Old Age Security Pension is given to the aged and old citizens of Canada. These Old Age Security Pension Payments Depend on the Income, age and residency status of the aged citizen. The Canada OAS Payment Amount 2024 are revised quarterly by the Canada Revenue Agency. On January, April, July, October these amounts are reviewed and revised. In July 2024, these OAS amounts were changed by the CRA. These amounts depend on the consumer price Index which reflects the change in cost of living due to the Inflation. Let’s Know the Canada OAS Increase 2024 with its calculation and change in other OAS Benefits such as GIS, Allowance and Allowance for Survivors.
Canada OAS Increase 2024
Canada Revenue Agency changes the benefit payment amount due to change in the CPI. The Consumer Price Index reflects the Cost of Living change and this cost of living change is due to Inflation and Deflation. Mostly the payment amounts for OAS are increased when the Cost of Living goes up and the payments amounts for OAS do not change when the Cost of Living goes down. The Canada OAS Increase 2024 depends on the Consumer Price Index. The other OAS benefits like Guaranteed Income Supplement, Allowance and Allowance for Survivor amount are also changed due to this. In this post we will see the changes or Increase in Canada OAS Payment Amount 2024 and also we will discuss how we can compute the OAS amount.
canada.ca Old Age Security 2024- Overview
| Title | Canada OAS Increase 2024 |
| Year | 2024 |
| Month | July- September |
| Country | Canada |
| Name of the Agency | Canada Revenue Agency |
| OAS Increase Amount | 0.7% |
| Frequency of OAS Payment | Monthly |
| Beneficiaries | Old or Aged Citizens |
| Post Category | Finance |
| Official Web portal | www.canada.ca |
Canada OAS Payment Amount 2024
Here we have the latest payment Adjustment made by the Canada Revenue Agency for the OAS Payments. In the first Month of every Quarter CRA adjusted the payment amounts based on the Consumer Price Index. The payment for Old age Security pension rose by 0.7% for this Quarter (July to September). The income limit is also increased with the Monthly Canada OAS Payment Amount 2024. Let’s see the Canada OAS Amount and Income Limit Increase July 2024 and also we will see the Maximum Old age security amount and Income limits from April to June 2024. Let’s compare them and see the change in OAS amounts and Income Limits.
April- June 2024
| Age | Annual Net Income as on 2022 | Maximum Monthly OAS |
| 65-74 Years | $134,626 | $713.34 |
| 75 Years and above | $137,331 | $784.67 |
July- September 2024
| Age | Annual Net Income as on 2023 | Maximum Monthly OAS |
| 65-74 Years | $142,609 | $718.33 |
| 75 Years and above | $148,179 | $790.16 |
OAS Payment and Income Limit Increase 2024
| Age | Annual Net Income Increase | Maximum Monthly OAS Increase |
| 65-74 Years | $7,983 | $4.99 |
| 75 Years and above | $10,848 | $5.49 |
Other OAS Benefits Increase July 2024
Here is the list of other Old Age security benefits increase for July to September 2024.
Guaranteed Income Supplement
| Status | Income Limit | Maximum Monthly Amount |
| Single, Widow, Divorced | Below $21,768 | $1072.93 |
| Spouse with Full OAS Pension | Below $28,752 | $645.84 |
| Spouse with Allowance recipient | Below $40,272 | $645.84 |
| Spouse without OAS and Allowance | Below $52,176 | $1072.93 |
Allowance
| Status | Income Limit (You + Your Spouse) | Maximum Monthly Amount |
| Couple with Full OAS and GIS | Below $40,272 | $1364.17 |
Allowance For Survivors
| Status | Income Limit | Maximum Monthly Amount |
| Surviving Spouse | Below $29,328 | $1626.20 |
Computation of July- September OAS Amount 2024
The OAS Amount for July to September 2024 is computed with the help of Average CPI of recent 3 months and the Average CPI of recent 3 months when OAS increase. We find these months and we calculate the CPI for those months. Check the given table to know the Average CPI.
| Recent CPI for 3 Months | CPI |
| February 2024 | 158.8 |
| March 2024 | 159.8 |
| April 2024 | 160.6 |
| Average CPI | 159.7 |
| Recent CPI for 3 Months when OAS rise | CPI |
| August 2023 | 158.7 |
| September 2023 | 158.5 |
| October 2023 | 158.6 |
| Average CPI | 158.6 |
How To Calculate OAS Payment Increase July 2024
Now, we have the Average CPI. Let’s fill that CPI in formula to compute the OAS monthly amounts. The formula is: Average CPI of recent 3 months minus Average CPI of recent 3 months when OAS increase and divide the result by Average CPI of recent 3 months when OAS increase.
Here is the Calculation: 159.7 – 158.6 = 1.1
Divide 1.1 by 158.6 = 0.006935
Multiply the result with 100 = 0.6935% = 0.7% (Approximately)
So the Benefits for Old Age Security Pension will rise by 0.7% for July, August and September.
FAQ Related To Canada OAS Increase 2024
The Canada Revenue Agency has already updated the amounts on the service canada web portal on 27th June 2024. The beneficiaries can check the amounts in the above post.
The Benefits for Old Age Security Pension will rise by 0.7% for July, August and September 2024.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.