Get the latest updates and facts on OAS Increase December 2024 Payment Date, Eligibility, Form, and How to Claim. In terms of financial support, OAS assists around 3 million senior citizens of Canada. The government regularly monitor the program along with its implementation and also makes certain required adjustments. Considering the hiked rate of inflation, the government has decided to increase the payouts of potential benefits, which is briefly described in this post.
OAS Increase December 2024
The entitled beneficiary of Old Age Security (OAS) benefits will see a significant increment of 0.7% for the July to December 2024 quarter in the potential benefit. The program was implemented with the objective of providing financial assistance so that elderly people can manage the expenses of their essential requirements and enjoy a comfortable retirement.
As elder people reach retirement age, they require another source of income for the management of their living expenses. Recently, an increment of $2250 in the OAS benefits was declared by the Canadian government. As per the authority terms and conditions, entitled beneficiaries can access the potential benefit beforehand, provided that they will get the reduced benefits payouts.
OAS Increase Payment Date
The government of Canada has declared an increment in the OAS benefits, considering the current rise in the cost of living and the spiked inflation rate. The program alleviates the financial strain of senior people of the nation to a certain extent who are experiencing the economic hardships. To deal with such financial challenges, the government assist them by enhancing the rate of the OAS benefits.
The government disbursed payouts of the potential benefits on a set payment schedule and ensures that recipients will receive their payments within the provided timeframe. The expected payment schedule of the $2250 OAS for the quarter July to September 2025 is as follows:
| OAS Payment Month 2024 | OAS Payment Dates 2024 |
| July | 29th July 2024 |
| August | 28th December 2024 |
| September | 25th December 2024 |
Beneficiaries should note that the described payment schedule is only an anticipation. Thus, individuals should confirm the payment schedule through the government’s authentic web portal. Moreover, for any changes or updates, regularly browse it.
OAS Increase Eligibility
To receive the OAS payouts, individuals should meet certain qualifying parameters that the government has set. A few of these parameters are mentioned below:
- Beneficiaries Residing in Canada – The age of senior people should be 65 or above. They should be legal residents of Canada during the period of their application approval. Since individuals were 18, they should have lived in Canada for a minimum of 10 years.
- Recipients Residing Outside Canada – The age should be 65 or above. If individuals desire to leave, they should be legal residents of Canada a day before leaving. Since individuals were 18, they should have lived in Canada for a minimum of 20 years.
- Individuals who work out of Canada for Canadian Employers – Individuals who are employed at banks, or military, or others and are Canadian residents after quitting their job should be returned within 6 months. They should still be working at the age of 65.
To not miss out on any news and updates, viewers should regularly check the main website of the government.
OAS Increase Form
Individuals who meet the legal residential status and age requirements can fill out their form either online or by visiting the Service Canada Office nearby. Entitled beneficiaries can also fill out their application through paper form Application for the OAS and the GIS (ISP-3550). Individuals should attach certified copies of supporting documents along with the paper form.
In addition to this, to get more information on the application form, beneficiaries can check the Reference Guide (ISP-3550A). For an online application, you should have a My Service Canada Account (MSCA), which you have to register for. To complete registration, a personal access code will be provided to you. After registration, use the provided credentials to complete the application.
How to Claim OAS Increase?
If you are qualified for the potential benefits, then you can claim the form. The process is briefly described here:
- For online applications, visit the official website and use login credentials to your MSCA for Sing in.
- You will be navigated to the application form. Complete the application accurately to avoid delayed payments, verify it, and submit it.
- Enclose the supporting documents to validate the authenticity of the provided information.
- Individuals will be notified regarding the acknowledgement and rejection of the application.
You will get payment in the provided payment channels upon approval of the application. For any query, you can reach the authorized representatives of the government. Furthermore, keep browsing this web page for upgraded facts of OAS benefits.
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