Attention Canadian Seniors: Major Changes to CPP & OAS Benefits Announced

#pensionupdate #cppchanges #oasincrease #seniorbenefits
🚨 Attention Canadian Seniors: Major Changes to CPP & OAS Benefits Announced 💰

Breaking News: The federal government has unveiled significant reforms to Canada Pension Plan (CPP) and Old Age Security (OAS) benefits – with higher payments, new eligibility rules, and important deadlines you need to know.

📢 Key Changes Effective Immediately:
1️⃣ CPP Enhancement Goes Live

Average increase of
300−500/year for retirees

Maximum annual CPP rises to **
20,800+∗∗(upfrom16,375)

Deadline Alert: Must file 2024 taxes to qualify for full increase

2️⃣ OAS Expansion for Seniors 75+

Automatic 10% boost for all OAS recipients aged 75+

New maximum: **8,800+/year∗∗(upfrom8,025)

First increased payment: July 2024

3️⃣ New "Senior Cost-of-Living Supplement"

$760 one-time payment coming September 2024

Automatic for all OAS/GIS recipients

⚠️ Critical Action Items:
✔ File your 2024 taxes – Even with $0 income
✔ Check CRA My Account for enrollment status
✔ Update direct deposit info by August 1 to avoid delays

💡 Why This Matters Now:
Inflation protection: First permanent COLA adjustment since 2019

Fraud prevention: New two-factor authentication required for online access

Payment timing: All deposits moving to 3rd-last business day of each month

📢 Share With Every Senior You Know!

#pensionupdate #cppchanges #oasincrease #seniorbenefits #CanadianRetirees #CostOfLivingRelief #GovernmentSupport #CRANews #65AndUp #RetirementMoney #InflationHelp #ElderlyCare #GoldenYears #FinanceCanada #BenefitBoost #PensionPlan #SeniorLiving #TaxSeason #DirectDeposit #MoneyAlert