The Government of Canada has introduced the Old Age Security Pension (OAS) to help low-income senior citizens and their families receive financial support in case of retirement, disability or death. OAS Pension Program comes under a guaranteed supplementary income for all senior citizens as they can receive monthly compensation amount from the government.
The OAS is part of Canada’s retirement income system intended to provide a basic level of pension to senior citizens aged 65 and older who meet all requirements. This program is important if you are struggling with financial need and waiting for assistance. Recently, the government has proposed $800+$713 OAS Double Payments for all senior citizens and this will come soon in April 2024. If you are concerned about this payment then you need to read the following sections and know the relative updates here.
$800 + $713 OAS Double Payments
The OAS Pension Program also includes a Guaranteed Income Supplement (GIS) which allows people to receive a guaranteed income from the government. The recently announced $800 + $713 OAS Double Payments will help seniors stretch their monthly budgets and also allow them to prepare for rising inflation by managing their expenses. To make up for some of the increase with OAS pension payments, the Consumer Price Index is also evaluated and the new OAS Pension Amount will be generated as of 2024. With time, the government has been making some changes to all the pension plans in Canada and trying to provide adequate amounts through which senior citizens may not have to struggle to meet their needs. This increase may also help senior citizens from low-income groups get some financial assistance.
OAS Pension can be started at the age of 65 and above. At this age, senior citizens will get a huge amount which will be enough to meet their basic needs. But with increasing age, the benefit amount also reduces and after reaching a certain age, people can get the minimum benefit amount from this program. If you are 75 years old, you can get an increase of about 10% in OAS pension. The government measures the benefit amount to provide financial assistance to all senior citizens. This $800 + $713 OAS Double Payment will also take several measures to support the financial security of seniors. If you want to know more updates about it then read the following section and know the updates here.
Canada OAS Pension Increase 2024 – Overview
| Country | Canada |
| Article On | $800 + $713 OAS Double Payments Coming Soon |
| Department | CRA |
| Program | Old Age Security Pension Program |
| Beneficiary | Seniors |
| Eligibility Age | 65 year and older |
| Category | Government Aid |
| $800 + $713 OAS Payments Date 2024 | April 2024 |
| Official Website | canada.ca |
Who is Eligible for $800 + $713 Extra OAS Payments?
Supporting senior citizens financially has always been a priority of the Canadian Government. Millions of senior citizens in Canada are receiving this OAS pension and increasing their monthly budget to meet all their basic expenses. Not all seniors can benefit from this program or some groups are still away from it due to lack of awareness. So if you have heard the announcement of the $800 + $713 OAS double payment 2024 and now want to receive this payment there are some requirements needed. Below I have attached some requirements that you all must meet. So check the points below and know if you are eligible for this payment.
- It would help if you are a permanent resident of Canada.
- Your age should be 65 years and above.
- You need to enrol for the Canada’s Retirement Income System.
- Your annual gross income should not exceed the federal limit.
- To Receive maximum benefit, need to wait for FRA.
Trudeau OAS Increase 2024 Latest Announcement
All senior citizens need to get some increase in OAS Pension Payments. This payment allows senior citizens to receive some additional income support to manage their expenses. This $800 + $713 OAS Double Payments 2024 allows people to get into the bank account as they can manage their expenses well. Due to inflation and the cost of living, the government has decided to make some increases in OAS pension payments. Because the increase can help senior citizens to get some extra amount.
This additional income assistance helps Canadian seniors meet their financial needs. At older ages, one does not have adequate income support and is completely dependent on others. So the government started the pension system to support senior citizens through which eligible senior citizens can get monthly pension payments for their needs. In this year 2024, some increases will be implemented with the OAS program and this will increase the benefit amount for all senior citizens.
$800 + $713 OAS Payment Dates
The new old age security payment will be available with some increase as the government has planned for increases with this pension system. Inflation has also increased in Canada and due to this, low-income people and families are in financial need. The government implemented some enhancements in this scheme to improve the quality of life of senior citizens.
After the hike is implemented, eligible senior citizens get some additional amount along with their regular pension payments. The additional $800 + $713 OAS Double Payments will be available in 2024 at a date to be determined. The government will soon provide this assistance amount in the bank accounts of the beneficiaries. In April 2024, you can expect to receive this $800 + $713 OAS Double Payments. Many seniors are waiting for this payment. You can also visit the official website to know the payment status. For any other information you want to know here, let me know in the comment box below.
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