Key Takeaway Box:
- The Old Age Security (OAS) pension is a monthly benefit paid to eligible Canadian seniors aged 65 and older.
- The OAS pension amount is adjusted quarterly based on inflation and other factors.
- There is no official announcement or confirmation of a $2,400 OAS increase coming on January 30, 2024.
- The OAS pension amount for January to March 2024 is $713.34 for seniors aged 65 to 74 and $784.67 for seniors aged 75 and over.
- You can check your OAS payment status online through My Service Canada Account or by contacting Service Canada.
If you are a senior citizen in Canada, you may have heard or read about a $2,400 OAS increase coming on January 30, 2024. This claim has been circulating on social media and some websites, sparking curiosity and confusion among many OAS recipients. But is it true? And if so, how can you benefit from it? In this article, we will fact-check this claim and provide you with accurate and reliable information about the OAS pension and its payment schedule in 2024.
What is the OAS Pension?
The Old Age Security (OAS) pension is a monthly benefit paid to eligible Canadian seniors aged 65 and older. It is funded from general tax revenues and is not based on your work history or contributions. The OAS pension amount is determined by your age, your income, and how long you have lived in Canada after the age of 18. The OAS pension is considered taxable income and is subject to a recovery tax if your individual net annual income is higher than the net world income threshold set for the year ($81,761 for 2022).
How is the OAS Pension Amount Calculated?
The OAS pension amount is adjusted quarterly based on changes in the Consumer Price Index (CPI), which measures the cost of living in Canada. The CPI reflects the prices of goods and services that Canadians typically buy, such as food, clothing, transportation, housing, health care, and education. The OAS pension amount is updated every January, April, July, and October to keep pace with inflation and protect the purchasing power of seniors.
Is There a $2,400 OAS Increase Coming on January 30, 2024?
There is no official announcement or confirmation of a $2,400 OAS increase coming on January 30, 2024. This claim seems to be based on a misunderstanding or misinterpretation of the OAS payment schedule and the OAS pension increase at age 75.
According to the Government of Canada website, the OAS payment dates for 2024 are as follows:
- January 29, 2024
- February 27, 2024
- March 26, 2024
- April 26, 2024
- May 29, 2024
- June 26, 2024
- July 29, 2024
- August 28, 2024
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
As you can see, the OAS payments are usually made in the last week of each month, except for December, when they are paid on the 20th. Therefore, there is no OAS payment date on January 30, 2024.
Moreover, the OAS pension amount for January to March 2024 is $713.34 for seniors aged 65 to 74 and $784.67 for seniors aged 75 and over¹. These amounts are based on the CPI for the third quarter of 2023, which was 2.8% higher than the CPI for the third quarter of 2022². This means that the OAS pension amount increased by 2.8% or $19.48 for seniors aged 65 to 74 and by 10.8% or $76.81 for seniors aged 75 and over, compared to the previous quarter (from October to December 2023).
The reason for the higher increase for seniors aged 75 and over is that in July 2022, the OAS pension was permanently increased by 10% for this age group¹. This was part of the federal government’s commitment to support older seniors who face higher costs of living and health care needs. The 10% increase is applied on top of the regular quarterly adjustments based on the CPI.
Therefore, the claim that there is a $2,400 OAS increase coming on January 30, 2024 is false and misleading. The OAS pension amount for 2024 is not yet known, as it will depend on the CPI for the fourth quarter of 2023 and the first quarter of 2024, which will be released in January and April 2024, respectively. However, based on the current OAS pension amount and the projected inflation rate, it is unlikely that the OAS pension amount will increase by $2,400 in 2024.
IMPORTANT LINKS:
- What Expenses Can You Deduct from Your Rental Income? (Updated 2024)
- How to Get Your EITC Refund Faster in 2024
- CPP, RRSP, TFSA, FHSA, AMT and OAS Changes: What You Need to Know for 2024
- What Happens to Your CPP and OAS Benefits When Your Spouse Dies?
- How to Get the Grocery Rebate Payments in Canada in January 2024
How to Check Your OAS Payment Status?
If you are receiving or have applied for the OAS pension, you can check your payment status online through My Service Canada Account (MSCA) or by contacting Service Canada.
To check your payment status online, you need to register or sign in to MSCA³. Once registered or signed in, select the “Canada Pension Plan/Old Age Security” button on the MSCA welcome page. Then, select “Payment information” to view payment details. You can print an official proof of payment report of your OAS pension. You will be able to view your payment information for the current and last 2 years.
To check your payment status by phone, you can call Service Canada at 1-800-277-9914 (TTY: 1-800-255-4786). You will need to provide your Social Insurance Number and your date of birth. You can also request a statement of benefits by mail.
Concluding Words
The OAS pension is a valuable source of income for many Canadian seniors. However, it is important to be aware of the facts and avoid falling for false or misleading claims about the OAS pension and its payment schedule. The OAS pension amount is updated every quarter based on inflation and other factors, and there is no evidence of a $2,400 OAS increase coming on January 30, 2024. If you have any questions or concerns about your OAS pension, you can contact Service Canada or visit their website for more information.
Source: (1) Old Age Security payment amounts – Canada.ca. https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html. (2) CPP and OAS Payment Increase 2024. What To Expect. https://canpension.ca/articles/cpp-oas-2024.