Canadians Can Receive Payments From These Government Benefits & Credits In November
The Government of Canada is offering a variety of benefits and credits to eligible Canadians in November 2023, which can provide necessary financial assistance in the face of rising living costs, particularly for low-income residents.
It's essential to verify your eligibility for these federal and provincial programs, as you may be entitled to receive financial support via government credits and benefits throughout the month. A few of the credits in Canada being paid out this month include the Canada Pension Plan, Old Age Security, the Canada child benefit and the Ontario trillium benefit, among others.
So, here are all the government credits and benefits Canadian residents could receive this month.
Canada Pension Plan
Per the CRA, the Canada Pension Plan (CPP) is a taxable monthly federal benefit designed to replace a portion of your income when you retire. If you meet the eligibility criteria, you'll receive the CPP pension for the entirety of your retirement. To qualify, you must:
- be at least 60 years old, and
- have made at least one valid contribution to the CPP.
Valid contributions can come from work done in Canada or as a result of receiving credits from a former spouse or former common-law partner at the end of the relationship.
It's important to note that CPP payments are not automatically provided; you must apply for them. You should apply in advance of your desired pension start date.
The amount you receive each month is determined by your average earnings over your working life, your contributions to the CPP and the age at which you choose to start your CPP retirement pension. Your contributions to the CPP are based on your earnings.
While the standard age to begin receiving the pension is 65, you have the flexibility to start as early as age 60 or as late as age 70, depending on your preference.
Next Payment Date: November 28, 2023
Old Age Security
The Old Age Security (OAS) pension is a monthly payment available to individuals aged 65 and older, according to the Government of Canada.
In most cases, Service Canada will automatically enroll you for the OAS pension and notify you accordingly. However, if there's insufficient information to enroll you automatically, you may need to apply for it. Your work history does not impact your eligibility, and you can receive OAS even if you have never worked or are still employed.
If you live in Canada, you must:
- be 65 years old or older,
- be a Canadian citizen or a legal resident when your OAS pension application is approved, and
- have lived in Canada for at least 10 years since the age of 18.
If you live outside of Canada, you must:
- be 65 years old or older,
- have been a Canadian citizen or legal resident of Canada on the day before you left Canada, and
- have resided in Canada for at least 20 years since the age of 18.
Next Payment Date: November 28, 2023
Canada Child Benefit
The Canada child benefit is a tax-free monthly payment made to eligible families who require additional help with the cost of raising children. The benefit payment may also include the child disability benefit and any other related provincial or territorial financial programs, per the CRA.
To be eligible for the Canada child benefit, you must meet the following requirements:
- You live with a child under 18 years old
- You are primarily responsible for the care and upbringing of the child
- You are a resident of Canada for tax purposes
- You or your spouse or common-law partner is a Canadian citizen, a permanent resident, a protected person or registered under the Indian Act
So, just how much can you receive from the Canada child benefit? The maximum amount for each child is $619.75 per month for kids under six years old and $522.91 per month for kids between 6 and 17 years old. The benefit is calculated based on your income.
Next Payment Date: November 20, 2023
Ontario Trillium Benefit
According to the Canada Revenue Agency, the Ontario trillium benefit (OTB) is a combined payment that includes the Ontario energy and property tax credit, the Northern Ontario energy credit and the Ontario sales tax credit. The annual entitlement for OTB is typically divided into 12 monthly payments.
These payments are based on your 2022 tax return and are typically paid out on the 10th of each month, with some exceptions, per the CRA. The OTB program is established and funded by the Province of Ontario, and it is administered by the CRA on behalf of the province.
Next Payment Date: November 10, 2023
Alberta Child & Family Benefit
Per the Government of Canada, the Alberta child and family benefit (ACFB) is a tax-free amount paid quarterly to families with children under 18 years of age.
From July 2023 to June 2024, you may be entitled to receive up to the following amounts:
- $533 per quarter for your first child
- $340.50 per quarter for your second child
- $274.50 per quarter for your third child
- $208.75 per quarter for your fourth child
Next Payment Date: November 27, 2023
Veterans' Disability Benefits
A disability benefit is a tax-free payment to support an individual's health and well-being. To qualify for a veteran disability benefit, you must be one of the following:
- A Canadian Armed Forces member or veteran
- A current or former member of the Royal Canadian Mounted Police (RCMP)
- A Second World War or Korean War veteran
- An eligible civilian who served in the Second World War
- Pain and suffering compensation: a lifetime monthly benefit or lump-sum benefit
- Disability pension: a lifetime monthly benefit
Next Payment Date: November 29, 2023
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