$956 OAS Pension Payment 2024: Eligibility, Amounts, and Key Information

The Canadian government has announced several changes to the Old Age Security (OAS) pension payments for 2024. These modifications aim to address the rising cost of living and help mitigate the effects of inflation on low-income individuals. Notably, there has been an increase in the OAS payment amount, reflecting a 3.4% rise in the cost of living. For the most accurate and up-to-date information, it’s advisable to visit the official website of the Canada Revenue Agency (CRA) at www.canada.ca.

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Purpose of the Increase

The primary goal of increasing the OAS payments for 2024 is to ensure that elderly Canadians have sufficient funds to manage their monthly expenses comfortably. While the exact amount of the increase has not been specified, there is a significant adjustment in the payments offered under the OAS program.

Eligibility for $956 OAS Pension Payment 2024

To qualify for the $956 OAS Pension Payment in 2024, certain criteria must be met:

Age: The applicant must be at least 65 years old.
Residency: The applicant should have been a resident of Canada for a minimum of 10 years. For those who have lived in Canada for at least 20 years, full benefits are provided once they reach the age of 75 without any reductions.
Annual Income: The candidate’s annual income should be between $147,609 and $148,609.
Other Requirements: The applicant must have a My Service Canada Account (MSCA), a Social Insurance Number (SIN), and relevant documents related to birth and income proof.

OAS Payment Amounts

The average OAS payment amounts vary based on the recipient’s age:

Ages 65 to 74: The average monthly payment is approximately $718.33.
Ages 75 and above: The average monthly payment increases to about $790.16.

OAS Payment Dates for 2024

OAS payments are distributed monthly, typically by the last week of each month. The specific payment dates for 2024 are as follows:

July 2024: 29 July 2024
August 2024: 28 August 2024
September 2024: 29 September 2024

Fact Check on the $956 OAS Payment

The $956 payment amount mentioned is not confirmed on the official CRA website. It may represent a collective reference rather than an exact figure. As the CRA makes monthly adjustments to these payments, the actual amounts and payment dates may vary. For reliable information, always refer to the official CRA resources.

FAQs $956 OAS Pension Payment 2024

Q1) What is the exact amount of payments released by the CRA?

Ans:- The payments range between $718.33 and $790.16, depending on the recipient’s age.

Q2) Who heads the Old Age Security Pension Plan 2024?

Ans:- The Canada Revenue Agency (CRA) structures and maintains the Old Age Security Pension Plan.

Conclusion

While the government has increased OAS payments to help senior citizens cope with economic changes, it’s essential to stay updated through official channels for precise details. This ensures that eligible individuals receive the support they need without any misinformation.