$3500 Old Age Security Payment in November 2024: Who will get this? Payment Date & Fact Check

$3500 Old Age Security Payment in November 2024: The Canada revenue agency is implementing the increment in old age security payment in the country. Beneficiaries are expecting to receive up to $3500 Old Age Security Payment in November 2024. Beneficiaries are getting such news from multiple sources on social media and we will verify this information in this article where you will get the latest updates on $3500 Old Age Security November Payment 2024 including the date of releasing the $3500 Old Age Security Payment, fact check of the news, application procedure, $3500 Old Age Security Payment eligibility criteria, income criteria etc.. It will help you to claim the 100% benefits of old age security payment for November, 2024. 

The old age security plan is providing a fixed payment to the different age group of the seniors in the country per month. However the payment of 3500 is very high from the regular payments of OAS. There is no any confirmation from the official sources of Canada revenue agency about releasing the payment of $3500 Old Age Security in November 2024. So currently this is the fake news circulating over the social media performs and manipulating the beneficiaries in country. However if you are a senior of more than 65 years and living in Canada, then you can claim the regular $3500 Old Age Security Payment of old and security in Nov, 2024. You can check the latest eligibility to claim the payment and after that can claim it accordingly. 

$3500 Old Age Security Payment in November 2024: An Overview

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$3500 Old Age Security Payment 2024 Eligibility criteria 

The eligibility criteria to receive old age security payment is briefly explained on the official website of Canada revenue agency which is managing the monthly payment of the scheme.

However you can check the simplified eligibility in this section:-

• Citizen of Canada are eligible to apply for the scheme in country but it is important to live in the country for last 10 years. 
• Retirement age in Canada is starting after 65, so the individual should be more than the age of 65 in country to claim the payment. However if you want you can delay your pension for maximum 5 years and start it from 70 years so you will receive extra payment per month as a bonus of delaying the payment. 
• Candidates should not worry about the investment plan in pension scheme to receive the old age security payment as all the seniors are eligible to claim the payment without any investment in the scheme. However if you want to get more payment for your better retirement life then can opt the CPP also.
• The Canada revenue agency will only accept the application form of the individuals who have submitted the annual tax of 2023 on the portal and provide all the tax information.
• The annual assets of the individual and the annual income play a significant role while deciding the rates of the payment for the individual. The annual earning of the individual should not be more than $142,609 to receive the 100% benefit. 

OAS Payment Calculation 2024

The old age security payment provide a fixed payment to the individuals in the country which is categorized into two categories including payment for seniors as group of 65 to 74 years and the age group of seniors more than the age 75.

So beneficiaries under the first group will get the monthly payment of $718.33 in their bank account directly. However if your age is more than 75 years old then you will get 10% increment in your pension and will get $790.16 accordingly.

Most of the seniors are getting a same payment in their category. However if you are earning more than the annual payment cap then you may receive the reduced payment. Similarly if you are earning a very low income then well get additional payment of GIS of maximum $1000 approximately. 

OAS Payment Date November 2024

The November payment of OAS in Canada is scheduled on 27th November, 2024 along with the CPP payment. The date of the oas in country decided by the Canada revenue agency for each month where beneficiaries receive the payment at the end of the month accordingly.

You can also mark the 20th for December month to receive the upcoming payment of OAS in your calendar.

However the Canada revenue agency do not delay the payment, but in case if you do not find the payment in the bank account on the scheduled date then should contact to the authority after waiting of 3 working days, so they will help you to troubleshoot your problem.

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Fact Check: $3500 Old Age Security Payment 2024

Rumors of specific checks often arise from misunderstandings of existing government benefits or exaggerated claims made online. It’s important to rely on official sources for accurate information.

There has been no federal announcement in 2024 about deposit payments. Most deposits for government programs will vary based on individual circumstances, including income, work history, and eligibility. To avoid becoming a victim of misinformation, always verify claims through official government websites or consult a financial advisor.

FAQ’s: $3500 Old Age Security Payment 2024