$713.34 OAS Pension October 2024 in Canada: In October 2024, Canadian seniors can receive an Old Age Security (OAS) pension of up to $713.34 per month. This article will give you complete information about OAS pension eligibility, payment dates, and other financial assistance available. If you are a senior citizen, it is important to know when and how you should apply so that you can take full advantage of this financial assistance.
Oh wow! Canada has introduced another facility – now you can get $713.34 per month Old Age Security (OAS) pension from October 2024. If you are wondering who it is for and whether you will get it, then the answer is in front of you. But first let’s understand a little more about this $713.34 OAS Pension 2024 and discuss why this pension is proving to be a big support for the elderly in Canada.
You must have many questions in your mind, like how much money will you get? When will you get it? And most importantly, will I get it or not? So in this article we will answer all these questions. Also, we will tell you how you can get more help if you are low income.
$713.34 OAS Pension Payment Overview
| Details | Key Information |
| Maximum Monthly Payment | $713.34 for individuals aged 65-74 |
| Eligibility Age | 65 years or older Available to low-income seniors receiving OAS |
| Residency Requirement | Must have lived in Canada for at least 10 years |
| Payment Date (October 2024) | October 29, 2024 |
| How to Apply | Automatic enrollment for most, others apply |
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What is Old Age Security (OAS) Pension?
First of all, know that Old Age Security Pension is for the elderly of 65 years and above in Canada. The special thing is that for this you do not even need to contribute to any pension scheme. That is, whether you have worked hard all your life or not, this pension is available to you.
You can get $713.34 per month from October 2024, if you are between 65 and 74 years old. But if you are 75 years of age or older, then your luck will shine even brighter as you can get up to $800.44 per month.
Don’t you think this is a great gift from the Canadian government? But keep in mind, it does not come for free. You have to meet certain qualifications, which we will explain further.
How can you qualify for the Old Age Security Pension?
Now you must be thinking, “Am I eligible?” Well, see, the government puts some conditions in this matter, which are necessary to follow.
Age rule
- You must be 65 years of age or older. If you are approaching this age, then this pension has come at the perfect time for you.
Citizenship and Residence
- You must be a Canadian citizen or have a legal residency status. But there is another important thing, you must have lived in Canada for at least 10 years since you turned 18.
- If you have lived in Canada for less than 40 years, you will get a partial pension. That means you will get a pension for the number of years you have lived in Canada.
Automatic Enrollment
- Many people are lucky that they do not even need to apply for OAS pension. If the government has all your data, it will enroll you automatically. Yes, if you have turned 64 and have not received any notification letter yet, it is better to contact Service Canada.
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When will you get the pension amount?
Now the question comes – how much pension will you get? In October 2024, senior citizens aged 65 to 74 can get up to $713.34 per month. And if you are over 75 years, you can get up to $800.44.
One special thing in this is that this amount is increased every quarter according to the inflation rate so that the purchasing power of the elderly remains intact. Meaning, the government is also taking care that you are not affected by inflation.
Important dates
Your OAS pension will arrive on October 29th in 2024. The dates for the following months are:
| November 27, 2024 | December 20, 2024 |
Make sure to note these in your calendar so you don’t have to wait for your pension.
Example:
- If John, who is 67 years old and has spent 35 years in Canada, will receive 35/40th of the total pension. Meaning: 713.34 x {35/40} = 623.65
- So, John will get $623.65 per month.
Additional Benefits
The Guaranteed Income Supplement (GIS) is a great facility for low-income seniors. If you are low-income earner, you can get additional money through GIS along with OAS pension. The amount of GIS is determined based on your income and marital status.
Apart from this, there is also an Allowance scheme, which is for senior citizens aged 60 to 64 whose spouse or common-law partner is receiving GIS. If your household income is below a certain limit, you may be eligible for this allowance before age 65.
How to apply for a 713.34 OAS Pension?
For many people, OAS pension enrollment is automatic. But if you haven’t received a letter by age 64, you can apply yourself.
Online application:
You can apply through My Service Canada Account. Just make sure you have the necessary documents and your Social Insurance Number (SIN).
Paper application:
If you’re uncomfortable with an online application, you can download a paper application from the Service Canada website or pick one up at a Service Canada office.
