The Canadian Government initiated the Old Age Security (OAS)/ program to support all the old age individuals during their retirement period. The OAS Benefit is funded to eligible individuals through general tax revenues and helps them to cover their daily expenses. As a result of inflation, the prices for all necessities have been recorded to increase. Some seniors live on fixed income and rely solely on the OAS Benefit to fulfill their needs. In response to this, the Government announced $770 OAS Benefit 2024. The increased amount was announced as a result of increased Consumer Price Index (CPI). This increased benefit amount may help the low-income earning households to manage their funds easily.
$770 OAS Benefit 2024
The $770 OAS Benefit 2024 announced by the Government left all seniors excited. This amount has not been announced officially. However, once confirmed, these additional amounts may not only help the individuals to cover their cost of living but help to add up to their savings for their future. The OAS benefit allows individuals to pay their bills and afford all resources. Thus maintains their well being and also helps maintain a positive consumer behavior which in return contributes towards the Canadian economy.
canada.ca OAS Benefit 2024 – Overview
| Post | $770 OAS Benefit 2024 |
| Proposed By | The Government of Canada |
| Country | Canada |
| Benefit Providing Agency | Canada Revenue Agency (CRA) |
| Main Objective of the Payment | Financial Support |
| Eligible Age | 65 years and above |
| Payout Frequency | Monthly |
| OAS Payment Amount 2024 | $770 |
| Status | Rumored |
| Post Type | Finance |
| Official Website | canada.ca |
Canada OAS Benefit Eligibility 2024
The criteria for OAS Benefit 2024 is as follows:
- Age – 65 years and above
- Individuals who are citizens of the country
- Permanent residents of the country for a minimum of ten years.
- Individuals employed outside the country and returned to Canada 6 months before claiming the benefit amount
Canada OAS Payment Schedule 2024
The Canada OAS Payment 2024 is entitled to be granted to all eligible individuals on a monthly basis. According to the official website, the OAS Payment Schedule 2024 is as given below:
| Month | OAS Payment Date 2024 |
November | 27 – 11 – 2024 |
December | 20 – 12 – 2024 |
OAS Benefit Amount 2024
The OAS Benefit Amount 2024 is calculated based on factors like :
- Age of the beneficiaries
- Average income
- Status of the family
The OAS Benefit Payment Amount to be retrieved by the beneficiaries is discussed below:
| Age | OAS Benefit Amount 2024 |
65 -74 years | $727.67 |
75 and above | $800.44 |
The beneficiaries aged 65-74 are granted $727.67 and those who age above 75 are granted $800.44. The total amount varies from one individual to another depending on their age. However, $770 is not an official amount. This amount of $770 OAS Benefit 2024 was announced by the Government as a result of changes in the CPI. However, as the news was based on rumors, the amount is not confirmed to be paid yet.
$770 OAS Benefit 2024 – Fact Check
The Old Age Security(OAS) Benefit enables seniors to cover the cost of the expenses without any financial constraints. The OAS Benefit Amount to be granted to the individuals is calculated based on their age and average income. The amount of $770 was announced to help the low-earning individuals as a result of increased market prices. However, the amount has not been confirmed to be granted. Therefore, the claimants are advised to visit the official website frequently before claiming their OAS Benefit to ensure they are eligible for the payment and also confirm the amount that they are expected to receive based on their circumstances. The individuals may also call CRA directly for seeking help regarding any queries.
How To Claim Canada OAS Benefit 2024
The Old Age Security Benefit can be claimed by individuals by following the step by step guide mentioned below:
- Firstly, visit canada.ca and confirm eligibility
- The next step is to provide identity proofs
- The individuals may choose to commence their payments and confirm all details by providing the necessary information.
- The next step involves attaching relevant documentation and providing direct deposit details to receive the payments.
- The individuals may now submit their applications.
FAQs Related To $770 OAS Benefit 2024
No, the news is based on rumors.
The senior citizens of pensionable age of 65 and above may claim the OAS Benefit 2024.
The individuals aged 65-74 years can retrieve up to $727.67 per month.
The eligible claimants will receive their payments on 27th November 2024.