Come this August, Canadian residents can expect several Government of Canada benefits and credits to be paid out, including the Canada Workers Benefit, Canada Child Benefit, the Canada Pension Plan and Canada's Old Age Security, to name a few.
Considering the rise in the cost of living across the country, it's no surprise that Canadians, particularly, low-income families, are looking for ways to supplement inflation in Canada. Whether it be taking on more hours, a second or third job, or applying to government financial programs.
It's important to verify your eligibility for federal benefits and credits as you could be entitled to thousands of dollars in August.
Here's everything you need to look out for:
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit (OTB) combines the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit into one payment. Typically, the annual OTB entitlement is divided into 12 monthly payments, per the CRA.
For 2024, your OTB payments will be based on your 2023 income tax and benefit return and will be issued on the 10th of each month, starting in July 2024 (with some exceptions). This program is legislated and funded by the Province of Ontario and administered by the CRA on the province's behalf.
Payment Date: August 9, 2024
Canada Child Benefit (CCB)
The Canada Child Benefit is a tax-free monthly payment provided to eligible families to assist with the costs of raising children under 18 years old. The CCB may also include the Child Disability Benefit and any related provincial and territorial programs.
According to the CRA, if your Adjusted Family Net Income (AFNI) is under $36,502, you will receive the maximum Canada Child Benefit amount for each child, without any reduction.
For children under 6 years of age, the benefit is $7,787 per year ($648.91 per month), and for children aged 6 to 17 years, it is $6,570 per year ($547.50 per month).
Payment Date: August 20, 2024
Alberta Child and Family Benefit (ACFB)
The Alberta Child and Family Benefit is a tax-free payment for families with children under 18.
For July 2024 to June 2025, eligible families can receive $1,469 for the first child, and $735 for each additional child, with benefits reduced as family income exceeds $27,024, the CRA indicated.
Families with an adjusted net income between $27,024 and $45,285 may receive partial benefits. Additionally, families with working income over $2,760 can receive extra payments: $752 for the first child, $685 for the second, $410 for the third, and $135 for the fourth, with reductions starting at $45,285.
Payment Date: August 27, 2024
Veteran Disability PensionÂ
The disability benefit is a tax-free financial payment supporting your well-being, with amounts based on the extent of your service-related condition and its impact on your quality of life. To qualify, you must be 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 (including the Merchant Navy), or certain civilians who served in the Second World War.
Payment Date: August 29, 2024
Old Age Security (OAS)
The Old Age Security pension is a monthly payment for those aged 65 and older. Service Canada typically enrolls individuals automatically if sufficient information is available and will notify you of your enrollment, per the CRA.
If you do not receive a notification the month after turning 64, you may need to apply for the OAS pension.
Payment Date: August 28, 2024
Canada Pension Plan (CPP)
The Canada Pension Plan is a monthly, taxable benefit that partially replaces your income upon retirement. If eligible, you will receive it for life.
In 2024, the maximum monthly amount at age 65 is $1,364.60, while the average monthly amount for new retirees in April 2024 was $816.52. The amount you receive will depend on your specific situation, up to the maximum.
Payment Date: August 28, 2024
This article's cover image was used for illustrative purposes only.
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