Starting October 2024, Canadians aged 65 and older will receive $713.34 per month from the Old Age Security (OAS) pension. This increase aims to assist retirees in managing the rising living expenses. In this article, we’ll cover important details regarding eligibility, payment dates, and tips to maximize your OAS benefits.
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Payment Dates for October 2024
The OAS pension payment for October is scheduled for October 25, 2024. Additional payment dates in 2024 include October 29, November 27, and December 20. If you have not received your payment or need to check its status, you can visit the CRA website or the Service Canada website.
Who is Eligible for OAS?
To qualify for the OAS pension, applicants must meet the following criteria:
- Be 65 years or older.
- Be a Canadian citizen or legal resident.
- Have lived in Canada for at least 10 years since the age of 18.
These requirements ensure that elderly Canadians receive the necessary support during retirement.
Canada Pension Plan (CPP) Benefits
In addition to the OAS, many Canadians benefit from the Canada Pension Plan (CPP). The CPP is an earnings-related scheme, which means contributions must have been made during the individual’s working years. Both employers and employees contribute to this plan, helping secure a steady income during retirement.
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Adjustments for Seniors Aged 75 and Older
For seniors over 75 years, a higher monthly payment of $784.67 will be applicable. This amount is indexed to the Consumer Price Index (CPI) every three months, helping seniors maintain their lifestyle in the face of inflation.
By understanding these details about the OAS and related benefits, seniors can better prepare for their financial needs in retirement.
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