The Canada Pension Plan (CPP) and Old Age Security (OAS) are retirement programs in Canada. They give money every month to older Canadians. The government chooses who gets this money based on some rules. Every year, the government changes these programs to match the cost of living and inflation.
CPP and OAS are important government-funded retirement benefits. They provide financial help to Canadians who are old enough and have retired. The Canada Revenue Agency sends this money straight to the person’s bank account. This money helps retired people live comfortably.
What is CPP and OAS?
Canada has two main pension plans, the Canada Pension Plan (CPP) and Old Age Security (OAS).
CPP is a monthly payment for people who have worked and contributed to it in Canada. It also supports disabled people and gives extra money to the contributor’s family after they die.
OAS is a monthly pension from the government for Canadians who are 65 or older and have lived in Canada for at least 10 years after they turned 18. If a person earns too much, some of their OAS might be reduced.
Both CPP and OAS, along with personal savings and investments, help provide income for people when they retire.
CPP and OAS Payment Increase in March 2024
The Canada Pension Plan (CPP) is like a savings pot. The more you put in and the longer you do it, the more you get out. In March 2024, those who are part of it might get 4.4% more.
The Old Age Security (OAS) is a pension given by the Canadian Government. In March 2024, more people will be able to get it, and it might increase by 4.8%. This possible increase in CPP and OAS is because the cost of living and prices are going up.
CPP and OAS Payment Dates March 2024 & New Changes
In 2024, the Canadian Government increased the money from two retirement plans, the Canada Pension Plan (CPP) and Old Age Security (OAS), due to higher living costs.
CPP payments rose by 4.4%, and people can earn up to $66,000 before they stop contributing. They can put in up to $3,867.50, or $7,735 if they work for themselves.
OAS payments also increased, by 4.8%. People can earn up to $90,997 before their OAS gets cut.
Those who qualify for CPP can get up to $1,364.60 CAD each month, and those who qualify for OAS can get between $713.34 CAD and $784.67 CAD each month, based on their age.
On March 27, 2024, people will get their CPP and OAS payments directly into their bank account. The amount will be the same as what they started getting in January 2024. This applies to everyone in either retirement plan.
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I never got any increase. Why not??]