This is one of the benefits that Canadian seniors will soon experience under the OAS, which will increase in January 2025. The state adjusts benefits to inflation so that an average retiree will preserve his or her standard of living as living costs increase. This article discusses the benefits of an OAS increase of up to $1,946, who will benefit from it, and how they can check their eligibility.
What Is The OAS Program?
The Old Age Security (OAS) program came in to provide monthly pension payments to Canadian citizens and legal residents, at the age of sixty-five years old. Unlike the CPP (Canada Pension Plan), OAS is independent of how many employments the citizens have within Canada or how much they contribute towards the general fund. Thus, by the time an individual is retired, it can serve as a very important income source.
Understand The $1,946 Boost
This figure represents the maximum combined monthly total of OAS pension and GIS for seniors, which is the finding that the individual receives other supplements. GIS will be the extra benefit that an OAS recipient receives because of low income.
- For January 2025, its components are as follows:
- OAS Pension: Up to $733.70 for individuals aged 65-74 and $754.05 for those aged 75 and older.
- GIS: Up to $1,192.95 for single individuals (amount varies based on income and marital status).
So, the monthly maximum amount added together could boost an eligible senior to $1,946.
Eligibility Requirements
The seniors can meet the following conditions to receive benefits in the OAS boost:
- Age- above or within the 65 years age bracket.
- Residency- minimum 10 years in Canada after the individual turns to 18 years.
- Income Level – GIS benefits are based on eligibility is dependent on meeting certain lower-income thresholds.
How To apply Or Check Payments:
Automatic Enrollment: Many seniors are automatically enrolled in the OAS program.
- Online Portal: Use the My Service Canada Account (MSCA) online portal for checking payment details.
- Apply Manually: If someone is not enrolled they may complete the OAS application through Service Canada.
Final Thoughts:
The $1,946 OAS increase is a big relief for seniors from rising living costs. Ensure that you have current data with Service Canada, so you receive the right payment amount. For further assistance, contact or visit Application – Service Canada.
Also Read: January 2025 Double CPP And OAS Payment: Eligibility And How To Apply