Every month, senior citizens residing in Canada receive the Old Age Pension (OAS) as part of the government aid programs. The Canada Revenue Agency manages the OAS payments as well as the Canada Pension Plan (CPP). This payment is available for seniors of age 65 years old or above. The OAS Payments ensure a better lifestyle for old-age citizens who lack a stable income source. Additionally, the pension also covers basic monthly bills including groceries and medicines to offset inflation. The OAS Payment Dates for October 2024 have already been made official by the department.
OAS Payment Dates October 2024
The CRA usually administers the OAS pension for low-income citizens in Canada. For the same reasons, the department has also set an income limit. Applicants who meet the income limits can claim their next OAS payment in October 2024. Generally, eligible OAS beneficiaries receive their pension in the last week of every month except for December. Likewise, based on the OAS Payment Dates, citizens can claim their next pension payment on October 29, 2024. For the following months, the OAS pension Schedule is November 27, 2024, and December 20, 2024.
As the living expenses rise in Canada, the Canadian Government implements various methods to balance the same. Such as, the OAS payment is quarterly revised in January, April, July, and October by the CRA. If there is a rise in inflation, the CRA raises the OAS pension amount to compensate for this cause. As a result, it allows the seniors to keep pace with the cost of living and their monthly expenditures. Beneficiaries receiving this payment are also eligible for Guaranteed Income Supplement and other allowances from the CRA in 2024.
OAS Payment Dates October 2024 Brief Overview
| Title | OAS Payment Dates for October 2024 |
| Country | Canada |
| Department | Canada Revenue Agency (CRA) |
| Governed by | The Federal Government of Canada |
| Category | Government aid |
| Applicable for | Old age citizens |
| Purpose | To give financial assistance |
| Month | October |
| Year | 2024 |
| Official website | canada.ca |
Eligibility Criteria for OAS Payment October 2024
Unlike CPP, the OAS payment does not depend on the applicant’s income history during his/her employment years. However, to claim the OAS Payment in October 2024, a person should be aware of the following OAS eligibility criteria:
- An applicant must be living in Canada.
- During the payment distribution, an applicant must have a legal residency in one of the provinces or territories of Canada.
- The minimum age requirement to be eligible for the OAS payment 2024 is 65 years.
- If an applicant has lived for at least 10 years in Canada once turning 18 years old, he/she is eligible for the OAS pension.
- For Those living outside of Canada and applying for OAS, a minimum residency of 20 years in Canada is mandatory after turning 18 years old.
- Canadians working for Canadian employers outside of the country are also eligible for OAS payments.
OAS Payment Dates October 2024 Amount
Once every three months, CRA changes the OAS payment amount if the Consumer Price Index measures a hike in inflation. If there is no rise in the cost of living, the pension remains the same. The OAS Payment Amount for October 2024 that an applicant can claim depends on their age. For a person aged between 65 years and 74 years, CRA issues a monthly payment of $718.33. However, their net income in the previous year must be less than $142,609.
For beneficiaries who are 75 years old or older, a monthly OAS payment of $790.16 is provided by the CRA. To be eligible for this benefit, their annual net income for the previous year must remain below $148,179. Additionally, those who are above 75 years of age can also claim an extra 10% OAS benefit from the CRA.
How to Apply for OAS Payment for October 2024?
Usually, the CRA notifies an applicant when he/she can receive the OAS payments. The department sends a letter declaring their enrolment for the benefit. However, in some cases like lack of information or incorrect details, an applicant may need to apply for an OAS pension. For that, one can apply through a paper application or via a My Service Canada Account (MSCA):
- First, log in to the MSCA or create one if do not have one.
- Upon reaching the overview page, navigate the Old Age Security (OAS) pension option.
- An applicant needs to gather mandatory documents before applying for the OAS Payment for October 2024. Documents may include the Social Insurance Number (SIN) and details of the spouse or common-law partner if have one.
- Provide all the details on the portal as asked and submit the application form.
- Wait for the response from the authorities regarding the application status and eligibility for the OAS pension.
Citizens who are not suitable for online application can apply through the paper application. For that, one needs to fill out the application form and mail it to the nearest CRA office. For more information related to the OAS Payment Dates for October 2024, beneficiaries can also visit the official website of the CRA.
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David has spent Several years reporting on the oil and gas industry, uncovering the latest trends and technological breakthroughs. His expertise in energy markets and passion for sustainable practices make his articles both insightful and forward-thinking. Davis’s in -depth analyses are a staple for professionals seeking to stay ahead in this dynamic field.