The Canada Revenue Agency announces a $2400 OAS Boost for Seniors in Canada. Eligible Canadians will start receiving $2400 New OAS Boost as per monthly Old Age Security(OAS) benefits under CRA.
This article discusses the details of this payment, purpose, and how it aims to financially assist seniors with the rising cost of living. Please keep reading and stay informed!
$2400 OAS Boost to Be Sent January 30, 2024
The exciting news for Canadians; starting January 2024, CRA introduces a $2400 New OAS Boost, offering financial relief for seniors’ care and aiding in cost-of-living-adjustments.
All Canadians who reach senior status( the age of 65 years and more), will start receiving monthly Old Age Security pension benefits under CRA Eligibility 2024. The Government of Canada gives financial assistance to Canada citizens over 65 years, through the Old Age Security retirement plan. The OAS payment is sent directly to the recipient bank account.
When Is The Upcoming $2400 OAS Senior Pension Boost by CRA?
The upcoming $2400 OAS Senior pension boost by CRA, will be Canada’s largest pension scheme so far. This boost has sparked speculation among the qualifying residents and citizens about its disbursement on January 30, 2024.
The Canada Revenue Agency has not yet confirmed information at this moment. Seniors are advised to visit Canada’s official website to get the latest updates.
Related Links:
- Canada Pension Plan
- $460 for Seniors In Canada 2024 Dates
- $2250 OAS Benefit Increase
- Canada Workers Benefit
- New CRA Payment Dates
What Benefits are Available for Senior Citizens In Canada?
The Government of Canada offers several benefits for seniors citizens in Canada. These include:
- Canada Pension Plan: Taxable monthly benefits replacing part of your income when you retire.
- Old Age Security pension benefits: A monthly payment for 65 years of age or older.
- Dental Coverage: a federal Benefit for Canadian citizens, with adjusted family net income less than $90,000 and have no access to dental insurance.
- Guaranteed Income Supplement: Nontaxable monthly benefits paid to senior citizens, 65 years or older with low income.
OAS Payment Amount In January 2024
The OAS payment amount in January 2024 is now $68500 from $66500 in 2023. The new increased benefit is $2250 available from 9 January 2024, to Canada residents of age 65 and above. To know your status, individuals must check the OAS Eligibility 2024.
The Canada.ca Old Age Security payment 2024 clawback limit will rise to $90977 from $86912. One has to have made at least 1 contribution to CPP during their working earning period. Beneficiaries will get payments direct to their bank accounts.
