Canada's challenging economic conditions and rising cost of living are pushing many Canadians to counteract inflation. People are adopting saving strategies, seeking additional income sources, and receiving financial support from the federal government.
As summer approaches, several government benefits and credits will be available to Canadians. It's important to verify if you can receive certain benefits and credits from the Canada Revenue Agency (CRA), as you may be entitled to thousands of dollars over the coming months.
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 eight federal payouts to look out for this summer season.
Canada Pension Plan
The Canada Pension Plan (CPP) is a taxable benefit designed to replace a portion of your income when you stop working. According to the Canada Revenue Agency, those who qualify will receive CPP payments for the rest of their lives upon retirement.
To be eligible for a CPP retirement pension, you must be at least 60 years old and have made at least one valid contribution. These contributions can come from work in Canada or from credits attributed to a former spouse or common-law partner.
In 2024, if you start your pension at age 65, the maximum monthly payment could be $1,364.60. However, the amount you receive will depend on your circumstances, up to this maximum.
Payment Dates:
- June 26, 2024
- July 29, 2024
- August 28, 2024
Old Age Security
According to the CRA, the Old Age Security pension provides monthly payments to individuals aged 65 and older. Service Canada usually enrolls eligible individuals automatically, but you may need to apply if you are not enrolled.
Your employment history does not affect eligibility. To qualify while living in Canada, you must be 65 or older, a citizen or legal resident, and have lived in Canada for at least 10 years since turning 18. If you are living outside of Canada, you need to meet similar criteria, with at least 20 years of residency in Canada since age 18.
Those aged 65 to 74 can receive up to $713.34 per month, while those 75 and older can receive up to $784.67 per month.
Payment Dates:
- June 26, 2024
- July 29, 2024
- August 28, 2024
GST/HST credit
The GST/HST credit is a tax-free quarterly payment aiding low to moderate-income individuals and families with their GST or HST expenses, possibly including provincial payments.
Eligibility is automatic upon tax filing and generally applies to individuals 19 or older, or under 19 with specific conditions like having a spouse or being a parent living with their child.
Payments are made by the CRA quarterly and are based on factors like adjusted family net income and the number of children under 19 registered for benefits. For the 2022 base year (from July 2023 to June 2024), single individuals could receive up to $496, and married or common-law partners could receive up to $650, with an extra $171 per child under 19.
Payment Dates:
- July 5, 2024
Canada Child Benefit (CCB)
The Canada Child Benefit provides tax-free monthly assistance to eligible families raising children under 18. This includes the child disability benefit and various provincial and territorial programs, as outlined by the CRA.
To qualify, you must live with and be primarily responsible for the child's upbringing, be a Canadian resident for tax purposes, and meet the necessary citizenship or residency requirements.
The benefit amounts to $7,437 annually ($619.75 monthly) for children under 6, and $6,275 annually ($522.91 monthly) for children aged 6 to 17. If your annual income is below $34,863, there is no reduction in these amounts.
Payment Dates:
- July 19, 2024
- August 20, 2024
- September 20, 2024
Ontario Trillium Benefit (OTB)
The Ontario Trillium Benefit combines the Northern Ontario Energy Credit, the Ontario Energy and Property Tax Credit, and the Ontario Sales Tax Credit to assist with energy costs, sales tax, and property tax payments.
To receive this benefit, you must be eligible for any of these credits. For the 2024 benefit year, eligibility requires being a resident of Northern Ontario as of December 31, 2023, and meeting one of the following criteria by June 1, 2025: being 18 or older, having a spouse or common-law partner, or living 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 Dates:
- July 10, 2024
- August 9, 2024
- September 10, 2024
Advanced Canada Workers Benefit
The Canada Workers Benefit (CWB) is a refundable tax credit for low-income workers and families, comprising a basic amount and a disability supplement. Starting in July 2023, advance payments of 50% of the CWB will be issued across three installments.
Eligibility requires earning a working income below your province's net income threshold, being a Canadian resident throughout the year, and being at least 19 years old or living with a spouse, partner, or child. Ineligibility includes being a full-time student for over 13 weeks without a dependent, being confined to an institution for 90 days, or being exempt from Canadian taxes as a foreign officer.
The maximum basic CWB is $1,428 for single individuals, reduced for incomes over $23,495, and $2,461 for families, reduced for incomes over $26,805, with varying amounts for Quebec, Nunavut, and Alberta residents.
Payment Dates:
- July 12, 2024
Veteran Disability Pension
A disability benefit provides tax-free financial assistance to support Canadians with disabilities. The amount you receive is determined by the relationship of your condition to your service (entitlement) and the severity of its impact on your quality of life (assessment), according to the Canada Revenue Agency (CRA).
Eligibility includes 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 either a lifetime monthly benefit or a lump sum, or a Disability Pension, which provides a lifetime monthly benefit with potential increases for specific conditions.
Payment Dates:
- June 27, 2024
- July 30, 2024
- August 29, 2024
Canada Carbon RebateÂ
The Canada Carbon Rebate (CCR), previously known as the Climate Action Incentive Payment (CAIP), is a tax-free benefit designed to help eligible individuals and families offset the cost of federal pollution pricing.
It includes a basic amount and a supplement for residents of small and rural communities. To qualify, you must be a resident of Canada the month before the payment and reside in an eligible province (Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, or Saskatchewan) on the first day of the payment month.
Furthermore, you must also be at least 19 years old or, if under 19, have had a spouse or common-law partner, or be a parent living with your child. The payment amount varies by province.
Payment Dates:
- July 15, 2024
This article's cover image was used for illustrative purposes only.
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