The Canadian government is known for providing robust support to its senior population through programs like the Old Age Security (OAS).
Recently, rumors about a $670 extra OAS benefit for seniors have sparked significant interest. Although this additional payment is unconfirmed, here’s what you need to know about the proposed benefits, eligibility criteria, payment schedules, and how the program works.
What is the $670 Extra OAS Benefit?
The Old Age Security (OAS) is a monthly benefit that provides financial aid to Canadian seniors aged 65 and above. The proposed $670 extra OAS payment is reportedly aimed at helping retirees cope with rising living costs, particularly those driven by inflation and the Consumer Price Index (CPI).
If implemented, this one-time boost could help many seniors manage expenses like bills, utilities, and essential needs more effectively.
Eligibility Criteria
To qualify for the OAS program, including the rumored $670 extra benefit, individuals must meet these requirements:
- Age: 65 years or older.
- Residency: Must be legal residents of Canada at the time of payment.
- Residency History: Individuals who have lived in Canada for several decades after turning 18 may also qualify.
OAS Payment Schedule for 2024
OAS payments are distributed monthly, with the following dates confirmed for late 2024:
| Month | Payment Date 2024 |
|---|---|
| November | November 27, 2024 |
| December | December 20, 2024 |
OAS Payment Amounts
OAS benefits are calculated based on factors like age and annual income but do not consider employment history.
| Age Group | Annual Income Threshold (2023) | Maximum Monthly Payment (2024) |
|---|---|---|
| 65–74 years | Below $148,451 | $727.67 |
| 75+ years | Below $154,196 | $800.44 |
Quarterly Adjustments
The CPI determines OAS adjustments every quarter (January, April, July, October). For the last quarter of 2024, OAS benefits are projected to increase by 1.3% to help seniors manage inflation.
Is the $670 OAS Benefit Confirmed?
As of now, the $670 extra OAS benefit remains unconfirmed. Reports about the payment have not been validated by official sources like the Canada Revenue Agency (CRA) or canada.ca. Seniors are advised to verify such information through official portals or by directly contacting CRA.
How to Claim OAS Benefits
Eligible seniors don’t need to apply separately for the $670 boost if it’s approved. It will automatically be credited to accounts of qualifying individuals.
To claim standard OAS benefits:
- Visit: canada.ca.
- Check Eligibility: Confirm age and residency requirements.
- Provide Details: Submit personal information, including bank details and income documentation.
- Attach Documents: Upload supporting evidence as required.
- Submit Application: Complete the online form.
- Track Status: Monitor the application’s progress online.
The $670 extra OAS benefit, if implemented, would provide much-needed financial relief to Canada’s senior citizens. However, since this payment is unconfirmed, seniors should rely only on official announcements from canada.ca or CRA.
If verified, the additional funds could significantly improve the quality of life for many retirees by addressing the increasing costs of living.
