OTTAWA: The Canada Revenue Agency (CRA) has confirmed that the second Old Age Security (OAS) payments of the year will be deposited starting tomorrow, Wednesday, February 25. This installment follows the 0.3% increase implemented for the first quarter (January to March) of 2024.
Beneficiaries will receive the same amount they were issued in January. Under the current rates, seniors aged 65 to 74 are eligible for a maximum monthly payment of $742.31, while those aged 75 and older will receive up to $816.54. The next scheduled rate adjustment is expected to take effect in April.
Unlike the Canada Pension Plan (CPP), which is adjusted once annually, OAS payments are reviewed and updated every three months based on the cost of living. For low-income seniors, the total amount may vary as they may also qualify for the Guaranteed Income Supplement (GIS) alongside their OAS.
Authorities advise that anyone who does not see the funds in their account after February 25 should contact Service Canada for assistance.
