Expected OAS Boost Coming in 2024 and Who Is Getting It? All We Know

In this article, you will get to know about the OAS Boost 2024: Expected OAS Boost Coming in 2024 and Who Is Getting It? All We Know. Every year, the federal Government creates specific modifications to old-age security. These changes are made by considering the rising cost of living and beneficiaries’ requirements. In the year 2024, the payout amount will be raised by $2,250 which will take effect from 9 Jan, the amount will be increasing from $66,500 to $68,500. Along with this, there are some more major boosts in the Old Age Security. To know further details concerning the OAS Boost 2024, its expected allowance, and more, continue browsing this article.

OAS Boost 2024

The Old Age Security is a seniors pension program that delivers monthly aid to Canadians aged 65 or above. Every year the Canada Revenue Agency makes some changes in the OAS and boosts pension income according to the rising cost of living. For the year 2024, the OAS income has grown from 66.6K CAD to 68.5K CAD, this increase is made by implementing and tracking the Consumer Price Index.

The Canadian Government is delivering the OAS payment to old-age seniors to help them with their livelihood. Through this program, the government offers some financial assistance to each lower-income individual. For 2024, the OAS boost the net world income from 90,997 CAD to 148,065 CAD. The beneficiaries of the OAS pension program will have monthly assistance of $713.34 to $784.67. These benefits will be granted to an individual whose annual income comes under $142,609 for 65 to 74 years, and 148,179 CAD for the individual of 75 or above.

What is Old Age Security?

The OAS is a taxable monthly financial assistance program for Canadian seniors of the age of 65 years or above. This is a federal program that the Canada Revenue Agency administers and delivers financial aid on every last week of the month. This federal program is made with the intent to deliver financial assistance to each senior citizen to manage their further cost of living and other expenses.

OAS Boost

Every year the OAS boost and delivers the monthly aid on behalf of the consumer price index. The OAS benefits are granted with some specific eligibility criteria and the individual living. this program is designed to help Canadians with their retirement income and deliver the monthly assistance payroll from the federal tax revenue funds.

Expected OAS Boost Coming in 2024?

In the year 2024, the OAS boost is expected to be increased by $2,250. In the year 2023, eligible Canadians will be granted 691 CAD per month for those aged 65 to 74 years, and 760.10 CAD per month for those aged 70 or above.

In 2024, Old Age Security will be boosted by 713.34 CAD per month for individuals aged 65 to 74 years, and 784.67 CAD for individuals aged 75 or above. These are some OAS boost for the year 2024.

Who Is Getting It?

To get the OAS benefits, an individual needs to come under the following eligibility criteria:

  • The recipient needs to live in Canada with a permanent residency.
  • You need to be aged 65 or above.
  • Have been living in Canada for at least ten years after turning eighteen.
  • If you live outside Canada then you have to be there for at least 20 years of turning 18.
  • Your income needs to be within the federal threshold.

These are some eligibility criteria for getting the OAS pension. An individual meeting the following eligibility criteria will get the OAS boost.

All We Know

Every year the OLD Age Security has some certain boost in their pension income and benefits. To receive them the individual has to apply via an online portal before turning 65 years. To apply for the OAS monthly pension benefits you need to browse the online portal of Canada.ca where you will find many federal programs so select the Old Age Security benefits.

Fill out the application form with valid details and submit it to the authorities. The individual who finds difficulties in filling out the online form or other queries related to the OAS pension can also contact the leading authorities at 1800 277 9914 during the available time period.

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