If you are a senior citizen of Canada, aged over 65 or equivalent, you must have heard about Canada’s $1300+$250 Extra OAS in October 2024 is expected to be implemented. This old-age security program is going to provide $1300 as a financial security benefit with an additional amount of $250.
This financial hike aims to assist old citizens in fighting the rising costs of daily essentials. In this article, we are going to explain the important facts about the $250 Extra OAS benefit, eligibility for this payment, scheduled dates of payments, maximum benefit for the benefit, and the step-by-step claim process for the claim.
Canada $1300+$250 Extra OAS In October 2024
The Old-Age Security is a financial assistance program that provides financial relief to the senior citizens of Canada who are struggling for a better standard of life in their retirement age. They can not work at this age due to their lost abilities and elderly age. In October 2024, an extra one-time payment of $250 is also likely to be included with this regular benefit of $1300.
This benefit is designed to help seniors with the increasing rates of inflation and living costs, ensuring financial security in this age. There are some eligibility criteria determined to receive this benefit. Applicants must meet these eligibility criteria to avail the benefits. For more accurate and detailed information you can visit the official website of the Canadian government.
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Basic Details of $1300 (Extra $250) OAS Payment
| Name of the Benefit | $1300+$250 Additional OAS Payment |
| Funded by | CRA(Canada Revenue Agecny) |
| Payment Threshold | $1300 + $250 |
| Income Limit | For Age 65 to 74: $148,451 For 75 or Over 75: $154,196 |
| Payment Date in October | Oct. 29, 2024 |
| Extra Benefits | GIS benefits and payments for survivors if the spouse is no more |
| Eligibility Factors | Age, Resident, Income |
| Official Website To Apply | www.canada.ca |
Eligiblity for the $1,300 + $250 Payment
To be eligible for the OAS $1300 and the additional benefits you must meet the following requirements age, income, and citizenship.
| Age | Must be age 65 or over at the time of application. You are suggested to apply at the age of 70 to get an increased amount up to 35% |
| Residency | Must have spent a minimum of 20 years in Canada after 18. If you have lived at least 20 years in Canada, you will get reduced payment according to the duration of living in another country. |
| Income Limits for OAS | For aged 65 – 74: $148,451 For aged 75 & plus: $154,196If you cross these limits payment will be reduced |
What is the Maximum Payment for OAS $1300 + $250?
Your old age security payment is based on your income, age, and additional payments that you are receiving from other benefit programs.
| Basic Payments for OAS per month | Aged 65-74: $727.67Aged 75 or 75+: Up to $800.44. |
| GIS Payments per month | For low-income seniors of 65 or 65+: $1086.88 |
| Benefit for Survivor if you have lost your spouse | For ages between 60 & 64 : up to $1,647.34 per month |
| Total Payment in Oct 2024 | Up to $2455 |
How to Apply for OAS Payment in October 2024
If you think you are qualified to get OAS benefits you should apply for the payments in October 2024. Payment will be sent directly to the beneficiary’s bank accounts.
Step 1: Determine Eligibility
First of all, you need to ensure that you are eligible to receive the OAS and GIS benefits. Check you meet all the requirements related to age, income, and residency guidelines. If you are applying early retirement age make sure it has been 6 months to your 65th birthday.
Step 2: Apply For the Benefit
You have multiple choices to apply for the OAS online, offline, by mail, or in person but the best way is the online way. Now you have to go to www.canada.ca and go to the My Service Canada Account to apply. Fill out the application form and submit all the required documents.
Step 3: Now Apply for GIS
If you belong to a lower-income group you must apply for Guaranteed Income Supplements. It will give you an assured income.
| Home Page | https://www.easthamptonchamber.com/ |
FAQs for Canada $1300+$250 Extra OAS In October 2024
This extra payment also will be deposited with your regular payment of $1300 on its scheduled date Oct. 29, 2024.
Yes, you can avail of both of the benefits at the same time if you are eligible for both of these benefits.
No, this additional $250 is not tax-free income, and inform your tax professional for your further tax filing.
If you have lived a minimum of 20 years in Canada after completing the age of 18, you can receive these benefits even if you are currently living in another country.
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