$400 Increase In CPP & OAS Benefits For 65 Years Old In October 2024: Know Eligibility

Good news for Canadian seniors! In October 2024, Canada Pension Plan (CPP) and Old Age Security (OAS) benefits are expected to rise by $400.

This increase is part of an effort to ease the financial strain on retirees caused by rising living costs, inflation, and healthcare expenses.

For those relying on these essential programs for their financial security, this increase could provide significant relief.

Let’s break down the details on who qualifies for the increase, when the payments will be made, and how you can ensure you receive this benefit.

Overview of CPP and OAS Benefits

The CPP provides monthly payments to Canadians who contributed to the plan during their working years, starting as early as age 60.

The OAS, on the other hand, is a universal pension program available to Canadians aged 65 and over, regardless of their employment history or CPP contributions.

The planned $400 increase in these benefits will help seniors manage the rising costs of essentials like housing, food, and healthcare.

CPP and OAS Eligibility

To receive the CPP or OAS benefits—and benefit from the increase in October 2024—seniors must meet specific criteria:

1. CPP Eligibility:
   • You must have contributed to the CPP during your working years.
   • The minimum age to receive the CPP is 60, though most recipients begin at age 65 to receive full benefits.
2. OAS Eligibility:
   • You must be at least 65 years old.
   • You must have resided in Canada for at least 10 years after age 18.
   • Unlike CPP, there is no contribution requirement, so even those who have never worked in Canada may be eligible for OAS benefits.

Objectives of the $400 CPP/OAS Benefit Increase

The primary aim of the $400 increase in CPP and OAS payments is to provide financial support to seniors facing economic pressures.

In Canada, retirees are dealing with increasing living expenses, healthcare costs, and inflation, which strain fixed incomes. This increase will:

• Provide much-needed financial relief.
• Assist seniors in covering basic living expenses, including housing, groceries, and medical care.
• Help ease the burden on millions of Canadians relying on CPP and OAS for retirement income.

While there has been significant discussion around this increase, formal confirmation of the hike from the Canada Revenue Agency (CRA) is still pending.

Payment Schedule for CPP and OAS Benefits

CPP and OAS payments are deposited on fixed dates every month. The payments for the remainder of 2024, including the $400 increase expected in October, are scheduled as follows:

Payment Date	Benefit Payment
October 29, 2024	CPP and OAS + $400 Increase
November 27, 2024	Regular CPP and OAS Payment
December 20, 2024	Regular CPP and OAS Payment

If you’re signed up for direct deposit, these payments will automatically be transferred to your bank account on the scheduled dates. For those receiving payments by mail, expect some delays, as checks take longer to arrive.

How to Get the $400 Increase in CPP/OAS Benefits

If you’re already receiving CPP or OAS benefits, you don’t need to take any additional steps to receive the $400 increase. The increase will be included automatically in your regular monthly payment starting from October 2024.

However, if you haven’t yet applied for CPP or OAS, you can follow these steps:

Step-by-Step Process to Apply for CPP/OAS Benefits

1. Visit the CRA Official Website:
   • Go to Canada.ca and navigate to the CPP/OAS section.
2. Create or Log into Your My Service Canada Account (MSCA):
   • If you do not already have an MSCA account, you’ll need to create one to access and apply for retirement benefits.
   • Your MSCA account allows you to track your CPP and OAS benefits and apply for the programs.
3. Complete the Required Forms:
   • Fill out the necessary forms for either CPP or OAS, or both, depending on which benefits you’re applying for.
   • You will need to provide documentation such as proof of age, Canadian citizenship or residency status, and your employment history (for CPP).
4. Submit Your Application:
   • After completing the application and attaching all required documents, submit the forms online through your MSCA account.
   • The CRA will review your application and notify you of its approval status.

Once approved, your payments will begin, and the $400 increase will be included automatically starting in October 2024.

The $400 increase in CPP and OAS benefits scheduled for October 2024 will provide welcome financial relief to Canadian seniors.

With rising costs of living, this boost will help cover essential expenses, making it easier for retirees to maintain their standard of living.

If you’re already receiving these benefits, the increase will be added automatically. If you haven’t yet applied, follow the steps outlined above to ensure you’re eligible for this important financial support.

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