Since the OAS and CPP benefits amount for 2024 was increased again from October to December 2024 by 1.8% cost of living adjustments. Hence, the $1,900 OAS Hike & $500 CPP Bonus 2024 is yet to be confirmed and announced officially on the main handle of the Canada Revenue Agency. In case the OAS and CPP bonus or supplement is announced these payments will become a much needed financial support for the elderly citizens of Canada who are low on income. The bonus and the hike still needs to be confirmed by the Canada Revenue Agency till then these payments are under consideration for its release.
The $500 CPP bonus and the $1,900 OAS hike will help low income senior citizens in Canada cover the cost of unexpected expenses. These payments can be used to pay loans, grocery bills, electricity and energy supplement, healthcare bills, etc. You must qualify and check the $1,900 OAS Hike & $500 CPP Bonus Eligibility Criteria 2024 to claim the benefits. The purpose of the release of the OAS and CPP extra payments is to provide some extra help to low income elderly citizens dealing with the sudden rise of cost of living and higher inflation rates in Canada. The CRA regularly keeps adjusting the amount of the CPP and OAS benefits to make sure the amount is sufficient for all the senior citizens to help them with their monthly bills and expenses. It is to inform you that the Canada Students Tax Credits 2024 is also issued for which eligible students can apply.
$1,900 OAS Hike & $500 CPP Bonus 2024
Even if the $1,900 OAS Hike & $500 CPP Bonus 2024 is released by the government of Canada it will be distributed as per the eligibility criteria or for people who are existing beneficiaries for any of the two payments. People who are currently taking the CPP and OAS benefits for 2024 will get these payments directly into their bank account and no separate application form is needed for these payments. Those who are eligible for the OAS and CPP benefits bonus payments they can regularly stay updated from the official handle of the CRA to check whether the payments are being released or not.
$1,900 OAS Increase & $500 Canada Pension Plan Bonus 2024
| About | $1,900 OAS Increase & $500 Canada Pension Plan Bonus 2024 |
| Authority | Canada Revenue Agency |
| Year | 2024 |
| Name | Old Age Security Payments and Canada Pension Plan |
| Amount | $1,900 and $500 |
| Payment type | Supplementary amount along with monthly payments benefits |
| Payments frequency | One time payments |
| Payment dates | December 2024 |
| Category | Finance |
| Official handle | Official handle of the CRA |
$1,900 OAS Hike & $500 CPP Bonus Eligibility Criteria 2024
Know about the $1,900 OAS Hike & $500 CPP Bonus Eligibility Criteria 2024 through the points below.
- The bonus CPP and OAS payments will be given only to people who are existing or new beneficiaries of the OAS and CPP benefits, plus they are legal residents of Canada.
- For the CPP bonus of $500, the applicant must have crossed the age of 62 to 65, they should have contributed to the CPP from their payrolls and must be low on income.
- Similarly, for the OAS hike, the applicants need to be over the age of 65 years, low income and residents of Canada over ten years after they turned 18.
How To Claim $1,900 Old Age Security Hike & $500 CPP Bonus 2024
In Order to Claim $1,900 Old Age Security Hike & $500 CPP Bonus 2024, you need to follow the steps below.
- Since the government of Canada and the CRA has not yet announced the $500 CPP hike and $1,900 OAS payments, these payments cannot be taken by applying with an application.
- If these payments are released the government will itself transfer these funds to the bank accounts of all the beneficiaries who are existingly taking these monthly benefits.
- Till then all the beneficiaries can prepare for the release of these payments and they can update their bank details and personal information into their MSCA from the official portal of the CRA.
Fact Check – $1,900 OAS Hike & $500 CPP Bonus 2024
According to the internet there are several news reports stating the release of the extra bonus payments with the CPP and OAS benefits for 2024. We did not find any proper and valid evidence of these payments from the official handle of the CRA. Hence these payments are still based on rumors and are not confirmed whether it will be released or not, hence it can be false news. Those who are eligible for these payments need to rely only upon the official handle of the CRA for any updates and changes to these payments, no other site or third party source of information shall be considered for these payments.
FAQs On $1,900 OAS Hike & $500 CPP Bonus 2024
The CPP bonus amount could be around $500 for all those who are taking existing benefits or they satisfy the eligibility criteria of these payments.
The upcoming OAS payments hike of 1900 dollars is yet to be confirmed, still if this amount is released it will be given to people who are already taking the OAS benefits or meet the eligibility criteria.
The December 2024 CPP and OAS benefits would be released from the 20th to 27th of the month.
