The Canada Revenue Agency (CRA) is planning to give extra money to older people in August. They will get an extra $650 on top of their usual $1,700. This is because things are getting more expensive and it’s harder for older people who don’t have a lot of money. The extra money will help them pay for things like food, a place to live, and bills.
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CRA August Double Payments
Older people will get two payments:
- Their usual monthly payment of $1,700
- An extra one-time payment of $650 to help with the cost of living
Type of Money |
How Much |
|---|---|
Usual Monthly Payment |
$1,700 |
Extra One-Time Payment |
$650 |
How Will This Help Older People?
The additional funds will provide much-needed assistance to elderly individuals who struggle to afford essential items due to the rising cost of living. The supplementary $650 is specifically designated for individuals who solely rely on Old Age Security (OAS) payments.
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What Does This Mean for Politics?
The decision to provide additional funding could have a significant impact on the outcome of the upcoming elections in Canada in 2025. The government’s move may be aimed at garnering increased support from the elderly population. This extra funding could also lead to the expansion of programs designed to assist elderly individuals with financial constraints or those in need of specialized assistance.
Who Can Get the Extra Money?
To get the extra money, older people must:
- Be a Canadian citizen or have permission to live in Canada permanently when they apply for the OAS pension
- Have lived in Canada for at least 10 years after they turned 18
The amount of money they get depends on how long they have lived in Canada. Even if they live in another country now, they might still get the extra money if they were a Canadian citizen or had permission to live in Canada permanently when they left. Service Canada will automatically sign up people who can get the OAS pension, so they don’t need to apply for this extra payment.
What Do We Know So Far?
We’re still waiting to find out if the CRA will definitely give the extra money in August. If they do, older people will get an extra $650 on top of their usual $1,700. This extra money could really help older people, especially those who are finding it hard to pay for things because everything is getting more expensive. The extra money will help them pay for things they need and might even let them buy some nice things for themselves.
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