December OAS & CPP Double Payment: December 2024 is approaching, and Canadian seniors are eagerly anticipating their Old Age Security (OAS) and Canada Pension Plan (CPP) payments. While many believe there will be a “double payment” in December, this is not the case. Instead, payments are issued earlier to accommodate the holiday season.
This article provides a comprehensive guide to understanding OAS and CPP payments in December 2024, who qualifies for these benefits, and how much recipients can expect.
December OAS & CPP Double Payment- Key Highlights
| Aspect | Details |
|---|---|
| December 2024 Payment Date | December 20, 2024 for OAS and CPP. |
| Double Payment in December | No double payment; early issuance accommodates the holiday season. |
| OAS Payment Amounts | – Ages 65–74: Up to $727.67/month – Ages 75+: Up to $800.44/month |
| CPP Payment Amounts | Maximum: $1,364.60/month for new beneficiaries in 2024 |
| Eligibility | OAS: Based on age and residency CPP: Based on contributions |
| Cost-of-Living Adjustment (COLA) | Payments are adjusted quarterly to reflect inflation. |
| Official Resource | Canada Benefits Payment Calendar |
The December 2024 OAS and CPP payments will be issued early on December 20 to accommodate the holiday season. While there is no double payment, understanding the schedules, eligibility, and payment amounts can help you better plan your finances.
For more details, visit the Government of Canada Benefits Payment Calendar.
What Are OAS and CPP Payments?
Old Age Security (OAS)
The Old Age Security (OAS) pension is a monthly benefit provided to Canadians aged 65 and older. It is not based on employment history but on residency in Canada.
- Eligibility: Must have lived in Canada for at least 10 years after turning 18. For the full pension, 40 years of residency are required.
- Payment Amounts:
- Ages 65–74: Up to $727.67/month
- Ages 75+: Up to $800.44/month
Amounts are adjusted quarterly to reflect inflation.
Canada Pension Plan (CPP)
The Canada Pension Plan (CPP) provides retirement, disability, and survivor benefits. It is funded by contributions from employees, employers, and self-employed individuals.
- Eligibility: Must have made at least one valid contribution to CPP. Benefits are available as early as age 60 but increase if delayed until age 70.
- Payment Amounts:
- Maximum for new beneficiaries in 2024: $1,364.60/month
- Actual amounts vary based on contributions and retirement age.
Why Are December Payments Early?
OAS and CPP payments are typically issued on the third-to-last business day of the month. In December 2024, the payment date is December 20 to ensure recipients receive their funds before the holiday season.
Important: This is not a double payment. The January payment will arrive on its regular schedule.
How to Calculate Your OAS and CPP Payments
OAS Payments
- Base Amount: Depends on your age and residency in Canada.
- Additional Benefits:
- Guaranteed Income Supplement (GIS): For low-income OAS recipients.
- Allowance: For spouses aged 60–64 of OAS and GIS recipients.
CPP Payments
- Contribution History: The more you contribute and the longer you work, the higher your payment.
- Age at Retirement:
- Early Retirement (age 60): Reduced benefits (0.6% per month before age 65).
- Delayed Retirement (up to age 70): Increased benefits (0.7% per month after age 65).
CPP Payments Coming on this Dates of November 2024: Will you get it?
November $2100 + $1800 + $550 Triple CPP Payment, Check Eligibility before Claim it
November $2600 Direct Deposit by CRA this week – Will you get this?
How to Apply for OAS and CPP
Applying for OAS
- Check Eligibility: Confirm you meet the age and residency requirements.
- Submit an Application:
- Online via My Service Canada Account.
- By mail using a paper application form.
Applying for CPP
- Check Contributions: Log in to My Service Canada Account to view your CPP contributions.
- Submit an Application:
- Online through My Service Canada Account.
- By mail or in person at a Service Canada Centre.
Pro Tip: Apply 6–12 months before you wish to start receiving payments.
December 2024 Payment Schedule
OAS and CPP
- Payment Date: December 20, 2024
If you use direct deposit, the funds will be automatically deposited into your account on this date. Mailed cheques may take longer to arrive.
Frequently Asked Questions (FAQs)
1. Is there a double payment in December 2024?
No, the December payment is issued earlier (on December 20) to accommodate the holiday season. There will still be one payment for the month.
2. Can I receive both OAS and CPP?
Yes, if you meet the eligibility criteria for both programs, you can receive both payments.
3. Are OAS and CPP payments taxable?
Yes, both OAS and CPP payments are considered taxable income. Taxes are deducted at source based on your request or income level.
4. How do I change my direct deposit information?
Log in to your My Service Canada Account to update your banking details or contact Service Canada directly.
5. What happens if I miss the application deadline?
You can apply retroactively for OAS (up to 11 months) and CPP (up to 12 months) from the date of application.
Tips for Managing OAS and CPP Payments
- Plan for Taxes: Consider setting aside funds or requesting tax deductions at source to avoid unexpected tax bills.
- Combine Benefits: Use OAS, CPP, GIS, and personal savings to create a stable retirement income.
- Delay Benefits: If possible, delay CPP until age 70 for maximum monthly payments.
- Monitor Payments: Check your payment status through My Service Canada Account to ensure there are no delays or issues.
