Canada’s government has always been committed to supporting its senior citizens through various financial programs, one of the most important being Old Age Security (OAS). Recently, there has been buzz about a possible extra $670 OAS payment that could help seniors deal with rising costs of living. In this article, we’ll explore what this proposed benefit is, who qualifies for it, how the OAS system works, and whether or not this extra payment is confirmed.
What is the $670 Extra OAS Benefit?
The Old Age Security (OAS) program provides financial support to seniors aged 65 and older. It is designed to help older Canadians cover their basic expenses such as housing, food, and other essential needs.
The $670 extra OAS benefit that has been discussed is an additional one-time payment. This payment is intended to help seniors cope with the higher cost of living, especially due to inflation. It would provide a boost to seniors who are already receiving regular OAS payments, making it easier for them to manage rising prices for things like bills, utilities, and groceries.
Eligibility Criteria for OAS and the $670 Extra Benefit
To qualify for OAS, including the rumored $670 extra benefit, seniors must meet the following basic requirements:
- Age: You must be at least 65 years old.
- Residency: You must be a legal resident of Canada when the OAS payment is made.
- Residency History: If you’ve lived in Canada for several decades after turning 18, you may be eligible for the full OAS amount. Even if you’ve lived in Canada for a shorter time, you may still qualify for a reduced OAS benefit.
These eligibility rules apply to both regular OAS benefits and the extra $670 payment, though it’s important to note that the extra benefit is still unconfirmed.
OAS Payment Schedule for 2024
OAS payments are typically made monthly. In 2024, the payment dates are as follows:
- November 2024: November 27, 2024
- December 2024: December 20, 2024
These payments will be made to seniors who qualify, with the amount depending on their age and income.
How Much Will You Receive in OAS?
The amount you receive from OAS depends on two main factors: your age and your income. The OAS payment amount increases as you get older, and there are income thresholds that can affect how much you receive.
- For seniors aged 65–74, if their annual income is below $148,451, they can expect a maximum monthly payment of $727.67.
- For seniors aged 75+, if their annual income is below $154,196, they can expect a maximum monthly payment of $800.44.
OAS payments are also adjusted every three months based on the Consumer Price Index (CPI), which measures inflation. This adjustment helps seniors cope with rising living costs. In the last quarter of 2024, OAS benefits are expected to increase by 1.3% to help keep up with inflation.
Is the $670 Extra OAS Benefit Confirmed?
As of now, the proposed $670 extra OAS benefit has not been officially confirmed by the Canadian government or organizations like the Canada Revenue Agency (CRA). Although the extra payment has been widely discussed in the media, seniors should be cautious about rumors and only rely on official sources such as canada.ca or CRA for updates.
If this payment is confirmed, eligible seniors will receive it automatically, without needing to apply for it separately. However, until then, it’s important to stay updated with official information.
How to Claim OAS Benefits
To receive OAS benefits, eligible seniors need to follow these steps:
- Visit the Official OAS Website: Go to canada.ca to begin the process.
- Check Your Eligibility: Make sure you meet the age and residency requirements.
- Submit Your Details: Provide personal information, including your bank details for direct deposit.
- Upload Required Documents: You may need to upload documents such as proof of age, Canadian residency, and income.
- Complete the Application: Fill out the online form to apply for OAS.
- Track Your Application: You can check the status of your application online to see if there are any updates or issues.
For most seniors, OAS payments are automatically processed once they meet the eligibility requirements, and there is no need to apply separately unless it’s their first time applying for OAS.
Conclusion
The $670 extra OAS benefit could provide much-needed financial support to seniors, especially those struggling with rising costs of living. While this extra payment is not yet confirmed, it highlights the government’s ongoing efforts to ensure seniors are supported financially. If the payment is confirmed, it will be credited directly to eligible seniors’ accounts, providing a valuable boost. In the meantime, it’s essential to rely on official sources like the CRA and canada.ca for the most accurate and up-to-date information.
FAQ’S
1. What is the $670 extra OAS benefit for seniors in Canada?
The $670 extra OAS benefit is a proposed one-time payment aimed at helping seniors cope with rising living costs. It would be added to their regular Old Age Security (OAS) payments. However, this extra payment has not yet been confirmed by official sources like the Canada Revenue Agency (CRA).
2. Who is eligible for the OAS program and the $670 extra benefit?
To qualify for the OAS program, you must be 65 years or older and a legal resident of Canada. For the extra $670 benefit, eligibility would depend on the same requirements, though you must also have a certain residency history in Canada to receive the full benefit.
3. How much do seniors receive from the OAS program?
The amount seniors receive from OAS depends on their age and income. Seniors aged 65–74 who earn below $148,451 annually can receive up to $727.67 per month. Seniors aged 75+ who earn below $154,196 annually can receive up to $800.44 per month.