In 2024, Canadian seniors have an opportunity to receive up to $3,900 per month from a combination of Old Age Security (OAS), Guaranteed Income Supplement (GIS), and Canada Pension Plan (CPP) benefits.
This financial support is designed to help retirees manage rising living costs and maintain their quality of life. Here’s everything you need to know about eligibility, deposit dates, and how to apply.
Benefits
The $3,900 monthly payment isn’t a single benefit but a combination of three government programs tailored to Canadian seniors:
- Old Age Security (OAS): Available to seniors aged 65 and older, the average monthly payment is approximately $718.33. Seniors over 75 may receive up to $790.16.
- Guaranteed Income Supplement (GIS): A non-taxable benefit for low-income seniors, providing up to $1,072.93 per month.
- Canada Pension Plan (CPP): Based on individual contributions, the maximum amount for 2024 is $1,364.60 monthly.
Combined Payments
If eligible for all three, you could receive up to $3,900 per month—a significant financial boost to cover essential expenses like housing, food, and medical care.
| Program | Average Payment | Maximum Payment |
|---|---|---|
| OAS (65–74 years) | $718.33 | $790.16 |
| GIS | Up to $1,072.93 | $1,072.93 |
| CPP | Based on contributions | $1,364.60 |
| Total | Varies | Up to $3,900 |
Eligibility
To qualify for the $3,900 monthly payment, seniors must meet these criteria:
- Age: At least 65 years old.
- Residency: Must have lived in Canada for at least 10 years after turning 18.
- Income: To receive GIS, your annual income must fall below $20,832 (for individuals).
- CPP Contributions: A minimum of one valid CPP contribution during your working years is required.
Payment Dates
The Canadian Revenue Agency (CRA) will deposit payments on these scheduled dates in 2024:
- September 25
- October 29
- November 27
Payments are sent directly to bank accounts via direct deposit or by cheque.
Application
Most Canadians are automatically enrolled in OAS and CPP. However, GIS might require a separate application.
Steps to Apply:
- Check Your Status: Log in to your My Service Canada Account (MSCA) to verify eligibility.
- Apply for GIS (if required): Submit an online application through MSCA or mail a paper form.
- Direct Deposit Setup: Ensure your banking details are updated in MSCA for timely deposits.
- Stay Updated: Monitor your MSCA account for updates or issues related to your application.
Why This Support Matters
With the rising cost of living, this monthly payment offers a financial lifeline. It empowers seniors to live with dignity, covering necessities like food, utilities, and medical expenses.
The program also encourages financial security in retirement, reducing stress and enabling seniors to enjoy their golden years.
It’s essential to understand these programs and take proactive steps to access the funds. Whether it’s logging into your account or setting up direct deposit, these small actions can make a big difference.
