The Government of Canada has decided to provide $3,500 as an Old Age Security payment to those eligible Canadians in 2024. The amount is a segment of the plans by the government toward bettering older Canadian lives and improving their financial security.
Who will qualify for the $3,500 OAS payment?
To qualify for the $3,500 OAS payments, the following needs to be satisfied:
- The applicant must be a citizen or legal resident of Canada.
- The applicant must be either 65 years of age or older.
- The applicant has resided in Canada for at least 10 years, after reaching the age of 18.
- The individual’s net annual income must be below a certain specified threshold value.
How much will I get?
Your OAS payment will depend on your annual net world income. If your income is below the threshold amount, you will get the full $3,500. If your annual income exceeds the threshold, the amount you will receive will be cut down.
When will I get my money?
The $3,500 OAS will be paid monthly during 2024. The first payment will be on November 27, 2024.
What are the steps to apply for an OAS payment?
If you get the OAS pension, you do not need to apply for the $3,500 payment; it will automatically be deposited into your bank account.
However, if you do not get the OAS pension now, you can apply online or via post. You have to give your personal details such as your date of birth, Social Insurance Number, and home address.
What if I’m not sure about my eligibility?
You can find out more about your qualification for the $3,500 OAS payment by calling the Canada Revenue Agency (CRA). The CRA has a tool online that you can also use to estimate your OAS benefits.
Key things to keep in consideration
- The $3,500 OAS payment is untaxed.
- It is not income tested, meaning your income will not affect how much you get.
- The payment is not clawed back, meaning you will never have to repay any of it.
The $3,500 OAS payment can be a very important source of income for seniors in Canada. Make sure to collect the application if you qualify for it so that you receive your full benefit payment.
