OAS is an old age security pension which is provided by the CRA if you are 65 years and older and lived in Canada for at least 10 years whether you worked during this 10 years period or not. While GIS is a a benefit which will be provided by the Canada Revenue Agency to all the beneficiaries of OAS who are low income. Recently the government and CRA has increased the OAS pension amount by $500 and GIS Amount by $1500. All the beneficiary of this scheme will get this increased amount of OAS and GS in the month of June, 2024. The Canada Revenue Agency has launched this beneficiary program of OAS and GIS to provide financial support to all the senior citizens so that they can bear their daily expenses and medication expenses without depending on anyone for a single $. All the eligible senior citizens will get this beneficiary amount by CRA.
$500 For OAS And $1500 For GIS In June 2024
The Canada Revenue Agency has launched a beneficiary programme named with OAS and GIS for all the senior citizens of Canada. To be the beneficiary of this pension scheme and benefits you have to fulfil all the eligibility criteria decided by the CRA for these beneficiary programmes. Through this scheme the government wants to provide all the senior citizens of Canada financial aid for their livelihood. Due to this increased amount of benefits senior citizens now no need to sacrifice or compromise with their basic requirements they can now easily bear their medication, traveling, grocery, holidays, or living cost without depending on anyone.
The beneficiary amount will be paid by the CRA every month which will be directly deposited into the bank account. You have no need to fill any application as CRA will automatically inform you if you are eligible for the benefit after you turn 64 years old.
| Benefit Name | $500 For OAS And $1500 For GIS |
| Year | 2024 |
| $500 OAS And $1500 GIS Payment Date 2024 | June |
| Launching Authority | Canada Revenue Agency |
| Country | Canada |
| Beneficiary amount of OAS | $500 |
| Beneficiary Amount of GIS | $1500 |
| GIS Amount | Not Taxable |
| Beneficiary | Senior Citizens |
| Eligibility | Low income senior citizens |
| Beneficiary Age | 64 years and above |
| Category | Financial Aid |
| Official Website | canada.ca |
$500 For OAS And $1500 For GIS- Eligibility Criteria
| If you are a resident of Canada:- $500 For OAS Eligibility CriteriaMust be 65 years and older Lived in Canada for at least 10 years once you turned 18 years older OAS Pensioners must be a legal resident of Canadian Citizen at the time of OAS Approval | $1500 For GIS Eligibility Criteria |
| You must have the age of 65 years and above | |
| Individual must be a permanent resident of Canada as per the tax purpose | |
| You are the beneficiary of OAS | |
| If you are a person lived outside the Canada:- Must have the age of 65 years and above On the day before you left Canada you must be a legal Canadian Citizen You must have lived in Canada for at least 20 years | If you are a widowed, single or divorced your income should be below then $21624 |
| The Canadian individual who is working outside Canada for employers of Canada as a banker or posted in the Canadian armed forces. The time they worked may be counted as a resident of Canada. To consider the time of working in abroad as resident of Canada needs to fulfill at least one condition:With in 6 months of ending of the employmentemployed and maintained the residency of Canada during the time of working outside the Canada Turned the age of 65 years | If your Spouse / common law partner income plus your income is below then:$ 28560 if your common law partner or spouse receives full amount ofOAS Pension $51840 if your common Law partner or spouse Does not get the benefit of OAS Pension$39984 if your common Law partner / Spouse receives the allowances |
| Below given documents are required i be provided:From the employer a proof of employment A proof of returning back to the Canada in physical foam (until you become 65 year old working outside the Canada) | If as an immigrant you moved to Canada and sponsored You lived in Canada for below then 10 after complying the age of 18 years as a sponsored immigrant then you will not get the GIS benefit while you are sponsored unless your sponsor:Suffering with personal bankruptcy For above then 6 months you are imprisonedYou are convicted of abusing You are an immigrant who is not sponsored and will be eligible to get the GIS benefit if you are eligible to get the benefit of OAS Pension. |
GIS Maximum Income 2024
The beneficiary amount of GIS will be dependent on your marital status and the income earned by you in the previous year.
| Condition | Maximum Monthly Payment | Annual Income |
| You are divorced, single or widowed | Maximum $1065.47 | Below Then $21624 |
| You have a common Law Partner or Spouse who get the full amount of OAS Pension | Maximum $641.35 | Below Then $28560 (Combined yearly income of Couple) |
| You have a common Law Partner or Spouse who get the amount of Allowances | Maximum $641.35 | Below Then $39984 (Combined yearly income of Couple) |
| You have a common Law Partner or Spouse who does not get the amount of Allowances and OAS | Maximum $1065.47 | Below Then $51840 (Combined yearly income of Couple) |
OAS Maximum Income 2024
| Age | Maximum Monthly Payment Amount | Net annual income |
| Between the age of 65 years to 74 years | $713.34 | Below Then $134626 |
| 75 years and more | $784.67 | Below Then $137331 |
$500 OAS / $1500 GIS Payment Date 2024
| Old Age Security | Guaranteed Income Supplement |
| 1st payment of OAS will be received either : After the month you complete your 65 years age A specific date which is chosen by you | Your 1st payment will be received either:In the month you get the benefit of OAS pension On the date on your decision letter |
| If you are a beneficiary who gets the payment of OAS and GIS amount will be automatically added to your OAS payment. The beneficiary amount will be paid by the CRA through check or direct deposit. |
FAQs on $500 For OAS And $1500 For GIS In June 2024
$500 beneficiary amount will be paid by the CRA under OAS pension in June 2024.
$1500 beneficiary amount will be paid under GIS benefits in June 2024.
Giorgio Smith, a Texan native, is a seasoned senior editor at tnpscexams.net. He has done Master of Business Administration in Finance. he boasts over 9 years of experience in finance. Giorgio expertise is in finance, insurance, and money-related content.