Here we have news for OAS recipients. All the OAS recipients will see a boost of $1570 in OAS payments. This massive boost will increase your OAS benefits by $1570 Yearly. This annual boost of $1570 will provide financial relief to older citizens. The seniors who have contributed their entire life for the nation need this financial relief at their economic downturn. Many of the individuals who are old and become retired did not have any source of income or they just have their savings. Through that they can’t fulfil their daily needs and can’t manage their expenditures. As old citizens require more funds for health services and health services in Canada require more funds. Then how will old citizens finance their expenditures when they don’t have any income source? That’s why the Government takes this initiative to raise the OAS benefit in August 2024. Verify this $1570 OAS Benefit August 2024.
$1570 OAS Benefit August 2024
OAS benefits are the monthly benefits which are only offered to those whose age is over 65 Years. The CRA which is the managing agency for OAS changes or alters the payments as per the need in the country and the inflation. Now In August 2024, there are reports which claim for $1570 yearly OAS boost. It means that soon we can see a rise in OAS amounts by $130.83 per month. This raise is done by CRA so that the citizens feel secured and they are able to stabilise their financial situation. This raise is the nation’s commitment towards the seniors. In this guide we will let you know the OAS criteria for qualification, payment dates and the current rate of amounts paid to old citizens. Also we will check the factual details for this $1570 OAS Benefit August 2024.
$1570 OAS Benefit August 2024- Overview
| Title | $1570 OAS Benefit August 2024 |
| Country | Canada |
| Year | 2024 |
| Name of the Managing Agency | Canada Revenue Agency |
| Month | August |
| Name of the Payout | Old Age Security |
| $1570 OAS Benefit Eligibility 2024 | Qualified Aged Citizens of Canada |
| Objective | Financial Aid |
| $1570 OAS Benefit Payment Date 2024 | See the Post below |
| Frequency of the Payment | Monthly |
| Taxability Status | Taxable |
| OAS Increase Benefit Amount 2024 | $130.83 Per Month |
| Category | Finance |
| Official Web Portal | www.canada.ca |
$1570 OAS Benefit Eligibility 2024
$1570 OAS Benefit Eligibility 2024 is the important aspect for the beneficiaries to claim the increased amount in 2024. If the citizen passed all the required conditions then only they can get a yearly boost of $1570. The eligibility for these OAS payments gets affected by the age of the aged citizen, income, residency status and for how much time citizens stay in Canada. Here we can check the qualification requirements:
- The age needed for the OAS Benefit is 65 Years or older.
- The senior should hold citizenship in Canada or the senior should have permanent residency in Canada.
- The senior should stay in Canada for at least ten years.
- From the age of 18 Years this staying period must be computed.
- The income must be lower than the income provision provided below:
| Citizen Age | Income Provisions |
| 65 Years | $142,609 |
| 66 Years | $142,609 |
| 67 Years | $142,609 |
| 68 Years | $142,609 |
| 69 Years | $142,609 |
| 70 Years | $142,609 |
| 71 Years | $142,609 |
| 72 Years | $142,609 |
| 73 Years | $142,609 |
| 74 Years | $142,609 |
| 75 Years or Older | $148,179 |
$1570 OAS Benefit Payment Date 2024
$1570 OAS Benefit Payment Date 2024 is not yet informed. Soon Canada OAS Increase 2024 will be implemented. We can provide you the payment dates for the Old age security here for next months. These OAS payments are distributed monthly to the citizens who qualified for this payment.
| Payment Month | Payment Date | Payment Day |
| August | 28th | Wednesday |
| September | 25th | Wednesday |
| October | 29th | Tuesday |
| November | 27th | Wednesday |
| December | 20th | Friday |
OAS Increase Benefit Amount 2024
OAS Increase Benefit Amount 2024 is $1570. This increase is the yearly amount which will help the seniors to be financially stable. $130.83 Per Month is the increased amount which will soon be given out. Here we also provide the OAS amounts which is being currently paid:
| Citizen Age | Income Provisions | Current OAS Amounts |
| 65 Years | $142,609 | $718.33 |
| 66 Years | $142,609 | $718.33 |
| 67 Years | $142,609 | $718.33 |
| 68 Years | $142,609 | $718.33 |
| 69 Years | $142,609 | $718.33 |
| 70 Years | $142,609 | $718.33 |
| 71 Years | $142,609 | $718.33 |
| 72 Years | $142,609 | $718.33 |
| 73 Years | $142,609 | $718.33 |
| 74 Years | $142,609 | $718.33 |
| 75 Years or Older | $148,179 | $790.16 |
FAQ Related To $1570 OAS Benefit August 2024
No, this increase of $1570 is not true.
Yes, the increased amount of $1570 is taxable as it is a part of OAS payment and Old age security payment is required to report in federal taxes.
The increase of $1570 is the yearly raised amount.
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.