[Fact Check] OAS and CPP Payment in October 2024: Check Eligibility & Payment Schedule

OAS and CPP Payment in October 2024: The Canada Revenue Agency continues to provide financial rebates to Canadian citizens through various programs, including the Canada Pension Plan (CPP). As October 2024 draws to a close, seniors throughout Canada are preparing for their Canada Pension Plan (CPP) and Old Age Security (OAS) payments. These programs are fundamental to the financial well-being of retired Canadians, offering monthly disbursements to assist with essential living costs. On October 29, 2024, qualified recipients will have these payments directly credited to their accounts. This article will examine eligibility criteria for CPP and OAS, anticipated payment amounts, and key information regarding the payment schedule.

The Government of Canada has introduced retirement benefits, including the OAS/CPP Payment Dates for October 2024. The Canada Pension Plan and Old Age Security benefits aim to provide financial support to low-income Canadians upon retirement or upon reaching the age of 65. In response to a 3.4% increase in the cost of living, which impacts inflation rates in Canada, the OAS and CPP payments have been raised by an additional 4.8% for the elderly population. Detailed information regarding the OAS and CPP Payment Dates for October 2024 can be found on the official CRA website at www.canada.ca, and further discussion is provided here in.

OAS and CPP payments for October

• The Canada Revenue Agency offers financial assistance to those with low income living below the poverty line. 
• The Canada Pension Plan provides monthly income support for retirees. 
• Payments from the CPP depend on your income level and contributions made. 
• Old Age Security is available for seniors aged 65 and older, based on residency status. 
• Both CPP and OAS payments are issued monthly. 
• A significant update to OAS is the increased clawback limit, now set at $90,997. 
• This article aims to clarify questions about OAS and CPP payments for 2024. 
• It includes details on payment dates for October 2024 and eligibility criteria. 
• The information is accurate as of now but may change if the Canadian government makes updates. 

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Eligibility criteria for OAS & CPP:

• To get OAS and CPP payments, you need to meet certain requirements. Here are the key points: 
• You have to be at least 65 years of old. 
• You need to be a Canadian citizen. 
• You must reside in Canada for at least 10 years.
• You must have worked in Canada and contributed to OAS. 
• These benefits are intended for low-income individuals.

1. CPP benefit:

• The Canada Pension Plan (CPP) is a pension plan which is calculated on your earnings and contributions. 
• If you have worked in Canada and paid into the CPP, you can start receiving benefits at age 60. 
• To get full benefits, you typically need to wait until you are 65 years old. 
• In 2024, the highest monthly payment for new retirees at age 65 is $1,364.60. 
• Your payment amount depends on your contribution history, and it is adjusted each year for inflation, with a projected increase of about 3% in 2024. 

2. OAS benefits:

• Old Age Security (OAS) is a pension for all Canadian citizens or legal residents who are 65 years old and above. 
• It is not linked to work history but rather to how long you have lived in Canada. 
• To qualify, you need to be at least 65 and have resided in Canada for a minimum of 10 years after turning 18. 
• As of October 2024, the highest OAS payment is $718.33 monthly for those aged 65 to 74, and $790.16 for individuals 75 and older, reflecting a 1.3% increase for inflation. 
• If your income exceeds $86,912 in 2024, your OAS payments may be reduced, and if it goes over $148,179, you might not qualify for OAS at all. 

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Payment Dates and schedule for OAS and CPP Payment in October 2024:

• Payment dates for OAS and CPP in October 2024 may be updated before the payments are approved. 
• People can expect to see their CPP and OAS payments arrive in their bank accounts during October 2024.
• CRA payments are anticipated to be made during the last three business days of the month. 
• CPP payments are scheduled for October 29, 2024. 
• OAS payments are also set for October 29, 2024. 

How can you ensure that you receive your payment on time?

• If you qualify for CPP or OAS, expect your payment on October 29, 2024.
• To check your OAS and CPP payment details, start by visiting the official Canada Revenue Agency (CRA) or Service Canada websites at https://www.canada.ca/.
• To avoid delays, consider setting up direct deposit for your payments.
• You can arrange direct deposit through your My Service Canada Account.
• Alternatively, contact Service Canada to set up direct deposit.
• If you’re nearing retirement or have applied for CPP or OAS, check your application status online.
• Use your My Service Canada Account for easy access to your application status.
• You can also call Service Canada for updates on your application.
• For OAS recipients, keep your income below the clawback limit to maintain full benefits.
• Make sure to file your taxes on time to avoid issues with your benefits.
• You can also update your personal information through your Service Canada account.
• If you prefer to speak with someone, call Service Canada at 1-800-277-9914 (TTY: 1-800-255-4786) for inquiries about your CPP and OAS payments.

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Fact Check

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.