The Canadian Government provides multiple income support benefits to the senior population of the country as they are the ones most affected by the increased cost of living expenses. All these benefits help provide additional funds through monthly, quarterly or yearly payments that benefit the seniors in various ways. One such benefit is the Old Age Security (OAS) Benefit granted to individuals aged 65 years and above. As the retirees live on a fixed source of income, they find it challenging to afford all basic necessities and also pay their bills, utilities, etc all at the same time. So, to enhance the well-being of the citizens, the Government announced a payment of $670 Extra OAS Benefits To Seniors In Canada. This news left all Canadians excited and is not yet confirmed by the official portals to be granted to the eligible candidates.
$670 Extra OAS Benefits To Seniors In Canada
The Consumer Price Index (CPI) gives an estimate of the increase or decrease in the living expenses per quarter. The adjustments are made to the OAS Benefit according to the CPI which enable the citizens to cope up with the increased market prices for all necessities. The payment of $670 Extra OAS Benefits To Seniors In Canada is also announced to be paid to provide financial assistance to all retirees and other seniors to maintain their dignity and make the most out of their retirement phase. The payment is not confirmed yet but once confirmed, this OAS boost November 2024 will enable many seniors to manage their bills effortlessly and without any financial burden. This maintains the purchasing power of the seniors and also grants them a stable lifestyle for the future.
canada.ca OAS Benefits 2024 – Overview
| Post | $670 Extra OAS Benefits To Seniors In Canada |
| Proposed By | The Canadian Government |
| Country | Canada |
| Benefit Providing Agency | Canada Revenue Agency (CRA) |
| Main Purpose of the Payment | Financial Support |
| Eligibility | Senior Population of Canada |
| Payment Schedule | Monthly |
| Payment Amount | $670 |
| Status | Unconfirmed |
| Post Type | Finance |
| Official Website | canada.ca |
Canada OAS Benefits Eligibility 2024
The eligibility criteria for $670 Extra OAS Benefits To Seniors In Canada is as stated below:
- Age – 65 years and older
- Legal citizens of Canada, residing in the country at the time of distribution of funds.
- It can also be claimed by individuals who resided in the country for about multiple decades after they turn 18 years old
Canada OAS Payment Schedule 2024
The Old Age Security Benefits are granted to seniors in Canada on a monthly basis. These monthly payments not only benefit the seniors but the family overall, as it allows them to spend quality time without worrying about the financial needs and resources. The OAS payments for 2024 are entitled to be received by the individuals on the following dates:
| Month of Payment | Payment Date 2024 |
| NOV 2024 | November 27, 2024 |
| DEC 2024 | December 20, 2024 |
OAS Payment Amount 2024
The Old Age Security (OAS) Benefit amount is calculated depending on the following factors:
- Age
- Average annual income in the year that the individual filed taxes
- It does not take the employment history of the individuals into account
| Age | 65-74 years | Above 75 years old |
| Average Annual Income (2023) | Below $148,451 | Below $154,196 |
| Maximum Monthly OAS Payment Amount 2024 | $727.67 | $800.44 |
$670 Extra OAS Benefit To Seniors – Calculation
The Consumer Price Index (CPI) is measured for two quarters.This calculation helps to get an idea of the increase or decrease in the cost of living expenses for the individuals by comparing the difference of CPI of both the quarters. The payments are thus revised on a quarterly basis – January, April, July and October. These quarterly adjustments made to the OAS benefit amounts help the seniors cope up with inflation by providing them funds for all necessities.
According to research, The OAS Benefits to be granted to all eligible individuals are entitled to be increased by a factor or 1.3% for the last quarter of 2024 – (Oct 2024- Dec 2024)
$670 Extra OAS Benefits To Seniors In Canada – Fact Check
The $670 Extra OAS Benefits To Seniors In Canada has been announced to help support the seniors financially. Though, these additional funds have not been confirmed by the official sources to be granted to the seniors. The news is based on rumors and remains unconfirmed. Thus, the individuals are advised to trust the information provided by canada.ca or other official portals. They may also confirm the information by calling CRA directly.
How To Claim $670 Extra OAS Benefits To Seniors In Canada
Once the news for $670 Additional Benefit to be granted to the senior population is confirmed by the official sources, the beneficiaries do not need to claim the funds separately. These extra $670 will be automatically credited to accounts of all eligible seniors qualifying to avail OAS Benefits.
However, the individuals can claim the Canada OAS Benefit by following beneath given process:
- Visit canada.ca
- Check eligibility
- Provide required details such as age, paystubs, bank information etc
- Attach supporting documentation
- Submit Claims
- Check the status of the application online
FAQs Related to $670 Extra OAS Benefits To Seniors In Canada
No, the announcement has not been confirmed by official sources.
The individuals aged 65 and above qualify to claim the $670 additional funds.
The main aim of this announcement was to help the individuals cope up with increased cost of living expenses.
The individuals may visit canada.ca or call CRA to confirm the status of the additional funds.