The Canadian government has announced some benefits and credits that include thousands of dollars under the Canada Pension Plan for some residents, which also include the Canada Child Payment, the Ontario Trillium Payment, and Old Age Security, to name a few.
Difficult economic conditions in Canada
It is worth noting that the current difficult economic conditions in Canada and the high cost of living have pushed many residents to face inflation. People are adopting savings strategies, looking for additional sources of income, and receiving financial support from the federal government.
Receive certain benefits and credits from the CRA
It is also stated that many government benefits and credits will be available to some segments of the Canadian population. It's important to check if you can get certain benefits and credits from the Canada Revenue Agency (CRA), as you could be entitled to thousands of dollars over the coming months.
Canada Pension Plan Benefits
It should be noted that some of the benefits and credits also include the Canada Pension Plan, Canada Child Benefit, Ontario Trillium Benefit, and Old Age Security, to name a few.
The Canadian government provides eight federal payments that you should pay attention to this summer season, as follows:
1- Canadian Pension Plan
Designed as a taxable benefit to replace part of your income upon stopping employment, the Canada Pension Plan (CPP) Those who qualify will get CPP income for the rest of their life upon retirement, said the Canada Revenue Agency.
Should you start your pension at age 65 in 2024, the maximum monthly amount may be $1,364.60. Your situation will determine the amount you get, up to this maximum though.
2- Old age security
Those between the ages of 65 and 74 can get up to $713.34 monthly; those 75 or above can get up to $784.67 monthly. Payment dates follow these: June 26, 2024; July 29, 2024; August 28, 2024.
3- GST/HST credit
Quarterly payments issued by the CRA rely on adjusted net household income and the count of children under 19 registered for benefits. Single persons can get up to $496, while married or common-law partners can get up to $650, with an additional $171 per child less base year 2022 (July 2023 to June 2024). Payment dates from 19 years ago are July 5, 2024.
4- Canada Child Benefit (CCB)
Children under six benefit $7,424 annually ($619.75 per month), whereas children aged six to seventeen benefit $6,275 annually ($522.91 per month). Should your yearly salary be less than $34,863, these sums and payment dates—July 19, 2024, August 20, 2024, September 20, 2024—are not reduced.
5- Ontario Trillium Benefit (OTB)
You have to be qualified for any one of these credits to reap this advantage. Eligibility for the 2024 benefit year calls for you to be a Northern Ontario resident as of December 31, 2023, and satisfy one of the following by June 1, 2025: be eighteen years of age or above, have a common-law or spouse, or live with a child.
Payment dates: July 10, 2024 – August 9, 2024 – September 10, 2024; you must also have paid property tax for your main house, covered home energy bills as a reserve, or helped with living expenses of a public long-term care facility.
6- Advanced Canadian Worker Benefit
Payment Date: July 2024; Maximum Basic CWB: $1,428 for single persons, lowered for income over $23,495; $2,461 for families, lowered for income over $26,805; varied amounts for residents of Quebec, Nunavut and Alberta.
7- Veteran disability pension
Members of the Canadian Armed Forces or veterans, present or former RCMP personnel, veterans of World War II or the Korean War (including Merchant Marine), and some WWII citizens are eligible. You have to have a medically diagnosed condition connected to your service to qualify.
Should you be qualified, you can select between a disability pension—which offers a lifelong monthly benefit with possible increases for particular circumstances—or pain and suffering compensation, which offers either a lump sum or a lifetime monthly benefit. Paying dates: June 27, 2024; July 30, 2024; August 29, 2024.
8- Canada carbon discount
It covers a base level as well as a supplement for people living in tiny rural towns. You have to be a resident of Canada in the month before the payment, live in a qualifying province (Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, or Saskatchewan) on the first day of the payment month.
Moreover, you have to be at least 19 years of age, either as a parent living with your child or as a spouse or common-law partner if you under 19 years of age. Payment deadline is July 15, 2024; payment amount differs depending on county.
