The Federal Government has great news for Old Age Security pensioners who will be 75 or older by June 2022, who will soon find themselves with a little extra money in their pockets.
Not only will the government be issuing a one-time cash payment of $500 to be paid in August 2021, this year’s Federal Budget also includes the highest quarterly adjustment to existing OAS payments since July 2014.
No action is required by seniors, who will automatically receive their one-time bonus payment and pension increase if they are eligible. The objective of the Old Age Security program is to ensure a minimum income for seniors and to help reduce low income among Canada’s seniors. The Old Age Security program is based on a national eligibility threshold and benefit structure.
The Canada Pension Plan (CPP) provides additional retirement income to eligible workers based on their contributions during their working years. The CPP operates at the national level and its entitlements are portable across Canada.
Starting in July 2021, Old Age Security benefits will automatically increase 1.3%. Starting in July 2022, seniors aged 75 and older will receive a permanent increase of 10% to their OAS pension.
Other than adjustments due to inflation, this will be the first permanent increase to the OAS pension since 1973.
This is great news for seniors, many of whom are on a fixed income and have limited options for obtaining quick cash when it is needed.
Despite available government support, seniors who find themselves in need of extra cash can apply for payday loans for pensioners, even if pension payments are your only source of income.
Personal or family emergencies such as home or auto repairs can create serious financial hardship and are often one of the causes of stress among retired Canadians.
You can easily access CPP loans online through trusted online lender iCASH, which provides an easy-to-navigate application and approval process, available to you anywhere with Internet access, 24 hours a day, seven days a week. Over 500,000 customers have been served since 2014 with flexible repayment options.
If you receive benefits either from the Canadian or a private plan, you can qualify for a short term loan.
To learn more about CPP payday loans and to qualify for fast, easy and safe loans from a reliable Canadian lender, visit iCASH.ca.