$1,400 Monthly Extra OAS Coming for Seniors in Canada? Here’s What You Need to Know

In this article, you will get to know about the $1,400 Monthly Extra OAS Coming for Seniors in Canada? Here’s What You Need to Know. Old Age Security pensions are the federal benefits that are granted to Canadian citizens as a monthly payment. These are federal assistance payments that vary according to the recipient’s age and living conditions.

$1,400 Monthly Extra OAS Coming for Seniors in Canada?

For the year 2024, the Federal Department of Employment and Social Development has administrated and going to offer monthly assistance of $1,400. These changes are considered with the rising cost of living with inflation. To know further details regarding the $1,400 monthly extra OAS coming for seniors in Canada, continue browsing this article.

The Federal Government of Canada works closely to address the different aspects of social welfare. The OAS is a federal pension program with an aim to deliver monthly assistance to Canadians. The Old Age Security provides monthly help to Canadians of the age of 65 or above. For the year 2024, the leading authorities are going to offer $1,400 Monthly Extra OAS to the eligible seniors.

The Federal Department of Employment and Social Development Canada has decided to deliver monthly assistance of 1.4K CAD. This decision is taken due to the rising cost of living and inflation. The poor households are facing the crisis phenomena, through which they are facing some specific disunions.

The OAS is one of the major retirement programs of Canada that delivers financial aid to every eligible Canadian after the age of 65 years. Millions of old-age Canadians are dependent on OAS, the benefits of which are provided from the general tax revenue. From Jan 2024, the authorities have increased the pension amount to 68.5K CAD. With the intent of this, the OAS beneficiaries will receive a $1,400 Monthly Extra OAS payment.

$1,400 Monthly Extra OAS

Old Age Security is provided to Canadians after reaching the age of 65. Before that, the recipient is needed to make an application letter to apply for OAS. To make an application the applicant is required to come under the federal eligibility criteria in which the applicant needs to have a permanent Canadian residence, has to apply before 6 months of turning 65 years, and has to live for more than 10 years after turning 18 years old.

For the year 2024, eligible OAS pension benefits will be granted with 707.68 CAD to individuals aged 65 to 74 years, and 778.45 for individuals of age 75 or above. The beneficiaries will be getting their Jan 2024, OAS payment on Jan 28. Along with this to receive the full OAS pension benefits the recipient is required to have 40 years of residence in Canada, 10 to 20 years. The individual will be granted a half pension payment.

Here’s What You Need to Know

The Old Age Security is a federal benefits program that offers monthly assistance and in the year 2024, the eligible recipient will be granted the monthly OAS benefits of $713.34 and $784.67 depending on the age. To receive these pension benefits, an individual is required to have an annual net income of 142,609 CAD to 18,179 CAD.

To receive the OAS benefits individuals have to make them register with an online application. To apply for the $1,400 Monthly Extra OAS  benefits, the applicant has to follow the mentioned steps.

  • Browse the leading portal canada.ca.
  • Where you will find many options so, choose the Old Age Security option.
  • Confirm your eligibility before proceeding with the application.
  • After that fill out the application form with the accurate details and attach the required documents with the application form.
  • Cross-check the further application and click on the submit button.

By following the mentioned steps recipients are able to enroll in the Old Age Security program. After submitting the application, the application will get their approval within a period of 3 to 4 weeks. As your application is approved, the applicant will start getting their OAS benefits from next month and the payroll will be directly delivered to your bank account.

To check your application status you have to register yourself into the MSCA portal, where you select the application status, fill in your SIN and PIN number and you will be able to check your OAS payment status.

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