Starting in February 2024, individuals aged 65-74 with an income below $142,609 may be eligible for a monthly amount of $713.34. Similarly, those who are 75 years old or above with an income below $148,179 may qualify for an Old Age Security (OAS) increase of up to $784.67 per month. These adjustments are in response to a 0.8% increase in the Consumer Price Index (CPI).
OAS Increase in February 2024
For individuals aged 65-74 with income below $142,609, they may qualify for a monthly OAS Increase of up to $713.34 starting February 2024. Similarly, those aged 75 and above with income below $148,179 may be eligible for up to $784.67 per month under the OAS Increase in February 2024.
In Canada, the retirement income system primarily relies on Old Age Security (OAS). This program provides monthly financial assistance to the majority of Canadians aged 65 and older, aiming to meet their basic needs and ensure a comfortable life during their golden years.
OAS 2024 Eligibility
The Old Age Security Pension is only available to those who meet specific qualifications given below.
- To be eligible for the Old Age Security Increase in February 2024, recipients must be 65 years of age or older.
- The recipients must either hold a permanent residency visa or be citizens of Canada to qualify.
- It’s crucial to keep in mind that people are only permitted to register and apply once during their lifetime for the OAS February increase in 2024.
- According to the eligibility requirements for beneficiaries, persons must reside in Canada for a minimum of 10 years after turning 18.
- The maximum and minimum amount for individuals is based on the income threshold.
- The maximum income limit amount for individuals between the ages of 65 and 74 is $142,609.
- When a person is 75 years of age or older, the maximum income limit increases to $148,179.
When will I receive OAS Payment in February 2024?
The government disburses funds during the last week of each month, aligning with past patterns of payment. The official OAS 2024 schedule has been released, ensuring that eligible seniors will receive their February payments on 27th February 2024, as confirmed by officials.
How to Apply for OAS 2024 Online?
To obtain the application, you have two options: call 1-800-277-9914 or complete it online. Alternatively, you may be able to acquire one from a Service Canada office. For detailed instructions on how to apply for OAS 2024 online, visit https://www.canada.ca/en/employment-social-development/services/my-account.html and explore the page thoroughly.
If you opt for the online application, make sure to have a My Service Canada Account (MSCA) ready. Once you’re on the page, choose one of the three options under the “Apply or register through My Service Canada Account” tab. Follow the prompts to sign in or register using the method that suits you best.
Before you begin, gather all the necessary information as the application cannot be saved and resumed later once you launch it. Additionally, keep in mind that your session will automatically end after 20 minutes of inactivity.
Next, provide all the required personal details and attach any requested documents or paperwork. Once you’ve completed the application, submit it and patiently await approval.
OAS Benefits 2024
The Allowance, Survivor’s Allowance, and Guaranteed Income Supplement payments are exempt from income taxation. Aside from the pension, the Old Age Security program offers three additional benefits. These enhancements expand the assistance provided to seniors.
Guaranteed Income Supplement (GIS)
Seniors eligible for Old Age Security can apply for a monthly sum based on their marital status and salary level. If you’re 65 years or older and earning between $21,624 and $51,840, the amount you receive will range from $1,065.47 to $1,065.47. The specific circumstances and income level will determine the precise benefit.
You could receive a tax-free payment if your spouse qualifies for the Guaranteed Income Supplement (GIS). If you’re aged 60-64 and earn less than $39,984, you might be eligible for up to $1,354.69 through this benefit.
Allowance for the Survivor
If you have not remarried or entered into a new common-law relationship after the loss of your spouse or partner, you are eligible to receive this payout. If you are between the ages of 60 and 64 and your income falls below $29,112, you may qualify for this benefit, which can provide a total amount of up to $1,614.89.