As of October 2024, Canadian seniors receiving Canada Pension Plan (CPP) and Old Age Security (OAS) will see an increase of $400 to their benefits. This adjustment is aimed at addressing the rising costs of living, particularly for seniors relying on fixed incomes.
Eligibility Criteria
To qualify for this $400 increase, seniors must already be enrolled in either the CPP or OAS programs. Here’s a breakdown of the eligibility requirements:
CPP Eligibility
- Age Requirement: You must be at least 60 years old to begin receiving CPP, but full benefits are typically available starting at age 65.
- Contribution Requirement: To qualify for CPP, you need to have contributed to the plan during your employment.
OAS Eligibility
- Age Requirement: You must be 65 years or older.
- Residency: You must have lived in Canada for at least 10 years after the age of 18.
- Non-Contributory: Unlike CPP, OAS does not require contributions to qualify.
Payment Dates for CPP and OAS
Payments for both CPP and OAS are made monthly. If you’re already enrolled in direct deposit, the $400 increase will automatically be added to your regular payments. Here are the scheduled payment dates for the remainder of 2024:
| Month | Payment Date |
|---|---|
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
If you prefer to receive payments via check, keep in mind that it may take longer to arrive than direct deposits.
Importance of the Increase
The $400 increase is critical for seniors facing rising costs in healthcare, housing, and daily expenses. Inflation has been particularly tough on those with fixed incomes, and this boost aims to provide some relief. It will be automatically applied, meaning eligible recipients do not need to submit additional applications to receive the benefit.
How to Claim the Benefit
For current recipients, no action is required as the increase will be automatically included in your October 2024 payment. New applicants for CPP or OAS can apply through My Service Canada Account (MSCA), where you’ll need to fill out the necessary forms and provide proof of your age, citizenship, and residency status.
Overview of CPP & OAS $400 Increase
| Program | Eligibility | Payment Date (Oct-Dec 2024) |
|---|---|---|
| CPP | Age 60+, with valid contributions | October 29, November 27, December 20 |
| OAS | Age 65+, must have lived in Canada for 10 years | October 29, November 27, December 20 |
FAQs
- When will the $400 increase be added to my payments?
The additional $400 will be included in your CPP or OAS payments starting from October 29, 2024. - Do I need to apply for this $400 increase?
No, the increase will be applied automatically to your existing benefits. - Are these benefits taxable?
Yes, both CPP and OAS benefits, including the $400 increase, are taxable. - Can I increase my CPP by delaying the start date?
Yes, delaying your CPP payments past age 65 can increase your monthly benefits by 0.7% for each month, up to age 70. - Are there other financial supports available to seniors?
Yes, in addition to CPP and OAS, low-income seniors may qualify for the Guaranteed Income Supplement (GIS) and other support programs.
