house and that equity goes to your beneficiaries when you die, while you struggle in daily living. You don’t have to make payments under reverse mortgage. When the property is sold the bank will take whatever it’s owing for the reverse mortgage.
Last year my provincial government (BC) introduced a supplement of $400.00 for renters, however i was penalized just over $23.00 per month due to the increase in my income because of this so in the end i barely received any benefit from this whatsoever. Is this scenario be repeated if i receive this $1200.00. The small increase in my pension this past December didn’t even cover my rent increase in January this year. If i am penalized because of this $1200.00, based on the $400.00 Scenario that would be almost another $70.00 decrease in my pension. I receive both CPP/OAS and GIS
So there is no application to be filled. It will be automatically deposited. What if I qualify and I don’t get it?