In Countries like Canada, the benefits or cash assistance payments are made by the Government to the residents. These assistance benefits are the financial support for the citizens. In today’s post we will know one of the benefits or cash assistance programs which are designed by the Government for their seniors or old citizens. This benefit program is popular with the name Old Age Security Pension Plan. This is the vital plan which helps the seniors in their Golden Years. There is news circulating in the market related to the Old Age security pension plan. There are reports which claim that the $750 will be given by the CRA in August 2024. Let’s verify the facts for this $750 OAS Payment August 2024.
$750 OAS Payment August 2024
This $750 OAS Payment August 2024 is one time payment which will be paid to the senior or old individuals who face financial problems. This assistance will be given to low earners who aren’t able to work in their Golden Years. This payment benefit is given by the government of Canada so that the seniors will have financial stability and through this assistance they can offset their expenses related to housing, food, clothing, rent, transportation and medical. In this post we will check this $750 OAS one time payment covering its key details such as qualification requirements, payment dates and regular payment amounts. Also we will find the truth and reality for this one time payment.
$750 OAS Payment August 2024- Overview
| Title | $750 OAS Payment August 2024 |
| Year | 2024 |
| Month | August |
| Country Name | Canada |
| Payment Name | Old Age Security |
| Objective | Financial Assistance |
| OAS Payment Date August 2024 | 28th August 2024 |
| Frequency of the Regular Payment | Monthly |
| Canada OAS Payment Eligibility 2024 | Qualified Senior or old Citizens |
| Tax Status | Taxable |
| Mode of the Payment | Direct Deposit |
| OAS Direct Payment Amount 2024 | $750 |
| Category | Finance |
| Official Web Portal | www.canada.ca |
Canada OAS Payment Eligibility 2024
The $750 OAS Payment Eligibility 2024 can be determined by the factors such as age, income, how much time a citizen lives in the nation and residency. We will see the qualification requirements for this one off OAS Payment based on these given factors:
- 65 Years is the qualifying age to get this one off $750 OAS Payment in August 2024.
- The citizenship of Canada and residency of Canada must be a fulfilling condition to get this $750 one off OAS Payment in August 2024.
- From the age of 18 Years the citizen must reside in Canada for 10 Years if the citizen is currently living in Canada.
- From the age of 18 Years the citizen must reside in Canada for 20 Years if the citizen leaves Canada.
- If the individual is employed outside Canada for the Canadian employer then the citizen can get this $750 one off OAS Payment in August 2024 only if the citizen who is working returned within 6 months or the citizen needs to show work proofs along with returning proof.
- The income threshold for the previous year income must be fulfilled to get this $750 one off OAS Payment in August 2024. These limits are given below:
| Age of the Citizen | Annual Earning Threshold |
| 65 Years to 74 Years | $142,609 |
| 75 Years or Over | $148,179 |
OAS Direct Payment Amount 2024
The OAS Direct Payment Regular Amounts 2024 are given below. These amounts for the payment can be evaluated by the factors such as age of the citizen and the last year income of the citizen. These amounts are paid monthly but this $750 is the one off OAS Payment amount which will only be given for one time as a cost of living payment. Check the regular amounts for the payment based on these given factors.
| Age of the Citizen | Annual Earning Threshold | OAS Direct Payment Regular Amounts 2024 |
| 65 Years to 74 Years | $142,609 | $718.33 |
| 75 Years or Over | $148,179 | $790.16 |
Canada OAS Payment Date August 2024
$750 OAS Payment Date August 2024 is given below. This one off payment date is based on the regular payment plan for the OAS. The CRA will deposit the funds in the bank accounts of the beneficiaries or the CRA will mail the check for the one off OAS payment. Check the payment schedule below to know when you will get this financial assistance. These dates can be revised by the authorities as per their need.
| Month | Canada OAS Payment Date August 2024 |
| August | 28th |
| September | 25th |
| October | 29th |
| November | 27th |
| December | 20th |
FAQ Related To $750 OAS Payment August 2024
No, this payment of $750 is not officially verified by the authorities.
Through physical checks and by direct deposit the CRA distributed the payments to qualified citizens.
Yes, the OAS Payments are Taxable. It means that the citizens need to report this OAS Payment in their income tax return.
John Wick is a Media and Finance editor, passionate about writing and editing content related to finance and taxes. He has achieved dual degree in Mass Media and Finance From one of the top universities in the World. He is keen to learn new things and changes which take place in the world of Finance and stocks.