Key Highlights of the $956 OAS Pension Payment 2024 Article
Increase in OAS Pension:
- The Canadian government has increased the Old Age Security (OAS) pension scheme for 2024 by $956.
- This increment aims to support senior citizens amidst rising living costs.
Economic Relief for Seniors:
- The additional $956 OAS payment will help manage essential expenses such as food and housing.
- This decision reflects the government’s concern for the economic stability of retired individuals.
Payment Schedule:
- The first installment of the increased OAS payment will be issued in July 2024.
- Payment dates for 2024 are provided, with monthly distributions from January to December.
Eligibility Criteria:
- Residents aged 65 and above, both within and outside Canada, are eligible.
- Canadian residents must have lived in Canada for at least 10 years since the age of 18.
- Non-residents need to have lived in Canada for at least 20 years since the age of 18.
Full OAS Payment Conditions:
- To receive the full OAS payment, a person must have resided in Canada for 40 years starting from age 18.
- The payment amount is adjusted based on the number of years lived in Canada.
Social Security Agreements:
- Existing Social Security Agreements with other countries might affect OAS eligibility and payments.
Application Process:
- Current OAS recipients do not need to reapply for the increased amount.
- New applicants must apply through the official Canadian government website.
Checking Payment Status:
- Payment status can be checked via the My CRA Account on the Canada Revenue Agency website.
- Assistance is available through helpline numbers and office visits.
Additional Benefits:
- The increase is designed to help senior citizens cope with a 3.2% rise in cost-of-living adjustments.
- CPP contributors may receive additional benefits along with the OAS pension.
Senior citizens of Canada will be blessed by the decision of the Canadian government. The government of Canada has decided to increase the Old Age Security or the OAS pension scheme 2024. Senior citizens of Canada will receive an additional $956 OAS along with the Old age Security Scheme benefit.
Due to extreme price hikes, senior citizens become helpless to manage their families. After retirement, it is difficult to manage medical expenses, grocery expenses etc. The people whose age is above 65 years old cannot do the work to maintain their family. To help those people the Canadian government provides Old Age Security Scheme. Now Prime Minister Trudeau has decided to increase the amount of the pension scheme by $956. With this decision of the Canadian Government senior citizens will be beneficial.
Overview of $956 OAS Pension Payment 2024:
The decision of the Canadian Government to increase the OAS amount shows the concerns towards senior citizens of the country. The $956 OAS Pension Payment 2024 improves the economic stability of retired people who are unable to do any work. Citizens will receive their first installment in July 2024. This is not enough amounts to manage all the high expenditures. However, low income families and retired people can manage at least food and house rent bills. If you want to know the detailed guidelines keep your eyes on this article.
| Program name | $956 OAS Pension Payment 2024 |
| Authority | CRA or the Canada Revenue Agency |
| Country | Canada |
| Amount | $956 |
| Recipient | Senior citizens |
| Category | Finance |
| Payment date | July 2024 |
| Official website | https://canada.ca/ |
Eligibility Criteria of $956 OAS Pension Payment 2024:
To receive the OAS it is not essential where you work. All the senior citizens who meet the eligible requirements will get this financial benefit. Let’s have a look!
Canadian Residents:
- If you want to get this benefit and you are residing in Canada, then your age should be 65 years old. Above 65 years old are also eligible to get this financial scheme. However, being less than 65 years old is not acceptable.
- While reviewing your application by the Canadian government you need to show your residential proof.
- You should reside in Canada from the age of 18. At least you should reside in Canada for 10 years.
Outside Canadian Residents:
- If you are living outside of Canada, you must have legal residential proof of Canada before leaving the country.
- You must be above 65 years old.
- You must reside in Canada for 20 years. You need to stay in Canada from 18 years old.
OAS Payment:
- If you live in Canada for 40 years then you will get the full OAS payment. The 40 years of residency should be counted from your 18 years old age. The amount will be decreased depending on the number of living years in the country.
Social Security Agreements:
- Social Security Agreement will affect on eligibility criteria of OAS. With some countries, Canada has a Social Security Agreement. If you have this type of agreement you may suffer.
How to Apply $956 OAS Pension Payment 2024:
People are getting confused after hearing the $956 OAS Pension increment news. If you have already applied for the OAS Pension scheme, then you don’t need to reapply to get this additional amount. While checking the names authority can find the eligible people easily. If you have not applied for the OAS Pension Security Scheme, then you need to apply.
- First you should visit the official website of the Canadian government which is https://canada.ca/ .
- After that you need to log in or sign up to the website. If you have already signed up, then login with your ID and Password.
- After logging to the website you will find the application link. You should fill out it carefully.
- If you are facing issues while filing the form you can call the helpline number. Also, you can fill out the application form offline mode.
Payment Dates of $956 OAS Pension 2024:
Here is a list of the Canada $956 OAS Pension Payment Dates throughout the year 2024.
| $956 OAS payment month | $956 OAS payment date |
| January 2024 | 29th January 2024 |
| February 2024 | 23rd February 2024 |
| March 2024 | 27th March 2024 |
| April 2024 | 27th April 2024 |
| May 2024 | 28th May 2024 |
| July 2024 | 27th July 2024 |
| July 2024 | 28th July 2024 |
| August 2024 | 29th August 2024 |
| September 2024 | 26th September 2024 |
| October 2024 | 28th October 2024 |
| November 2024 | 26th November 2024 |
| December 2024 | 21st December 2024 |
How to Check Payment Status of $956 OAS Pension 2024:
It is important to check the payment status of the $956 OAS Pension. To get the recent updates or changes you should follow these steps:
- First, you should visit the official website which is https://canada.ca/
- After opening the website, you need to open My CRA Account.
- To open this account, sign up with your personal information. Then you will get a login ID and password.
- After opening the My CRA account, find the payment status area.
- Then provide all the required information or upload the required documents.
- If you find any problem you can call the helpline number. Also, during office hours you can visit the office. The executives will guide you properly.
Benefits of $956 OAS 2024:
$956 increased OAS payment 2024 has been officially announced by the CRA or the Canada Revenue Agency. Senior citizens and retired people will suffer a lot due to the increased cost of living adjustments. The cost of living adjustments or COLA has increased by 3.2%. It is difficult for them to manage their financial situation.
However, you have to wait for the official approval and verification of CRA. The amount may vary for each person. The people who have paid the CPP or the Canada Pension Plan will receive some extra benefits along with the OAS pension scheme. To get the latest updates and modifications visit the CRA’s website.