$2700 Per Month OAS Payments In 2024: Are You Eligible Too? Know All The Details!

A lot of talk and reports have been going around about how the Old Age Security (OAS) payments for Canadian seniors might go up to $2700 per month starting in 2024.

The point of this piece is to explain what these claims are based on, how OAS payments work, and what seniors can really look forward to next year.

What Is the $2700 Per Month OAS Payment?

The $2700 a month number that has been stated in different news stories is currently just an idea or a guess. The Canadian government has not stated that there will be an increase.

If this raise goes through, it will greatly increase the money that is given to senior citizens, which is meant to help them with their money problems caused by rising prices and inflation.

But from the current perspective, we have not been able to find out whether this raise has been actualized or not.

Understanding OAS and Its Regular Payments

In Canada the Old Age Security (OAS) is an initiative of the federal government whereby the head of state pays a pension to all qualified senior citizens that are Canadian. It is determined by your age, where you live and the amount of income that you earn, and you receive a certain amount of OAS.

The purpose of this program is for those that are 65+ years of age and been living in Canada for 10 years since becoming an adult after 18 with their money.

Regular OAS Payment Amounts for 2024

However, here are the amounts through which the regular OAS payments will be increased once the $2700-a-month raise hasn’t been approved:

• Hearing-impaired 65-74 year-old senior may earn $ 142, 609 per annum.
• $718. People have to pay $33 a month for OAS payments
• Seniors aged 75 and up: $148,179 is the highest that they can make in a one year period.
• $790. 1650 for OAS payments on a monthly basis.

These numbers can, however, change every three months depending on the CPI in order to cater for increasing prices. However, increasing the OAS payment by at least 200 percent to $2700 a month is not feasible right now.

OAS Eligibility Criteria for 2024

To be eligible for OAS benefits, including any possible increases, the requirements are the same as they are for the regular OAS program:

• Age: To receive the OAS benefits, you must be at least 65 years of age However, if you belong to a specific group, you can already receive the benefits at 60 years old.
• You need to be a citizen of Canada, or legally reside within the country at the time of the course. You had to be over 18 years of age and be a Canadian who has lived in Canada for at least ten years after his or her eighteenth birthday.
• Level of Income: To obtain OAS at the rate that has been indicated above, your annual income cannot exceed the maximum limits as set at $142,609 for OAS recipients who is 65 to 74 years and $ 148,179 for OAS recipient who is 75 years and above.
• Citizenship: To be eligible for these scholarships, you have to either be a permanent resident of Canada or be a citizen of this country.

Proposed $2700 Per Month OAS Payment Dates 2024

No announcement has been made as yet about the $2700 one-off supplement to the OAS for the year 2024. It probably would occur monthly just like the rest of the OAS payments if some kind of raise such as that were passed. If you are on the normal OAS regular payment schedule these are the months that you should be paid in 2024:

They are paid on such dates and that is why if there were promotions, they would have most probably been at such dates.

The Reality of the $2700 OAS Payment Proposal

There has been attention created about getting $2700 a month from OAS, but first, let’s take care with such information. For now on this is just a guess until the Canadian government comes out with this number.

Of course, such a raise would definitely make Senios better off when it comes to money issues especially given the escalating prices but it is still an assumption that has not yet been supported by the government.

The proposed figures of $2700 per month OAS payment in consideration for 2024 is still a dream, but a guess only.

Seniors must have no doubt retained the approved amounts of OAS payments and their schedules and follow any official word going around the government.

The current option for OAS is still functional with the features described and additional options are appended to reflect the inflationary prices in the economy. But any radical measures, such as the $2700 raise rumored, would have to go through the bureaucratic channels first.

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