Starting in July 2024, the maximum benefit will increase to $87 per month for eligible single seniors and to $174 per month for couples. Going forward, the benefit will be adjusted to inflation annually.

Details of the OAS Extra Payment

This boost in financial aid will be directly deposited into seniors’ bank accounts, with the first instalment potentially arriving before April 1, 2024.

To be eligible, you and your spouse’s combined yearly income must be below a certain amount—an amount determined by the Canadian government each year. According to the listed GIS amounts for 2024, single, divorced, or widowed pensioners can receive up to $1,065.47 each month, if their annual income falls below $21,624.

The $1,200 per month is the federal benefits offered to every old age Canadian from the Government age when the recipient reaches the eligibility age. These are the Government programs that provide monthly assistance to eligible old age recipients with low income every month.

The Ontario Renovates Program: This program offers financial assistance to low-income seniors who need essential repairs or modifications to their homes. It covers a wide range of repairs, including plumbing, electrical work, heating systems, and accessibility improvements.

For retired Canadian residents 65 years of age or older, there will be an additional $1400 OAS benefit in 2024.

This is financial assistance from the federal government to an eligible taxpayer. If you have paid your taxes on time you may be eligible to receive $300 of Federal Assistance from the Government of Canada if you are retired, disabled, or looking for further assistance.