The Canadian Government has announced the $3000 1st Batch OAS Payment Schedule 2024 for the senior citizens of the country. Due to the increased rate of inflation, it becomes hard to afford necessities that a person needs to survive like housing, medical bills and more. This payment would give them a sense of security and big relief. Canadian citizens with low income will get a one-time installment of $3000 only if they meet certain criteria that are required. The low-pay OAS beneficiaries would surely get this $3000 instalment by the end of this summer. You can find more about this payment schedule, eligibility and $3000 1st Batch OAS Payment Date 2024 below in this article.
$3000 1st Batch OAS Payment Schedule 2024
Old Age Security (OAS) payment is a major source of income for Canadian seniors after their retirement. Nearly about 3 million beneficiaries are going to get a benefit of $3000 1st Batch OAS Payment and it has cost them around $9 billion. The seniors must have completed the age of 65 before 30th June 2023 to get a $3000 instalment benefit.
The OAS pension is a taxable monthly payment that is given to older seniors directly into their respective bank accounts. The Old Age Security payment doesn’t depend on the individual’s work history like CPP does. The seniors can avail of all three retirement programs together after checking their $3000 OAS Eligibility 2024 from CRA website. Also, the CRA automatically identifies your information from previous data, there is no need to provide data separately for a $3000 OAS payment.
$3000 OAS Payment Date 2024 – Overview
| Post Title | $3000 1st Batch OAS Payment Schedule 2024 |
| Department | Canada Revenue Agency (CRA) |
| Country | Canada |
| Age limit | 65 years or older |
| Beneficiaries | Canadian Senior Citizens |
| Amount | $3000 |
| Year | 2024 |
| $3000 1st Batch OAS Payment Date 2024 | 15th July 2024 |
| Category | Financial Aid |
| Website | www.canada.ca |
Eligibility for $3000 1st Batch OAS Payment 2024
Canada Revenue Agency is working hard to give the OAS payments as quickly as possible. To receive the $3000 1st Batch OAS Payment 2024, the eligible claimant has to meet certain criteria which are mentioned below:
- Citizens must have aged 65 or above on or before 30th June 2023.
- Citizens should be receiving Old Age Security (OAS) pension payments which include Guaranteed Supplementary Income (GIS) and Allowance Benefits.
- A citizen’s annual individual income should be below $50000 from all sources which includes employment investments and other government benefits.
$3000 Old Age Security Payment Schedule for 2024
As per the latest update the Canada Revenue Agency (CRA) has officially announced the payment schedule for the $3000 Old Age Security payment program. The seniors will finally get this payment in 3 phases which is defined by CRA. Check the $3000 Old Age Security Payment Schedule from the table below:
| Phase | $3000 1st Batch OAS Payment Date 2024 |
| 1 | July 15th 2024 |
| 2 | August 15th 2024 |
| 3 | September 15th 2024 |
How Much $3000 OAS Payment in 2024 you will get?
The recipient will receive the payment in three phases which will start from this 15th July 2024 and will go on for the next 2 months. The payment amount may vary depending on your earning income. You can read below to know when & how you will get the payment.
Phase 1: The eligible candidates can expect their 1st phase of payment on 15th July 2024. The OAS candidates will receive full payment in this phase only if their annual income earning is below $35000. They should be receiving their payment via Direct Express Card or should be enrolled in Direct Deposit.
Phase 2: The eligible candidates can expect their 2nd phase of payment on 15th August 2024. The OAS candidates will receive partial payment in this phase. Their annual income must lie between $35000 to $50000 annually. They should be enrolled in direct deposits or those low-income recipients who are still receiving paper checks via mail.
Phase 3: The remaining eligible candidates can expect their 3rd phase of payment on 15th September 2024. It includes those claimants who have filed taxes late and those who got recently approved for the payment. Their annual income exceeds $50000.
CRA Approved $3000 1st Batch OAS Payment Schedule 2024
Canada Revenue Agency (CRA) distributes the OAS payments to the Canadian seniors. Old Age Security is funded through General Federal Revenues through which the government adjusts the additional payments wherever required. OAS pension payment is given to qualified Canadians. The main motive behind this benefit is to help low-income individuals who need help in meeting their necessities. It provides long-term sustainability as it is a source of income which eases a lot of things for them. It gives a quality of life to retirees or those who are soon to be retirees.
Through these payments, the CRA shows its support to the seniors of their country. As they don’t want the seniors to work especially in their Golden years. The claimants can expect their payment directly into their bank accounts or via traditional mail. The CRA has prioritized the lowest-income seniors, they will receive the payment first and then it will be given to others accordingly based on their income.
Frequently Asked Questions Related To $3000 1st Batch OAS Payment Schedule 2024
Canada Revenue Agency is liable for paying out the $3000 1st Batch OAS Payment to the citizens.
The recipients will get their first batch of $3000 OAS Payments on 15th July 2024.
Senior Canadians aged 65 or above are eligible for this payment. Also, they must have been aged 65 or above on or before 30th June 2023.
She is a final-year student studying Finance and Business Administration at Simon Fraser University. Writing and conducting internet research on finance are her passions.