Rumors of a $3,500 Old Age Security (OAS) payment in October 2024 are circulating on social media. However, as of now, there has been no official announcement from the Canada Revenue Agency (CRA) or any government body confirming a special $3,500 payment under OAS.
This article clarifies the facts, reviews actual OAS payment amounts, eligibility criteria, and provides a payment schedule.
Official Old Age Security (OAS) Payment Overview
The OAS program provides a monthly pension for eligible Canadian seniors aged 65 and above. Regular OAS payments vary by age group and income level, but they are far lower than the rumored $3,500 amount. The standard OAS payments are:
- Ages 65 to 74: Monthly payment of $718.33
- Ages 75 and Older: Monthly payment of $790.16 (includes a 10% increase for seniors over 75)
These regular payments may be supplemented by the Guaranteed Income Supplement (GIS) for low-income seniors, which can add up to $1,000 per month.
Eligibility Criteria for OAS Payments
To qualify for OAS payments, seniors must meet specific residency, age, and income requirements. Here’s a summary:
- Age Requirement: Applicants must be 65 years or older to qualify.
- Residency: Applicants must be Canadian residents and have lived in Canada for at least 10 years after the age of 18.
- Income Limits: OAS is reduced for seniors with an annual income over $86,912 and phased out completely above $142,609.
- Tax Compliance: Recipients should be current on their taxes to avoid disruptions in OAS payments.
Seniors with very low income may also be eligible for the GIS, which provides additional monthly support. No investment is required to qualify for OAS or GIS, as both are government-provided benefits.
October 2024 OAS Payment Date
The next scheduled payment for OAS and CPP is set for October 29, 2024. Canadian seniors should expect their OAS payments on this date, with no indication of any increased payment amount beyond the usual OAS and GIS rates.
Future Payment Date: November 27, 2024
After the October disbursement, the next OAS payment date will be November 27, 2024. Recipients can mark these dates in their calendars for planning purposes.
Fact Check on the $3,500 OAS Payment Rumor
The rumor of a special $3,500 OAS payment is not based on official announcements. The CRA has not issued any statement or policy update regarding an increase to this amount. Official government benefit amounts and schedules can be verified through the Government of Canada or Service Canada websites, and it’s always advisable to rely on these sources rather than social media.
For more information or to verify OAS payments, visit the official CRA website or contact Service Canada.
