$2,455 OAS Payment is a program that is designed for Canadian senior citizens who have crossed the age of 65. It is a pension scheme, that supports them financially and makes independent them. As they are facing challenges during this era of high inflation and continuously rising living costs. In this article, we will cover everything you need to know about this, the eligibility criteria of OAS payment, the increase of this payment in 2024, important payment dates, and the claim process for the OAS payment.
$2455 OAS Payment For Seniors October 2024
OAS stands for Old Age Security, which is a financial support program run by the Canadian government. It is managed by the Canada Revenue Agency. This scheme aims to provide financial and social security to elder and senior citizens of Canada. This amount of $2,455 also helps them manage their monthly expense. In 2024, there is current news spreading widely for an increase in payment. According to this new payment is expected to be credited $2,455 per month which becomes 29,460 per year.
OAS Payment Hike in 2024: New OAS Payments
In 2024, the Canada Revenue Agency decided to increase to $2,455 the Older Age Security funds reflecting the increasing inflation in the country. This hike is focused on decreasing pressure on senior citizens by providing them with financial independence and social security. This change is applicable from July month of this year. This adjustment reflects the higher inflation and hiking prices of households.
Canada Work Visa Rules Changes
| Scheme Title | $2,455 OAS Payment for Senior Citizens |
| Changes Starts | July 2024 |
| Country | Canada |
| Payment Amount | Old Age Security |
| OAS Eligibility | Senior Citizens of Over 65 + Candian |
| Objective | Financial Support |
| Frequency of Payment | Monthly |
| Mode of the Payment | Direct Bank Transfer |
| Official Web page | www.canada.ca |
Increase Rates of OAS Payment
This hike is set to help old-age citizens to manage their medical expenses and handle rising costs. While this amount is calculated yearly, it is well enough for them.
- Increase rate in July to September: 0.7%
- Total hike from July 2023 to July 2024: 2.8%
Payment by Age
Seniors with age 65-74
The standard payment set for this age is $727 per month and this value is fixed.
Seniors with age 75 and more
Senior citizens with 75 and over receive a 10% hike which gets $800.44.
While there is a suggestion that this figure of $2455 may be one one-time OAS payment still there are no confirmations.
Previous vs New OAS Payment: Example
Old Payment (before July 2024): $600 – for illustration
New Payment (after July 2024): $622.80 ($600 + 3.8% increase)
Eligibility for $2,455 OAS Payment
To be eligible OAS amount, you must meet the following criteria to ensure that you get the significant amount with zero deductions. There are two important factors to define eligibility—Age and Residency.
- Eligibility for Canadian Senior Citizens
Age: 65 or above
Residency: Applicant must be a Legal resident of Canada during the application submission and must have resided in Canada for a minimum of 10 years since the 18 age.
- Eligibility for Non-Residents
Age: 65 or above
Residency: Applicant must have been a legal resident of the country before leaving Canada. He/she must have lived in Canada for a minimum of 20 years since the 18 age.
- Eligibility for Canadians Who are Working in Foreign Countries
Employment: Applicant must have been working in Canadian companies.
Residency: They must maintain residency in Canada. They must have returned in 6 months after employment tenure completion.
Age: 65 or more.
These rules of eligibility indicate that applicants of $2455 OAS payments must have a prolonged connection with the country to get the amount. It doesn’t matter if they have been working here or not.
Payment Dates of $2,455 OAS Payment
OAS payment dates of $2,455 are planned to be distributed monthly and the important dates are given below.
| Sep. 2024 | Sep. 25, 2024 |
| Oct. 2024 | Oct. 29, 2024 |
| Nov. 2024 | Nov. 27, 2024 |
| Dec. 2024 | Dec. 20, 2024 |
You are suggested to cross-check these dates from the official websites of the Revenue Agency Canada.
Check the Status of your OAS Senior Citizen Payment
If you are registered with OAS programs and want to check your payment you can easily do this by using the CRA website.
- Visit www.canada.ca and go to the Public Pensions CPP and OAS.
- Use Benefits Calculator: Click on the “Estimate OAS Payment”.
- Put Relevant Information: Provide required details to check the status like age, legal status, income, marital status, etc.
- View Your Estimated Payment after input.
How to Claim for $2,455 OAS Payment for Seniors
Applying for OAS payments for seniors includes these simple steps:
| Home Page | https://www.easthamptonchamber.com/ |
- First of all, check your eligibility to ensure you meet all the requirements given above.
- You can go with either an offline or online application Process for claiming the OAS amount.
- Submit and Verify: if you are applying online, before submitting the complete form check it two times.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal