Good news for Canadian seniors! The Canada Revenue Agency (CRA) has announced an additional dual payment of $1300 + $250 for October 2024. This extra financial support is designed to help eligible seniors cope with rising living costs due to inflation. Let’s break down who qualifies, when the payment will be made, and how to claim it.
What is the $1300 + $250 Extra Payment?
In October 2024, the CRA will provide two key payments to seniors:
- $1300: This is part of the regular Old Age Security (OAS) benefits, which Canadian seniors 65 and older receive. It consists of monthly payments based on the individual’s income.
- $250 Extra Payment: This one-time bonus is designed to help seniors cover increasing living expenses, especially in light of inflation. It is automatically added to the usual OAS payment for those who meet the eligibility requirements.
Eligibility Criteria
To receive the $1300 + $250 Extra Payment, seniors must meet the following conditions:
- Age: Must be 65 years or older.
- Residency: Must be a Canadian citizen or legal resident and have lived in Canada for at least 10 years after the age of 18.
- Income: The payments are designed for seniors with low or moderate incomes. To receive the full amount, individual incomes must be under a certain threshold (up to $148,451 annually for those under 75 and $154,196 for those 75 and older).
- OAS Eligibility: Seniors must already be receiving OAS benefits to qualify for the additional $250.
When Will You Receive the Payment?
The $1300 + $250 payment is scheduled for distribution by the CRA in late October 2024, as part of the regular OAS payments. Seniors receiving OAS do not need to apply for this payment—if you are eligible, the funds will be automatically deposited into your account.
Key Information Table
| Details | $1300 Payment | $250 Extra Payment |
|---|---|---|
| Eligibility | 65 years and older, Canadian resident | Must already receive OAS benefits |
| Income Threshold | <$148,451 (under 75), <$154,196 (75+) | Same income limits apply |
| Payment Date | October 2024 | October 2024 |
| Automatic or Application? | Automatic if receiving OAS | Automatic if receiving OAS |
How to Ensure You Receive the Payment
If you are already receiving OAS benefits and meet the eligibility criteria, no further action is required to receive the $1300 + $250 payment. However, it is important to keep your information updated with the CRA, including direct deposit details, to avoid any delays.
Conclusion
The $1300 + $250 Extra Payment for October 2024 is a significant financial boost for eligible Canadian seniors. Make sure you meet the qualifications and receive your OAS payments on time to benefit from this additional support!
FAQs
1. Do I need to apply for the extra $250 payment?
No, if you are eligible for the OAS and receiving your regular payments, the $250 will be added automatically.
2. What is the income threshold for this payment?
For seniors under 75, the income threshold is $148,451. For those 75 and older, it is $154,196.
3. Can I receive the $250 payment if I live outside of Canada?
You must be a Canadian citizen or resident and have lived in Canada for at least 10 years after turning 18 to qualify for OAS payments.
4. When will the payment be made?
The payment is expected to be deposited in late October 2024.
5. Can I receive the $1300 payment if I only recently became eligible for OAS?
Yes, as long as you are already receiving OAS or have applied and qualified, you will receive both the regular OAS payment and the $250 extra bonus.
