As June has ended, the Old Age Security beneficiaries are awaiting the next payment for August. The OAS is one of the two major financial support programs run by the Canada Revenue Agency (CRA) while the other is the Canada Pension Plan (CPP). OAS is responsible for providing monthly aid to eligible citizens to guarantee financial comfort at the time of inflation and high cost of living. Recently, certain headlines have surfaced on several web portals claiming the $750 OAS payments for seniors coming in August 2024. Through this post, you will be able to get important details on the $750 payment whether is it coming or not. Continue reading this post to learn about the maximum OAS payment amount along with its eligibility criteria and payment dates, so that you cannot miss any updates.
$750 OAS Payments 2024 Coming for Seniors?
The CRA is responsible for providing monthly aid to the eligible citizens of the country under the retirement, disability, and old age pension. The foremost purpose behind these pensions is to make sure that no citizens will have to suffer from financial hardships due to inflation and the rising cost of living. The majority of old-age citizens do not have stable income; thus, they rely on the government to provide them a financial support. The CRA quarterly adjusts the OAS and CPP payments in January, April, July, and October. The payment amount may differ based on the age of citizens and how long they have lived in Canada after turning 18. In addition to OAS payments, citizens are also eligible to claim Guaranteed Income Supplement (GIS), Allowance, and Allowance for Survivors.
Several rumors are circulating on the different web portals regarding the $750 OAS payments coming for seniors in August 2024. As of August 2022, the OAS payments for seniors aged 75 and above have increased by 10%. The payment amount may vary for the citizens who are 75 and above and for those who are under 75. However, neither the Canadian government nor the CRA has confirmed the news regarding such payment. Thus, it is advised that the citizens stay updated with the latest news based on the credible source. The seniors can check their eligibility criteria to claim the payment monthly. The payment will be directly deposited to the respective bank accounts of the recipients.
$750 OAS Payments for Seniors Quick Details
| Post Title | $750 OAS Payments for Seniors in August |
| Country | Canada |
| Department | Canada Revenue Agency |
| Category | Government aid |
| Applicable for | Old age citizens |
| Payment amount | $750 |
| Month | August |
| Year | 2024 |
| Official website | canada.ca |
Old Age Security Payment Amounts for Seniors in August
The OAS payments are increased quarterly in January, April, July, and October as per the cost of living rise measured by the consumer price index. The OAS payment will increase if there is an increment in the cost of living in the country to compensate for the rising expenses for seniors. However, if there is no rise seen in the living expenses then the OAS payments will neither rise nor decline. You can check the maximum payment amount you are entitled to claim mentioned in the table below:
| Category | Annual net income in 2022 | Maximum payment |
| Age 65 to 74 (OAS) | $134,626 | Up to $713.34 |
| Age 75 and over (OAS) | $137,331 | Up to $784.67 |
| GIS for single, widowed, or divorced | Less than $21,624 | Up to $1,065.47 |
| Spouse/partner receiving OAS pension (GIS) | Less than $28,560 | Up to $641.35 |
| Spouse/partner receiving allowance (GIS) | Less than $39,984 | Up to $641.35 |
| Spouse/partner does not receive OAS or allowance (GIS) | Less than $51,840 | Up to $1,065.47 |
| Spouse/partner receiving OAS and GIS (allowance) | Less than $39,934 (couple’s combined income) | Up to $1,354.69 |
| Surviving spouse (allowance for survivors) | Less than $29,112 | Up to $1,614.89 |
NOTE: The data provided in the aforementioned table are sourced by the official department and can expect a possible change in the future.
Eligibility Criteria for $750 OAS Payments for Seniors
Though the payment has not been confirmed yet by the CRA you must be aware of the eligible requirements if the payment is implemented. I have provided the eligibility criteria in the points listed below:
- A person must be a Canadian citizen and a permanent resident of the country.
- A person must be 65 years old as above.
- A person must have stayed in the country for at least 10 years after turning 18 years old.
- A person must have filed their tax returns.
- Immigrants have specific eligibility criteria.
$750 OAS Payments for Seniors Deposit Dates
The OAS and CPP payments are provided by the CRA monthly. Usually, the payment arrives in the last week of the month except for December. I have provided the complete annual schedule of the OAS payments for the following months in the table mentioned below:
| Month | Payment dates |
| July | July 29, 2024 |
| August | August 28, 2024 |
| September | September 25, 2024 |
| October | October 29, 2024 |
| November | November 27, 2024 |
| December | December 20, 2024 |
$750 OAS Payments for Seniors in August Fact Check
The Canadian government and the CRA have not confirmed the $750 OAS payments for seniors as of now and the news surfacing on different websites is mere rumors. You are advised not to believe any such rumors and stay updated with credible sources. For more information, you are allowed to visit the official website of the Canada Revenue Agency and can also visit the nearby office.
| CMSRI Home Page | Click Here |