Canada Pension Boost 2024: Increment in the CPP and OAS Pension Amount, Claim New Amount

Canada Pension Boost 2024: Here is good news for the Canadian residents who are eligible under the CPP and OAS benefits. Regarding the Pension Boost Canada 2024 initiative, which aims to increase Old Age Security (OAS) and the Canada Pension Plan (CPP) benefits for qualified Canadians, the government of Canada has released a significant declaration.

The purpose of this action is to assist senior citizens, in views of growing inflation, depend on these benefits to cover their everyday living costs. At the starting of September 2024, payments under the CPP and OAS will both increase, according to confirmation from Prime Minister Justin Trudeau.

Canada Pension Boost 2024-Check CPP & OAS Pension New Amount

• The Old Age Security (OAS) payout will increase to $1,400 per month as a result of this modification, giving seniors across the country that is really needy.
• Older Canadians will benefit from this improvement, especially those who rely on their pensions to cover basic expenses like housing, healthcare, and other needs.
• The decision to increase these benefits was made in response to seniors finding it more and more difficult to pay for daily expenses or necessities due to rising inflation.
• The purpose of this pension boost, according to the government, is to lessen the financial hardship that many seniors are experiencing as a result of inflation.

Temporary Pension Rising to Deal with Inflation

You should keep in mind that the pension boost is just temporary should not be overlooked. Seniors who are struggling to keep up with the high rates of inflation can now receive a monthly OAS benefit of $1,400, within a 10% increase in government payouts. This extra financial assistance won’t stop until the rate of inflation stabilizes. The OAS benefits will return to their regular rates as soon as the economy strengthens and inflation returns to normal. The purpose of this Canada Pension Boost 2024 is to give seniors additional cash during difficult economic times.

CPP and OAS Pension Payment Dates 2024

In order to provide claimants advance notice of when to expect their pension payments, the government and the Canada Revenue Agency (CRA) have issued the 2024 payment schedule for both CPP and OAS benefits. On September 26, 2024, a one-time additional CPP payment of $1,660 has been made in addition to the OAS increase. Here we are providing the CPP and OAS benefits payment schedule for the year 2024:

Process to Claim Canada Pension Boost 2024

To claim the pension boost, the beneficiaries will have to apply by visiting the official website. Here we are providing the steps to claim the boost pension:

Step 1: First of all, you have to go through the official website which is Canada.ca.

Step 2: After that, on the homepage, you have to hit the “Benefits” option.

Step 3: Then, you have to click on the “Login” link and then enter the login details.

Step 4: After that, you have to click on the “Pension Boost Canada” tab.

Step 5: Now, you have to fill the information as asked and then upload the required documents.

Step 6: At last, you have to check the entered details and then submit the application form.