Canadians can receive payments from these federal benefits and credits in May

Canadians can receive payments from these federal benefits and credits in May © Provided by MTL Blog

Amidst Canada’s turbulent economic landscape, the cost of living has many Canadians looking for ways to supplement inflation, whether through saving strategies, seeking additional income streams or receiving financial aid from the federal government.

Now, with May around the corner comes a slew of government benefits and credits available to Canadians. It’s important to verify if you are eligible to receive certain benefits and credits from the Canada Revenue Agency (CRA), as you may be entitled to hundreds of dollars next month.

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 six federal payouts to look out for this May.

Canada Pension Plan

The Canada Pension Plan (CPP) offers a monthly taxable benefit designed to supplement your income upon retirement, per the CRA. Eligible individuals can anticipate receiving this pension for the duration of their lifetime.

To qualify for the CPP, you must be at least 60 years old and have made at least one valid contribution to the pension plan. These contributions can arise from work performed in Canada or from credits received due to the cessation with a former spouse or former common-law partner.

Your CPP retirement pension amount depends on factors such as when you started your CPP contribution and average earnings. For 2024, starting at age 65, the maximum monthly payment is $1,364.60, with an average of $831.92.

Old Age Security

The Old Age Security (OAS) pension is a monthly payment available to individuals aged 65 and older. In many cases, Service Canada will automatically enroll you if sufficient information is on record. If you haven’t received enrollment confirmation by the month following your 64th birthday, you may need to apply for OAS, according to the Canada Revenue Agency.

Eligibility for OAS isn’t contingent on employment history; it’s accessible to all, regardless of work status. For residents of Canada, eligibility requires being 65 or older, a Canadian citizen or legal resident upon application approval, and having resided in Canada for at least 10 years since age 18. For non-residents, eligibility entails being 65 or older, having been a Canadian citizen or legal resident before leaving Canada, and having resided in Canada for at least 20 years since age 18.

Those aged 65 to 74 years of age can receive $713.34, while those 75 years and over can receive $784.67.

Payment Date: May 29, 2024

Canada Child Benefit

The Canada Child Benefit (CCB) provides tax-free monthly support to eligible families raising children under 18. It may encompass the child disability benefit and relevant provincial/territorial programs.

To qualify, you must reside with a child under 18, be primarily responsible for their care, and meet Canadian tax residency criteria. Eligibility extends to Canadian citizens, permanent residents, protected persons, temporary residents residing in Canada for 18 months with a valid permit, and those registered under the Indian Act.

The maximum CCB is granted if your adjusted family net income is below $34,863 annually, ensuring no reduction in support. For children under six, the yearly benefit is $7,437 ($619.75 monthly), while for those aged six to 17, it’s $6,275 annually ($522.91 monthly).

Payment Date: May 17, 2024

Ontario Trillium Benefit

The Ontario Trillium Benefit (OTB) consolidates the Ontario Energy and Property Tax Credit, the Northern Ontario Energy Credit, and the Ontario Sales Tax Credit.

To be eligible, you must be a resident of Northern Ontario as of December 31, 2022, and fulfill one of the following criteria by June 1, 2024: being 18 years or older, having or having had a spouse or common-law partner, or being a parent who has lived with or currently lives with your child, per the CRA.

Moreover, in 2022, you must have rented or paid property tax for your primary residence, lived on a reserve and covered your home energy costs, or resided in a public long-term care home and contributed to your accommodation expenses.

The maximum benefit is $172 for single individuals and up to $265 for families.

Payment Date: May 10, 2024

Alberta Child and Family Benefit

The Alberta Child and Family Benefit (ACFB) provides tax-free support to families with children under 18.

According to the Alberta government, from July 2023 to June 2024, eligible families may receive varying amounts per child, with reductions as family income exceeds $25,935, and partial benefits possible up to $43,460. Families with working income over $2,760 may also qualify for additional support, with decreasing amounts as income surpasses $43,460.

ACFB payments are made separately from the CCB payments and issued in August, November, February and May. This program is fully funded by the Alberta provincial government.

Payment Date: May 27, 2024

Veteran Disability Pension

The Veteran Disability Pension is a tax-free benefit aimed at enhancing the well-being of some Canadians. The amounts sent out are based on the connection between your condition and service (entitlement), as well as the severity of the condition and its impact on your life (assessment).

Eligibility extends to Canadian Armed Forces members or Veterans, current or former RCMP members, Second World War or Korean War Veterans (including Merchant Navy), and certain civilians who served in the Second World War.

If you have a diagnosed medical condition related to your service, it’s advisable to apply for this benefit.

Payment Date: May 30, 2024

This article’s cover image was used for illustrative purposes only.

Source: MTL Blog