Key Takeaway Box:
- The Old Age Security (OAS) pension is a monthly payment that eligible seniors can receive from the Canadian government.
- There is a rumor that the OAS pension will increase by $619 per month for seniors who are 75 years or older in 2024.
- This rumor is false. The actual increase is 10% of the maximum OAS pension rate, which is about $78 per month in 2024.
- The 10% increase is part of the federal budget 2023, which also includes a one-time payment of $500 for seniors who are 75 or older in June 2022.
- Seniors who receive the OAS pension may also qualify for other benefits, such as the Guaranteed Income Supplement (GIS), the Allowance, and the Allowance for the Survivor.
What is the Old Age Security (OAS) pension?
The Old Age Security (OAS) pension is one of the cornerstones of Canada’s public retirement income system. The OAS program provides a base upon which individuals can add income from other sources to address their specific financial circumstances.
The OAS pension is a monthly payment that you can get if you are 65 and older and meet certain eligibility criteria. You may have to apply for the OAS pension if Service Canada does not have enough information to enroll you automatically.
The OAS pension is reviewed in January, April, July, and October to reflect increases in the cost of living as measured by the Consumer Price Index. Your monthly payment amount will not decrease if the cost of living goes down².
The maximum OAS pension amount for the first quarter of 2024 is $713.34 per month. However, your actual payment amount may vary depending on your income, marital status, and other factors.
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Is there a $619 monthly increase in the OAS pension?
There is a rumor circulating on social media that the OAS pension will increase by $619 per month for seniors who are 75 years or older in 2024. This rumor is false.
The actual increase in the OAS pension for seniors who are 75 or older in 2024 is 10% of the maximum OAS pension rate, which is about $78 per month in 2024. This means that the maximum OAS pension amount for seniors who are 75 or older in 2024 will be $784.67 per month.
The 10% increase in the OAS pension is part of the federal budget 2023, which was announced by Finance Minister Chrystia Freeland on April 19, 2021. The budget also includes a one-time payment of $500 for seniors who are 75 or older in June 2022.
The budget states that the 10% increase and the one-time payment are meant to recognize that older seniors face higher health, disability, and housing costs, and are more likely to outlive their savings and face financial insecurity.
The budget also states that the 10% increase will not affect the calculation of the Guaranteed Income Supplement (GIS), which is a monthly non-taxable benefit that provides additional income to low-income seniors who receive the OAS pension.
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What are the other benefits for seniors in Canada?
In addition to the OAS pension, seniors in Canada may also qualify for other benefits, such as:
- The Guaranteed Income Supplement (GIS): a monthly non-taxable benefit that provides additional income to low-income seniors who receive the OAS pension⁴.
- The Allowance: a monthly benefit for low-income seniors who are 60 to 64 years old and whose spouse or common-law partner receives the OAS pension and is eligible for the GIS⁵.
- The Allowance for the Survivor: a monthly benefit for low-income seniors who are 60 to 64 years old and whose spouse or common-law partner has died and who are not yet eligible for the OAS pension⁶.
To apply for these benefits, you need to fill out an application form and submit it to Service Canada. You can find the application forms and more information on the Service Canada website⁷.
How can you check your OAS pension status and amount?
If you are receiving the OAS pension or have applied for it, you can check your status and amount online by using the My Service Canada Account (MSCA)⁸. The MSCA is a secure online portal that allows you to access your personal information and services from the Government of Canada.
To access the MSCA, you need to register for a user ID and password. You can also use your online banking credentials or your Sign-In Partner to log in to the MSCA⁸.
Once you log in to the MSCA, you can view your OAS pension information, such as:
- Your payment dates and amounts
- Your tax slips
- Your annual statement
- Your application status
- Your personal information
- Your direct deposit information
You can also make changes to your OAS pension information, such as:
- Updating your address, phone number, or email
- Changing your marital status
- Applying for or cancelling the voluntary deferral of the OAS pension
- Reporting an absence from Canada
- Reporting a death
If you need help with using the MSCA or have questions about your OAS pension, you can contact Service Canada by phone, mail, or in person⁹.
Conclusion
The Old Age Security (OAS) pension is a monthly payment that eligible seniors can receive from the Canadian government. There is a rumour that the OAS pension will increase by $619 per month for seniors who are 75 years or older in 2024. This rumour is false. The actual increase is 10% of the maximum OAS pension rate, which is about $78 per month in 2024. The 10% increase is part of the federal budget 2023, which also includes a one-time payment of $500 for seniors who are 75 or older in June 2022.
Seniors who receive the OAS pension may also qualify for other benefits, such as the Guaranteed Income Supplement (GIS), the Allowance, and the Allowance for the Survivor. To check your OAS pension status and amount, you can use the My Service Canada Account (MSCA) online or contact Service Canada by phone, mail, or in person.