The Old Age Security (OAS) program is one of Canada’s most important financial supports for seniors. Recently, rumors have circulated about a potential $1900 OAS increase coming in September 2024. However, as of now, there is no official confirmation from the Canadian government or the Canada Revenue Agency (CRA) regarding this large, one-time payment. Here’s what you need to know about the latest updates.
Regular OAS Adjustments Based on Inflation
OAS payments are adjusted quarterly, based on the Consumer Price Index (CPI), to reflect inflation and ensure seniors’ benefits keep up with the rising cost of living. These quarterly adjustments are a standard part of the OAS program, and payments have increased accordingly in July 2024 by 0.7%, with a 1.3% increase expected in October 2024.
For those aged 65 to 74, the maximum OAS monthly payment currently stands at $718.33, while for seniors 75 and older, the amount is $790.16. These figures will rise slightly in the upcoming adjustment but will not include a one-time $1900 increase.
Payment Dates for the Rest of 2024
OAS payments follow a fixed monthly schedule, with the next payments due on the following dates:
- September 25, 2024
- October 29, 2024
- November 27, 2024
- December 20, 2024
The quarterly adjustments will be reflected in these payments, but as of now, no additional lump sum of $1900 has been announced.
Clearing Up the Rumors
Speculation about a $1900 OAS increase in September 2024 has caused confusion, but it appears to be based on misinformation. Although some websites have reported that such a payment is coming, the Canadian government has not confirmed this. Most likely, the rumor originated from ongoing CPI adjustments, which occur regularly but do not include large, one-time payouts.
Conclusion
In conclusion, while the rumor of a $1900 OAS increase in September 2024 has been widely circulated, it is not based on any official announcement. Seniors should continue to expect their regular, CPI-adjusted payments, which provide modest increases to help with rising living costs. For the most accurate and up-to-date information, it’s always best to check with the CRA or other trusted government sources.