Old Age Security Pension in December 2024: Eligible Canadians aged 65 and up will get $713.34 a month from the Old Age Security (OAS) pension starting in December 2024. In this article, we will discuss who is eligible, payment dates and how to get the most out of your benefits. The roller-coaster stock market has many Canadian seniors aged 65 and older breathing a sigh of relief as we move to the back half of 2024 with respect to the Old Age Security (OAS) pension.
Effective December 2024, eligible recipients will receive $713.34 monthly. The pension, available to millions of older Canadians each year, has been indexed to inflation to help tens of thousands remain financially secure in retirement. Here’s What You Need to Know Whether you are a recent 65th birthday recipient or have been receiving your Old Age Security Pension for many, many years already, this article reminds of the most current details regarding payment amounts and eligibility.
OAS/CPP Payment Dates in December 2024: Overview
| Program Name | CPP & Old Age Security Pension |
| Government | Canada |
| Year | 2024 |
| Eligibility Criteria | Age 60+, retired, disabled |
| Approval Status | Not Approved |
| Frequency of Payment | Monthly |
| Payment Date | 20th December, 2024 |
| Category | Finance |
| Official Website | www.canada.ca |
$4873 Plus Three Payments Scheduled for Social Security in December 2024, Don’t Miss!
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Understanding and Benefits of OAS and CPP in Canada
The Old Age Security Pension (OAS) program is for Canadians over the age of 65, and the Canada Pension Plan (CPP) gives retirement benefits to retirees who made contributions during their working years. Funded by a mix of government contributions raised from the paychecks of employees, both programs. Cumulatively: 11% of CPP is funded by the employer, and 5% by the employee. People who contributed prior to 1997 and who turn 75 can maximize their cash benefit from these programs.
OAS & CPP Eligibility Criteria 2024
An individual must satisfy eligibility conditions in order to be eligible for CPP payments in 2024. Below are the key criteria:
- Applicants have to be 60 years or older.
- Applicants have to be Canadian citizens.
- At least 10 years the applicant have to live in Canada
- The applicant must have worked in Canada and contributed to the CPP.
- These benefits are mainly for the low-income peoples.
Updates and Payment for Details 2024
Seniors 65 to 74 will receive $713.34, while those over the age of 75 will get $784.67. The benefit allowances are increased every quarter by the Consumer Price Index (CPI) for cost-of-living adjustments. OAS payments are generally directly deposited on certain dates of the month. Seniors are going to receive their payment for the month of December on 20 December 2024.
Tax Considerations and the OAS Clawback
If you are a higher-income senior, your OAS payments are taxable income, and you could end up paying the Old Age Security recovery tax — colloquially called the OAS clawback. The clawback progressively reduces Old Age Security Pension Payment for anyone with income above a certain threshold. There is a $86,912 threshold for the 2024 payment period. If you earn more than this amount, your OAS is clawed back by 15% of the excess. If you were able to make $100,000 in 2023, eligible retirees would see their OAS payments drop by $163.60 per month taking the payout down to merely $549.74 monthly.
How to Check Your OAS and CPP Payment Status for 2024
- Go to the CRA (Canada Revenue Agency) or Service Canada official websites.
- Sign in to your CRA My Account at CRA My Account You can see your CPP contributions (if you have any), OAS details, and payment history.
- More information on payments received from CPP, application status and much more.
- CPP payments, Old Age Security Pension information: call 1-800-277-9914 (TTY: 1-800-255-4786) for any inquiries.
- If you choose, you can receive updates via mail (if you selected this when signed up with Service Canada).
In December $2000 Economic Relief Package : are you eligible? Direct Deposit Simply Explained
Fact Check: Old Age Security Pension in December 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. 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: Old Age Security Pension in December 2024
When Do I Get My Old Age Security Pension for December 2024?
The December 2024 OAS trough will be administered on December 20, 2024.
What are my OAS payments going to be?
From 65 to 74, you will receive $713.34/month. $784.67 if you are 75 or older
What if I earn more than the OAS clawback limit?
If exceeds $86,912 you are not eligible for OAS this year; 15% of excess above income. If you are 65–74 years old and have an income greater than $142,609, your OAS benefits will be clawed back.:
