Canadians can receive payments from these government benefits and credits in June
You could be eligible to thousands of dollars.
The CRA national headquarters sign. Right: Various Canadian banknotes and coins.
Amidst Canada's turbulent economic landscape, the cost of living has many Canadians seeking ways to combat inflation, whether through saving strategies, seeking additional income streams, or receiving financial aid from the federal government.
Now, with June around the corner, a slew of government benefits and credits will be available to Canadians. It's important to verify if you are eligible to receive certain benefits and credits from the Canada Revenue Agency (CRA), as you may be entitled to hundreds of dollars next month.
A few benefits and credits include the Canada Pension Plan, Canada Child Benefit, the Ontario Trillium Benefit, and Old Age Security, to name a few.
Here are five federal payouts to look out for this June.
Canada Pension Plan (CPP)
The CPP is a taxable benefit that replaces a portion of your income when you are no longer working. For those who qualify, Canada Pension Plan payments will continue for the rest of your life upon retirement, according to the Canada Revenue Agency.
To be eligible for a Canada Pension Plan retirement pension, you must be at least 60 years old and have made at least one valid contribution. Contributions can come from work in Canada or credits from a former spouse or common-law partner, as per the federal agency.
In 2024, starting your pension at age 65 could result in a maximum monthly payment of $1,364.60. However, the actual amount you receive will depend on your individual circumstances, up to this maximum.
Payment Date: June 26, 2024
Old Age Security
According to the CRA, the Old Age Security pension provides monthly payments to those aged 65 and above. Service Canada typically automatically enrolls eligible individuals, but if you are not enrolled, you may need to apply.
Employment history does not affect eligibility. If you are in Canada, you must be 65 or older, a citizen or legal resident, and have lived in Canada for at least 10 years since age 18. If you are outside Canada, you need to meet similar criteria, with 20 years of residency in Canada since age 18.
Those aged 65 to 74 can receive up to $713.34, while those 75 and older can receive up to $784.67.
Payment Date: June 26, 2024
Canada Child Benefit (CCB)
The Canada Child Benefit provides tax-free monthly assistance to eligible families raising children under 18, including the child disability benefit and provincial/territorial programs, according to the CRA.
To qualify, you must reside with and be primarily responsible for the child's upbringing, be a Canadian resident for tax purposes, and meet citizenship or residency criteria.
The benefit amounts to $7,437 annually ($619.75 monthly) for children under 6, and $6,275 annually ($522.91 monthly) for those aged 6 to 17, with no reduction if your annual income is below $34,863.
Payment Date: June 20, 2024
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit combines the Northern Ontario Energy Credit, Ontario Energy and Property Tax Credit, and Ontario Sales Tax Credit to help with energy expenses, sales tax, and property tax payments.
If you are eligible for any of these credits, you qualify to receive the benefit. To qualify for the 2024 benefit year, you must have been a Northern Ontario resident by December 31, 2023, and meet one of the following criteria by June 1, 2025: be 18 or older, have had a spouse or common-law partner, or have lived with your child.
Additionally, in 2023, you must have rented or paid property tax for your primary residence, covered home energy costs on a reserve, or contributed to accommodation expenses in a public long-term care facility.
Payment Date: June 10, 2024
Veteran Disability Pension
A disability benefit provides tax-free financial assistance to support the well-being of Canadians with disabilities. The amount is based on the relationship of your condition to your service (entitlement) and its severity affecting your quality of life (assessment), according to the CRA.
Eligibility extends to Canadian Armed Forces members or veterans, current or former RCMP personnel, Second World War or Korean War veterans (including Merchant Navy), and specific civilians from the Second World War. To qualify, you must have a diagnosed medical condition related to your service.
If eligible, you can choose between Pain and Suffering Compensation, which offers the option of a lifetime monthly benefit or a lump sum, or a Disability Pension, a lifetime monthly benefit with potential increases for specific conditions.
Payment Date: June 27, 2024
For the comprehensive list of all Canada Revenue Agency benefits and credits, click here.
This article's cover image was used for illustrative purposes only.
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