OAS Increase 2024: What You Need to Know in Simple Terms
- What is OAS?
- More Money in 2024
- Who Gets Affected by OAS Clawback?
- When Do You Get OAS Money?
- How Can You Get OAS?
- What's Good About OAS?
- How to Sign Up for OAS
What is OAS?
OAS is like a safety net for older folks in Canada. It gives them money to live on when they're retired and need it the most. You can start getting this money when you turn 65 and meet certain rules.
More Money in 2024
In 2024, the government is going to give more money to people who get OAS. Right now, they get $66,600 each year. But starting January 1, 2024, it will go up to $68,500. This extra money is because things get more expensive over time, and they want to make sure seniors have enough.
Who Gets Affected by OAS Clawback?
Some seniors who make a lot of money will have a part of their OAS taken away. This is called the OAS Clawback. In 2024, if you make more than $90,997, they'll take some of your OAS. The government also takes money from your paycheck and your employer's paycheck to pay for this program.
When Do You Get OAS Money?
Check the payment dates in the table below:
| Month | Payment Date |
|---|---|
| January | January 28, 2024 |
| February | February 27, 2024 |
| March | March 26, 2024 |
| April | April 26, 2024 |
| May | May 29, 2024 |
| June | June 26, 2024 |
| July | July 29, 2024 |
| August | August 28, 2024 |
| September | September 25, 2024 |
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
How Can You Get OAS?
To get OAS money, you have to meet certain rules:
- You should be at least 65 years old.
- You need to have lived in Canada for at least ten years since you were 18.
- You must be a legal resident when you apply.
- Some people can get it with 20 years of living in Canada, and there are special rules for people from other countries.
What's Good About OAS?
Here are the benefits of getting OAS:
- You'll get more money in 2024.
- It helps older people have money when they retire.
- If you're 75 or older, you get even more money.
- The government checks every year to make sure the money keeps up with how things cost.
How to Sign Up for OAS
If you're eligible for OAS, you'll either get a letter telling you when it starts or you can apply yourself. You can do it online, over the phone, or at a Service Canada office. If you already have an account with them, you can apply online easily.
So, that's the deal with OAS in 2024. It's good news for older Canadians, and understanding the rules and when you'll get your money is important. It's all about making sure older folks have enough money to enjoy their retirement years.
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