OAS Increase 2024, Benefits, payment schedule, latest update and much more

Published on: September 11, 2024

OAS Increase 2024 : Recently, the Canada Revenue Agency (CRA) distributed the most recent old age security payments to eligible seniors on 29th July 2024. The old age security is designed to provide income support to seniors who are eligible for it.

$718.33 per month is provided to individuals aged 65 years to 74 years and up to $790.16 per month is provided to those aged 75 and above. This old age security payment provides a much-needed boost to the monthly income of the old age people to live a better life.

OAS Increase 2024

OAS payments have increased by 0.80% in the last three months ending in July 2024. OAS payments change four times in a year according to the living cost. This data says that the benefit is automatically increased by 10% from July 2022 for people aged 75 and above.

OAS increase 2024: How payments are estimated

The old age security pension amount is determined by:

The OAS payments are adjusted quarterly in January, April, July, and October according to the living cost in Canada as measured by the customer price index.
Age (It should be 65 years old or above)
How long has one lived in Canada after 18 years of age?
Your income

One who lives outside Canada and is 65 years of age or older but is a legal resident on the day before living in Canada and has resided in Canada for at least 20 years after 18 years of age.

OAS Increase 2024: OAS payment schedule for 2024

The OAS payments for 2024 are scheduled to be distributed on specific dates. These payments are important for seniors providing them financial support to cover living expenses.

Month	Date
July	29^th July 2024
August	28^th August 2024
September	25^th September 2024
October	29^th October 2024
November	27^th November 2024
December	20^th December 2024

How to check your OAS payment status?

Head over to the CRA website and log in to My Service Canada Account using your credentials such as username and password.
After logging in, go to the ‘Benefits’ section and here select ‘Old age Security’.
Now you can easily check your payment status and details. Here you can check the recent payment history to confirm if the payments have been issued at the right schedule and also you can check the upcoming payment schedule.