A few of the benefits and credits in Canada being paid out this February include the Canada Pension Plan, Old Age Security, the Canada Child Benefit, Ontario Trillium Benefit, Alberta Child & Family Benefit and the Veteran Disability Pension.
Here is everything you need to know about the government benefits and credits going out in February 2024:
Canada Pension Plan
The Canada Pension Plan (CPP) is a monthly, taxable benefit designed to supplement your income during retirement, per the Canada Revenue Agency.
In 2024, if you commence your pension at the age of 65, the highest monthly payout could be $1,364.60, the CRA indicated.
The typical monthly payment for a new retirement pension initiated at age 65, as of October 2023, stood at $758.32. The specific amount you receive, up to the maximum, will be determined by your individual circumstances.
You can get an estimate of your monthly CPP retirement pension payments by signing in to your My Service Canada Account.
Eligible individuals will continue to receive this pension for the entirety of their lives. To qualify for the CPP retirement pension, you must:
- Be a minimum of 60 years old.
- Have made at least one valid contribution to the CPP.
Valid contributions can stem from employment in Canada or be attributed to credits received from a former spouse or common-law partner upon the termination of the relationship.
Payment Date: February 27, 2024
More about the Canada Pension Plan
Old Age Security
The Old Age Security (OAS) pension provides a monthly payment for individuals aged 65 and older, according to the CRA.
In most instances, Service Canada will automatically enroll you for the OAS pension if sufficient information is available, and they will notify you upon successful enrollment.
If you haven't received a letter about the OAS pension the month after turning 64, you may need to apply for it. Eligibility is not contingent on your employment history, and you can receive the OAS pension regardless of whether you have never worked or are still working.
For residents in Canada, the eligibility criteria include:
- Being 65 years old or older.
- Being a Canadian citizen or a legal resident at the time of OAS pension approval.
- Having resided in Canada for at least 10 years since the age of 18.
For those living outside Canada, the eligibility criteria are:
- Being 65 years old or older.
- Having been a Canadian citizen or a legal resident of Canada on the day before leaving Canada.
- Having resided in Canada for at least 20 years since the age of 18.
Payment Date: February 27, 2024
More about Old Age Security
Canada Child Benefit
According to the Canada Revenue Agency, the Canada Child Benefit (CCB) is a tax-free monthly payment provided to eligible families to assist with the expenses associated with raising children under the age of 18.
The CCB may encompass the child disability benefit along with relevant provincial and territorial programs.
To qualify, you must satisfy the following conditions:
- Reside with a child under the age of 18.
- Be primarily responsible for the child's care and upbringing.
- Determining who holds primary responsibility.
- Be a resident of Canada for tax purposes.
- Either you, your spouse, or your common-law partner must be one of the following:
- A Canadian citizen.
- A permanent resident.
- A protected person.
- A temporary resident who has lived in Canada for the previous 18 months and holds a valid permit in the 19th month, excluding those stating "does not confer status" or "does not confer temporary resident status."
- An individual registered or entitled to be registered under the Indian Act.
Your Canada Child Benefit payment amount is based on your family income from the previous year, the number of children in your care, and the age of your children.
Payment Date: February 20, 2024
More about the Canada Child Benefit
Ontario Trillium Benefit
The Ontario Trillium Benefit (OTB) is a consolidated payment encompassing 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 by 12, and monthly payments are issued. Your 2024 OTB payments are calculated based on the information from your 2023 income tax and benefit return.
If you're single, you could receive a maximum of $172. Families could receive a maximum of $265. Northern Ontarians may also get more money through the Ontario Energy and Property Tax Credit.
Payment Date: February 9, 2024
More about the Ontario Trillium Benefit
Alberta Child & Family Benefit
Per the CRA, the Alberta Child and Family Benefit (ACFB) is a tax-free payment provided to families with children under 18 years of age.
For the period of July 2023 to June 2024, eligible recipients may receive the following amounts:
- $1,410 ($117.50 per month) for the first child
- $705 ($58.75 per month) for the second child
- $705 ($58.75 per month) for the third child
- $705 ($58.75 per month) for the fourth child
The benefit is subject to reduction as family income exceeds $25,935. If your adjusted family net income falls within the range of $25,935 to $43,460, you may qualify for a partial benefit.
Moreover, families with a working income exceeding $2,760 may be eligible for the working income component, which includes:
- $722 ($60.16 per month) for the first child
- $657 ($54.75 per month) for the second child
- $393 ($32.75 per month) for the third child
- $130 ($10.83 per month) for the fourth child
This amount is adjusted downwards if your adjusted family net income surpasses $43,460.
Payment Date: February 27, 2024
More about the Alberta Child & Family Benefit
Veteran Disability Pension
A disability benefit constitutes a tax-free financial payment aimed at supporting your well-being, per the CRA.
The amount you receive is contingent upon the degree to which your condition is connected to your service (entitlement) and the severity of the condition, including its impact on your quality of life (assessment).
To be eligible for a disability benefit, you must fall into one of the following categories:
- Canadian Armed Forces member or Veteran,
- Current or former member of the Royal Canadian Mounted Police (RCMP),
- Second World War or Korean War Veteran (including Merchant Navy),
- Certain civilians who served in the Second World War.
It is advisable to apply for a disability benefit if you:
- Have a diagnosed medical condition or disability, and
- Can demonstrate that the condition is related to your service.
Payment Date: February 28, 2024
More about the Veteran Disability Pension
This article's cover image was used for illustrative purposes only.
