The current maximum OAS payment amounts for OAS recipients are for the period of January 2024 to March 2024. The federal government assesses the Consumer Price Index. If the cost of living is seen to have increased, then the monthly maximum payments will increase, but if it doesn't, your payments will stay the same.. Key Takeaways. CPP and OAS Payment Dates: Payments will be made on March 26, 2024⁶.; Possible Increase: Beneficiaries may see an increase due to inflation adjustments, with CPP potentially rising by 4.7% and OAS by 0.8% for the first quarter¹³.; New Changes: A higher earnings limit for CPP contributions and increased benefits are expected from January 1, 2024¹.
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The maximum monthly CPP payment increased by 4.4% from $1,306.57 in 2023 to $1,364.60 in 2024. OAS payments will remain the same for the April to June 2024 quarter at $713.34 (age 65-74) and $784.67 (age 75 and over). OAS benefits are revised quarterly in January, April, July and October to adjust for increases in the cost of living.. Amounts in this table are maximum amounts for new CPP benefits beginning in January 2024. They reflect the CPP enhancement that began in 2019. These amounts increase every month as a result of the enhancement (monthly data available on Statistics on CPP monthly maximum amounts for new benefits.
