PSCB Recruitment

PSCB Recruitment

OAS Increase – How Much will CPP and OAS Increase in 2024

The Canadian government oversees various essential pension programs, including Old Age Security (OAS). In 2024, it is anticipated that the OAS Increase Clawback maximum will increase from $86,912 to $90,997. This threshold is based on a total income of $168,600 for the year 2024.

Whatsapp Channel
Telegram channel

OAS Increase 2024

Old Age Security (OAS) a vital Canadian Government pension program provides monthly payments to eligible individuals aged 65 and above. It’s important to note that individuals must apply for OAS manually if the government lacks sufficient information about them. In 2024 the OAS Increase 2024 limit is expected to rise from $86,912 to $90,997 with this threshold calculated based on a total income of $168,600 for the year. For further details on the OAS Increase in 2024 please visit the official website of the Canada Revenue Agency (CRA).

OAS Expected Increase 2024

NameOld Age Security
Administered byGovernment of Canada
TypePension Plan
Age Requirement65 or older
Current Maximum Payment707.68 dollars (age 65 to 74) | 778.45 (age 75 or older)
Payment DatesNovember 28, 2023 | December 20, 2023
For more

OAS Payment 2024 Dates

Month 2024Payment Date 
January 28 January 2024
February27 February 2024
March26 March 2024
April26 April 2024
May 29 May 2024
June 26 June 2024
July29 July 2024
August 28 August 2024
September 25 September 2024
October 29 October 2024
November 27 November 2024
December 20 December 2024

How does the Old Age Security work in Canada?

Upon reaching the age of 18 individuals who are recipients of Old Age Security (OAS) become eligible for either a full or partial pension. The pension amount is determined based on factors such as their age income, and the duration of their residency in Canada.

To receive a full pension a minimum of 40 years of residence in Canada is required while 10 or 20 years of residency are needed for half pensions. OAS Increase are subject to annual reviews and taxes.

Starting from July 2022 OAS Increase beneficiaries aged 75 and above have received a 10% increase in their monthly benefits. Prior to this change the maximum monthly payout for individuals aged 65 to 74 was $707.68, while for those aged 75 and older, it was $778.45, applicable from October to December 2023.

OAS Pension Eligibility

  • You must be at least 65 years old.
  • You need to have lived in Canada for at least ten years since the age of eighteen and be a lawful resident at the time of applying for the pension.
  • The OAS pension is available to both permanent residents and citizens of Canada.
  • After turning 18, you must have resided in Canada for a minimum of 20 years.
  • Certain residents and citizens of Canada may also be eligible based on international social security agreements.

When and how will I be Registered for Old Age Security?

Individuals who qualify for the Old Age Security (OAS) pension may receive an OAS eligibility letter, indicating that their benefits will commence upon turning 65. However if you believe you meet the criteria but did not receive such a letter you can still apply.

To initiate the application process you can either go online or call 1-800-277-9914 to request an application. You may also visit a Service Canada office to obtain one in person. If you already have a My Service Canada Account (MSCA), you can apply conveniently online.

If you do not have an MSCA account, you can create one during the registration process. After registering, you will receive a personal access code. With the assistance of a government guide, you can then complete your OAS application online. Once the application is completed, you can submit it by mail to Service Canada for processing.

Leave a Comment