There have been rumors of an increased $1,280 Old Age Security (OAS) payment for Canadian seniors in November 2024, circulating widely on social media.
However, it’s essential to clarify that no official announcement has been made by the Canada Revenue Agency (CRA) or the Canadian government regarding a one-time $1,280 OAS payment in November.
Here’s a fact-checked breakdown of what is confirmed about OAS payments, eligibility criteria, current benefit amounts, and upcoming payment dates.
OAS Payment Amounts for November 2024
The Old Age Security (OAS) program is designed to provide monthly financial assistance to Canadian seniors aged 65 and older who meet specific residency and income criteria.
As of recent adjustments, the maximum monthly OAS payment amount is $800.44 for seniors aged 75 and above and $727.67 for seniors aged 65 to 74. These amounts include the additional 10% increase for seniors over 75, implemented to address higher living costs for older retirees.
Breakdown of Current OAS Payments
| Age Group | Maximum Monthly OAS Amount |
|---|---|
| 65-74 | $727.67 |
| 75+ | $800.44 |
OAS payments vary based on a senior’s annual income, as higher-income earners may see reductions in their OAS benefits due to clawback provisions. The Guaranteed Income Supplement (GIS), available to lower-income seniors, can provide additional financial support alongside OAS payments.
Eligibility Criteria for OAS Benefits
To qualify for OAS payments, seniors must meet specific residency, age, and income requirements:
- Residency: Must be a Canadian citizen or legal resident who has lived in Canada for at least 10 years since turning 18.
- Age: Must be at least 65 years old. OAS payments can be deferred for up to 5 years, which results in higher monthly benefits.
- Income Limits: Single seniors with an annual income under $148,451 may qualify, with a slightly higher threshold of $154,196 for those aged 75 or older.
- Tax Obligations: Beneficiaries must file taxes annually to receive OAS and GIS benefits.
By deferring OAS payments up to age 70, beneficiaries may receive increased monthly benefits, which can aid in retirement planning for seniors who can delay receiving payments.
OAS Allowances and GIS Support
In addition to the core OAS benefit, eligible recipients may qualify for the Guaranteed Income Supplement (GIS), as well as additional allowances under certain conditions:
- Guaranteed Income Supplement (GIS): Provides up to $1,086.88 monthly for seniors with annual incomes below $22,056. This is combined with OAS for low-income seniors who require extra financial support.
- OAS Allowance and Survivor Allowance: Additional supports for spouses of low-income seniors or surviving spouses.
Combined Maximum OAS and GIS Payments for Low-Income Seniors
| Benefit | Maximum Amount per Month (Approx.) |
|---|---|
| OAS (75+) | $800.44 |
| GIS | $1,086.88 |
| Total | $1,887.32 |
Eligible seniors receiving both OAS and GIS can receive up to approximately $1,887 monthly, depending on their specific income and eligibility.
November 2024 OAS Payment Date
The next OAS payment for November 2024 is scheduled for November 27. This payment date is consistent with the CRA’s monthly release schedule, which typically disburses benefits at the end of each month.
Payments are sent directly to beneficiaries’ bank accounts. In cases where beneficiaries do not receive their payment on time, they should first verify with their bank and then wait three business days before contacting the CRA for assistance.
Fact Check: Rumor of $1,280 OAS Payment
The circulating information about a $1,280 OAS payment in November 2024 is unverified and likely false. No official statement has been made by the CRA or the Canadian government regarding a sudden increase or one-time OAS payment of this amount.
The CRA typically announces any changes to benefit amounts or special payments well in advance, and no such announcement has been made at this time. Canadian seniors are advised to rely on official CRA sources and government announcements for accurate information.
The current maximum OAS payments remain at $800.44 for seniors 75 and older and $727.67 for those aged 65 to 74. The next scheduled payment date is November 27, 2024, and eligible low-income seniors may receive additional support through the GIS. For verified information, seniors should refer to the CRA’s official website or consult a financial advisor.
