For the help of the senior citizens the Canada government has launched a beneficiary program of OAS for 2024. Only those candidates who turn out 65 years older will be considered as eligible citizens of this Pension scheme. To provide financial aid to all the senior citizens who reside in Canada the government has is going to provide $718 OAS Coming in August 2024. To be the beneficiary you have to complete all the eligibility criteria which are decided by the CRA. As per the government employment will not be the only factor to determine the eligibility of the applicant for this beneficiary program. As both who are still working or never worked will be eligible to get the benefit of this beneficiary plan which is launched by the Canadian government and CRA. The citizens are not required to apply for this beneficiary programme after 64 years if enough information about the applicant is available to CRA. If you did not receive any letter after compilation the age of 65 years in the applicant is required to apply for OAS Benefit 2024. If you are interested in applying for this $718 OAS Coming in August 2024 then you should know all the relevant details by spending some of your valuable time in reading this article as in this article you can access all the relevant information required to be the beneficiary.
$718 OAS Coming in August 2024
A pension scheme named Old Age Security has been introduced by the CRA and Canadian government for all the resident senior citizens who completed their age of 65 years. The government and CRA will get the payment of OAS every month which will be deposited in their bank Canada this month OAS Pension Payment Date 2024 is 28th August 2024. The government’s main motive behind launching this beneficiary plan is to make the seniors of Canada independent so they can afford expenses of their daily needs and medication and they are not required to sacrifice for anything. All Canadian citizens are eligible to receive the OAS Increase Payment 2024 who reside in the country for a minimum of ten years after turning eighteen. At the time of approval of their application the applicants are required to be a legal resident or Canadian citizen. Although a citizen can start taking the benefit of OAS after their age of 60 years, they should take the benefit until the age of 70 years. If at the age of 60 years a citizen starts taking the benefit then the amount they will receive will be reduced and if after the age of 65 years the increment in the beneficiary OAS Pension Amount 2024.
Old age Security Benefit 2024 – Overview
| Name of the benefit | OAS |
| Year | 2024 |
| Launched by | CRA and Canadian Government |
| OAS Pension Amount 2024 | $718 |
| Eligibility | All senior citizen of Canada |
| Age criteria | 65 years and more |
| Amount deposited | In beneficiary bank account |
| OAS Pension Payment Date 2024 | 28th August, 2024 |
| Category | Finance |
| Official website | Canada.ca |
Canada OAS Eligibility 2024
The CRA and Canadian Government has mentioned all the details about the OAS $718 pension scheme 2024 at the official website of Canada.ca. The details about the eligibility are mentioned below. As per the government employment will not be the only factor to determine the eligibility of the applicant for this beneficiary program. As both who are still working or never worked will be eligible to get the benefit of this beneficiary plan which is launched by the Canadian government and CRA.
- If the applicant is living in the Canada they must be:
- Completed their age of 65 years
- At the time of approval of their application for OAS the applicants are required to be a legal resident or Canadian citizen.
- All Canadian citizens are eligible to receive the OAS payment who reside in the country for a minimum of ten years after turning eighteen
- If the applicant is living outside the Canada they must be:
- 65 years age must be completed
- On the day before they leave Canada the applicants are required to be a legal resident or Canadian citizen.
- All Canadian citizens who reside in the country for a minimum of 20 years after turning eighteen are eligible to receive the OAS payment.
- All those Canadian who are working outside the Canada for the employer of Canada
For all the Canadian employees who are working in foreign for Canadian employers on the position of banker, or Canadian armed forces then the working outside of these citizens will be counted as residents of Canada if they qualify any of the one condition which is mentioned below:
- The applicant must come back to Canada within the 6 months just after compilation of their employment.
- The applicant has completed their age of 65 years but they are still employed and have maintained residency in Canada at the time of their working in foreign.
- The applicants are required to submit below mentioned document which is:
- A valid employment proof received by the employer
- A valid proof showing returning back to the Canada in the physical form (unless the applicant completes their age of 65 years white working in foreign country)
OAS Pension Amount 2024
| Maximum amount of monthly payment | Age Limit | Annual net worth income of 2023 |
| $718.33 | 65 years to 74 years | Below then $142609 |
| $790.16 | 75 years and above | Below the $148179 |
FAQs on $718 OAS Coming in August 2024
The amount of $718 under the OAS pension scheme will be paid by the CRA.
In August 2024 the $718 OAS payment will be made by the CRA.
OAS Pension Payment Date 2024 is 28th August, 2024