OAS stands for Old Age Security. The program was proposed by the Government of Canada to financially support the senior citizens of the country. It is a monthly payment, received by the eligible citizens of the country who are above the age of 65.
The OAS amount is also going to increase in the month of September. People who were receiving $66,500 monthly will now receive $68,500 monthly from September 2024. It is a taxable payment administered by the Canada Revenue Agency (CRA).To know more about the payment dates of OAS, eligibility criteria, and calculation of OAS amount, you can go through this article.
Highlights of OAS Program 2024
| Article Name | OAS Payment Dates September 2024 |
| Country Name | Canada |
| Organization | Canada Revenue Agency |
| Age Criteria | 65 and above |
| Payment Date | September 25, 2024 |
| Post Category | Finance |
| Official Website | https://www.canada.ca/ |
Eligibility Criteria
- An individual applying for the OAS must be 65 years old and above.
- You must be a resident of Canada.
- After turning 18, you must have served the country for at least 39 years. You must have also lived in the country for at least 10 years.
- If you have resided in Canada for less than 40 years, after the age of 18. Then you will be eligible for the partial payment of OAS, depending on the number of years you have lived in the country.
Payment Dates of OAS from September to December 2024
| Month | Date |
| September | 25 September 2024 |
| October | 29 October 2024 |
| November | 27 November 2024 |
| December | 20 December 2024 |
Payment Amounts 2024
Due to inflation, payment amounts fluctuate quarterly based on the Consumer Price Index (CPI).
- Age group of 65 to 74 :- People who come under the age group of 65 to 74 will get a monthly payment of $713.34. This makes up to $8,560.08 yearly. The annual income should be less than $145,609.
- Age 75 and above:- Beneficiaries who are 75 years old and above receive $784.67 monthly. This sums up to $9,416.04 yearly. The annual income should be less than $148,179.
Contributing factors in OAS 2024
There are two key factors that decide your payment amount for OAS.
- The number of years you have lived in Canada, after turning 18.
- If your annual income is higher than a certain threshold then your OAS amount would be taxed by the government.
These key factors ensure that those who are in need get the higher benefit. CRA administers the OAS program. For more updated information please visit the official website [Canada.ca].
Application Procedure
- Firstly, go to the official website of the Canadian Government, i.e., Canada.ca .
- Log in into your CRA account.
- Select the “Benefits and Credits” section.
- In the application form, provide all the personal and income information, as well as the residential details.
- Before submitting the application, review the information once again to avoid any delay or miscommunication.
- After successfully submitting the application, CRA will send you a verification message.
- Within 6-8 weeks your application will get processed by the CRA.
- Upon successful approval of your application, you will receive a letter which will contain the details and first date of the payment.
| Home Page | https://www.easthamptonchamber.com/ |
FAQs for Old Age Security Payment Dates September 2024
September 25, 2024, is declared as the payment date of OAS for the month of September.
People who come under the age group of 65 to 74 will get a monthly payment of $713.34.
OAS amount changes based on the CPI, due to a rise in inflation.
Yes, after the age of 74, you will receive 36% more OAS pension.
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