Upcoming OAS Payment Increase 2024: Updated Amounts, Schedule, Eligibility, and Latest News

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The Old Age Security (OAS) payment is an important program for Canadian adults because it helps people 65 and older with money

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The amount of the OAS payment will likely go up in 2024 because of the cost of living. This is called a cost-of-living increase (COLA). Based on the Consumer Price Index (CPI),

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The most you can get from OAS each month is between $615 and $640, but this can change. Official announcements will make the exact number for 2024 public.

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Most people get their OAS payouts every month. In 2024, payments will also be made on the first business day of each month, which will be the same as this year.

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Every January, OAS payouts are looked at again to make sure they are still in line with inflation. Any changes to the amount of the payment for the next year are made public in late 2023 or early 2024.

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You must be a Canadian citizen or a legal resident of Canada and have lived in the country for at least 10 years after turning 18.

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You have to meet certain income requirements to get OAS payouts. The OAS Clawback means that seniors with higher incomes may see their OAS payments go down

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