Canadians can receive payments from these government benefits and credits this September
You could be entitled to thousands of dollars.
Canadian banknotes inside Canada Revenue Agency-branded envelopes.
As September approaches, Canadian residents can anticipate receiving several Government of Canada benefits and credits. These include the Canada Workers Benefit, Canada Child Benefit, the Canada Pension Plan, and Old Age Security, among others.
Given the rising cost of living nationwide, it’s understandable that Canadians, especially low-income families, are seeking ways to mitigate inflation in Canada. This might involve working more hours, taking on additional jobs, or applying for government financial assistance programs.
Ensuring your eligibility for federal benefits and credits is crucial, as you could be entitled to substantial payments in September.
Here’s what you need to watch out for:
Canada Pension Plan
According to the Canada Revenue Agency, the Canada Pension Plan is a monthly, taxable benefit that replaces part of your income when you retire. If you qualify, you’ll receive the CPP retirement pension for the rest of your life.
For 2024, the maximum monthly amount you could receive if you start your pension at age 65 is $1,364.60. The average monthly amount paid for a new retirement pension (at age 65) in April 2024 was $816.52. Your situation will determine how much you’ll receive up to the maximum.
Payment Date: September 25
Old Age Security
The Old Age Security pension is a monthly benefit available to individuals aged 65 and older, per the CRA.
In many cases, Service Canada can automatically enroll you for the OAS pension if they have enough information. You will be notified by Service Canada if you are automatically enrolled.
If you do not receive a notification about the OAS pension the month after you turn 64, you may need to apply for it.
From July to September 2024, the Old Age Security (OAS) pension provides a maximum monthly payment of $718.33 for those aged 65 to 74, provided their annual net world income in 2023 is less than $142,609. For those aged 75 and over, the maximum monthly payment is $790.16, with an annual net world income limit of $148,179.
Payment Date: September 25
Canada Child Benefit
The Canada Child Benefit is a tax-free monthly payment made to eligible families to help with the cost of raising children under 18 years of age, per the CRA. The CCB may include the child disability benefit and related provincial and territorial programs.
The following amounts are for the payment period from July 2024 to June 2025 and are based on your Adjusted Family Net Income (AFNI) from 2023.
If your AFNI is under $36,502, you will receive the maximum Canada Child Benefit for each child, without any reduction.
For each child under 6 years of age, the maximum amount is $7,787 per year ($648.91 per month). For each child aged 6 to 17, the maximum is $6,570 per year ($547.50 per month).
Payment Date: September 20
Veteran Disability
A disability benefit is a tax-free financial payment that supports your well-being, based on the degree of service-relatedness and severity of your condition. To qualify, you must be a Canadian Armed Forces member or Veteran, a current or former RCMP member, a Second World War or Korean War Veteran (including Merchant Navy), or a civilian who served in the Second World War.
You should apply if you have a diagnosed medical condition or disability related to your service. If eligible, you will receive either Pain and Suffering Compensation, a lifetime monthly benefit or lump sum, or a Disability Pension, a lifetime monthly benefit with increased amounts for dependents, as indicated by the CRA.
Payment Date: September 26
Ontario Trillium Benefit
According to the Canada Revenue Agency, the Ontario Trillium Benefit combines the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit.
Typically, the annual OTB entitlement is divided into 12 monthly payments. Your 2024 OTB payments, based on your 2023 income tax and benefit return, will be issued on the 10th of each month starting in July 2024 (see note for exceptions).
The OTB program is legislated and funded by the Province of Ontario and administered by the Canada Revenue Agency (CRA) on behalf of the province.
Payment Date: September 10
This article's cover image was used for illustrative purposes only.
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