In Canada the low income residents or seniors receive monetary payments from the Government. The CRA or Service Canada administers such monetary benefits. Each year the Government came up with a new plan as per the economic conditions in the country. These plans are for the wellbeing of the residents. These plans not only offer financial stability but can also provide secure living years to seniors, it provides confidence, dignity to the seniors. Today we came with an update in which we will know for the New OAS Payment Changes for Canadian Seniors. These changes are a seniors plan which is known for Old age security in Canada.

The OAS which is given out to the seniors, low income residents in Canada. This benefit is the main income support in Canada and now this benefit will be going through some changes. The CRA offers this payment for the seniors support and this benefit as like their aim supports the seniors. This benefit covers the seniors’ costs such as healthcare, housing, food, transportation, grocery, clothing and many more. Healthcare costs which are high as per the increased age. The seniors can offset their medical costs with OAS and they can live longer. 

New OAS Payment Changes For Canadian Seniors

The CRA updates or modifies the Old age security quarterly or every year. This means that the CRA modifies yearly also and quarterly also. The CRA updates the OAS payment amounts each quarter. From 1st January till 31st March the CRA applies the first quarter amount. From 1st April till 30th June the CRA applies second quarter amounts. From 1st July till 30th September the CRA applies third quarter amounts. From 1st October till 31st December the CRA applies fourth quarter amounts. These quarterly amounts are decided as per the CPI in Canada. The CPI is the inflation data through which the CRA measures the inflation in Canada.

This inflation can raise the consumer goods prices and with high prices the residents can lose their purchasing power. To maintain that purchasing power of the residents the CRA also raises the amounts with the raised inflation in Canada. The increased amounts lead to more spending in the economy and more spending in Canada leads to more money supply and through this the economy will be stimulated. This leads to inflation control in Canada. When the inflation gets controlled then the residents are able to maintain the stability in their finances. This New OAS Payment Changes for Canadian Seniors is the initiative in which the Government will make some changes to OAS eligibility and amounts. 

Canada Old Age Security Benefits 2024- Overview

Title of the Post	New OAS Payment Changes for Canadian Seniors
Year	2024
Name of the Country	Canada
Name of the Payment	Old Age Security
Issuing Authority	CRA or Service Canada
Beneficiaries	Old Age Seniors in Canada
Objective	Financial Support
Payment Frequency	Monthly
Changes Frequency	Quarterly
Payment Mode	Direct Deposits or Paper checks
Post Category	Finance
Official Web Page	www.canada.ca

CRA New Old Age Security Changes

The OAS changes are not only limited to amounts but also with amounts the CRA updates the eligibility requirements. Recently the CRA in October updated the OAS amounts with some eligibility requirements. Let’s see this October changes in Amounts and income limits:

Seniors Age	July – September	October – December	Raise in Amounts
65 Years – 74 Years	$718.33	$727.67	$9.34
75 Years or over	$790.16	$800.44	$10.28

Here we see the amount changes from 3rd quarter till fourth quarter. Based on last quarter amounts and CPI the amounts will be decided for the 2025 first quarter. This not only means that the amounts get revised but also the income limits are modified. As per the CPI the income limit also raised so that the inflation can’t affect the eligibility of the low income resident. Here are the recent changes in the income eligibility requirements:

Seniors Age	July – September	October – December	Raise in Limits
65 Years – 74 Years	$1,42,609	$1,48,451	$5,842
75 Years or over	$1,48,179	$1,54,196	$6,017

Fact Check: New OAS Changes Update 

This New OAS update is just a buzz among Canadians as the CRA quarterly changes the OAS. We have provided the recent changes that were made in this year now the changes will be made in next year 2025. The changes will be in amounts and eligibility requirements. We can’t provide the changes for 2025 as they are uncertain. The provided recent changes in the post are reliable and this shows us the impact of inflation on the Government benefits. Soon in December the 2025 changes will be provided. 

FAQ Related To CRA Changes For OAS