Older people in Canada are looking forward to getting their Old Age Security (OAS) pension in the coming month. This pension is given to those who qualify for it. The OAS benefits for August will be $750, which is also based on the amount of the Canada Pension Plan. As Canada’s cost of living is increasing, everyone, especially older people, needs money to live a good life. The OAS helps older people manage their expenses.
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$750 OAS Benefits for Seniors Coming in August
In 2023, the OAS benefits went up by 1.3%, and now it has gone up by 3.7%. This is because the cost of things like food and other basic needs has gone up. The Canadian Government also gives money back on energy or heating bills to help older people with the cost of living. This is very helpful for people who have retired.
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When Will the $750 OAS Benefits Be Given in 2024?
The most that will be taken back (clawback) for older people who are between 65 to 74 years old will be $142,609, and for people who are 75 years or older, the clawback will be $148,179. This is because of the 3.7% increase in the OAS this year. The Government has increased the amount based on the CPI-W. They understand that the monthly costs could not be managed if the same amount continued to be given to the people who get the benefits.
The amount, CAD 784.67, will be given to the people who get the benefits by 10 February 2024. If there is a delay in the benefits, don’t worry; the officials will sort it out quickly.
Who Can Get the OAS Payments?
People who are at the normal age to retire should check if they can get the OAS Payments. Here are the rules:
- The people should be 65 years old or older.
- They should be legal residents of the country. They must have lived in the country since they were 18.
- The people who made at least one payment to CPP when they were working can get the $750 OAS Benefits.
- If they are immigrants, then they must have lived in the country for more than 10 years.
- Older people have to pay taxes. Those who have not paid their taxes on time must pay it as soon as possible. They will have to pay the money they owe with extra charges. To avoid owing money, people must talk to CRA. They can log in to the My CRA Account to get information about taxes.
How to Get the Old Age Security Amount in 2024?
Many older people in Canada have started to work part-time as freelancers because of high inflation and the cost of living. Even though they get the OAS, sometimes the amount is not enough. People who are currently 64 years old should apply for the OAS. This will let them get the payment as soon as they turn 65.
An important step is to create an account on My CRA Account and input the necessary details. The website regularly updates the most current information. Fortunately, you don’t require extensive technical knowledge to utilize the account. All you need to do is input your information to access the necessary details.
Retirement Plans for Older People
Old Age Security, the Canada Pension Plan, and the Guaranteed Income Supplement are crucial retirement plans that assist elderly individuals in managing their lives and avoiding reliance on family support. However, the situation changes when an elderly person has a disability.
In such cases, a caregiver or family member provides assistance with daily activities. Nevertheless, if the caregiver is providing full-time care, they may be eligible to apply for an allowance.
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