Retirees having an extra payment of up to $3,100 in the Old Age Security (OAS) pension benefits would receive the same in this 2024. It is to give assistance to seniors suffering from wearing inflationary effects on their everyday lives. Many seniors would find additional security in finances with that little amount added. Here’s a more in-depth look at the eligibility criteria and payout schedule for the extra payment of OAS pension in 2024.
Eligibility Criteria for the OAS Pension Extra Payment
For the year 2024, to be eligible to receive the supplement of the OAS pension, one must fulfill the requirements specified by the Canada Revenue Agency (CRA). The main ones include:
Age Requirement: The extra OAS payment applies to all Canadians ages 65 years and older as of January 1, 2024.
OAS Recipients: The extra payment is accessible to persons who are recipients of Old Age Security payments. OAS is the monthly payment for older Canadians who suffer the age and residency requirements.
Income and Area of Residence
OAS’ beneficiaries are mainly those who have lived in Canada at least 10 years after becoming 18. Nevertheless, such amounts will depend on some income levels. High earners are likely to have reduced OAS benefits or can simply be denied the extra payment at all. The principal reason behind this deduction from the benefits is the OAS clawback rule, which applies to the high earners above a specific threshold.
Automatic Enrollment
There is no need to apply for a supplement payment separately if one already gets the OAS. In your regular OAS payments, those funds will be taken in automatically by the CRA.
The Extra Amount of the Payment
The sum of $3,100 will not be given to seniors all at once, but rather will be distributed to them in some months of 2024. This means the total additional benefit of $3,100 will divide in the months so that the seniors will be able to see a bigger additional amount every month with their usual monthly OAS pension payments.
The particular amount any senior would receive depends on where he sits under the applicable threshold in terms of income and the number o months he has received OAS so far. For illustration, seniors who have fully completed the qualifying period will get the maximum amount of additional OAS payment while other seniors will receive diminished amounts relative to their income levels.
Payment Schedule for 2024
During the same period as the regular OAS payments will be given out, the seniors will receive the extra payment for the OAS pension. Generally, OAS payouts are on a quarterly or monthly basis depending on the needs of individuals. The disbursement will be an additional part to be received on January 2024.
Quarterly Payments: Thus, if he opted for quarterly payments, then he or she would receive the extra amount in that quarterly installment. Monthly Payments: Otherwise, if it is a monthly payment, the extra amount would just be computed in every monthly payment throughout the year.
Retirees should always check for these amounts in their bank statements as well as any official notice in that regard from the CRA. For any discrepancies or issues within the payment, CRA would clarify them if contacted.
Also Read: OAS Payment Increase: $978 Per Month for Seniors in Canada – Eligibility Requirements
