Some Canada $1400 Extra OAS Payment for Seniors Coming in December 2024. Find out about payment dates, eligibility and how to maximise your benefits in our complete guide. If you’re looking for a date, put December 20, 2024, in your calendar for the date of your OAS payment.
As the end of 2024 approaches, many seniors in Canada are wondering what all the buzz has been about concerning a possible $1400 extra Old Age Security (OAS) payment. If you’ve been waiting to hear what’s coming, we’re here to explain the facts, eligibility requirements, and payment schedule so you can be prepared.
Widely recognized and revered, Old Age Security (OAS) is one of the cornerstones of Canada’s social safety net, playing a crucial role in the lives of our seniors. But what does all this talk of an extra payment mean for you? Let’s dive in.
What is Old Age Security (OAS)?
The Government of Canada pays the Old Age Security (OAS) pension monthly to seniors aged 65 or older. OAS is not linked to employment history like the Canada Pension Plan (CPP) this is paid by your work history. Instead, the qualifications depend on age, residency and income.
How much you get from OAS is based on how many years you’ve lived in Canada after age 18. The maximum OAS payee in December 2024 will be $685.50 per month and is adjusted based on income levels due to the Old Age Security Recovery Tax for higher income individuals.
Eligibility for Canada $1400 Extra OAS Payment for Seniors
To be eligible for OAS, you must meet all three of the following:
- You must be 65 or older.
- You need to have lived in Canada for at least 10 years after the age of 18.
- To apply, you had to be a Canadian citizen or legal resident at the time of the application.
- Tax-filing helps you calculate and deliver benefits correctly.
How to Apply for Canada $1400 Extra OAS Payment for Seniors
If your 65th birthday is coming up, applying for OAS is simple. Here’s a quick guide:
- Most people are enrolled automatically. Look in your Service Canada account or by mail for notification.
- If not auto-enrolled, you can apply online using the Service Canada website.
- Be prepared to provide identification and proof of residence.
- Use your application status on Service Canada.
How to Check Canada $1400 Extra OAS for Seniors Coming in December 2024
If you are not sure if you qualify, or would like to check your OAS status, do the following:
- My Service Canada Account (MSCA): With this account you can view and manage your OAS and CPP benefits.
- Review Payment Information: Your MSCA records your payment history, including any OAS payments in the near future.
- Call Service Canada for Help: If you don’t want to use online options, you can ask Service Canada at 1-800-277-9914 for information.
- Checking your status helps make sure you’re up to date on who’s eligible — particularly if your income or where you live has changed.
Steps to Ensure Timely Receipt of Payments
To prevent any kind of hold up, do this additional thing:
- Verify that your address, phone number, and direct deposit information is up to date in your MSCA.
- Direct deposit is quicker and more reliable than paper.
- This may be done by way of MSCA or by reaching out to Service Canada.
- Because eligibility varies by income, ensure that your most recent tax return shows any changes in income. Misreported income can impact your eligibility.
Breakdown of the Canada $1400 Extra OAS Payment for Seniors Schedule
- Payment Date: 20 December 2024
- Expected delivery: Direct deposit (faster) or cheque by mail.
- Track Your Payment: View information via My Service Canada Account
Tips to Maximize Your Benefits
- In addition to OAS, if you are below a certain income level, you could also be eligible for the Guaranteed Income Supplement (GIS). This may increase your monthly income by hundreds of dollars.
- Did you know that you can have your OAS payments deferred? For each month you wait past age 65, your payment increases by 0.6 percent, up to a maximum of 36 percent at age 70.
- If you’re working or have enough income, deferral might make sense.
- Maintaining your taxes current balances the benefit calculations. If you fail to file, that could push back or lower your payments.
- Splitting pension income with your spouse can reduce total taxes, particularly in the case where one partner earns significantly less.
- The results of the overall net benefit of this strategy might be increased.
