With spring in full force comes a slew of Government of Canada benefits and credits, and with inflation at all-time highs and the cost of living in Canada reaching new heights, many Canadians are looking for ways to save or earn more income.
The federal government has several financial programs to help low-income Canadian families, residents with disabilities and/or Canadians who require extra financial aid due to age, employment status or who are newcomers.
It’s important to verify your eligibility for these Government of Canada benefits and credits as you could be entitled to hundreds of dollars over the next two months.
Benefits and credits available throughout May and June include the Canada Pension Plan, Old Age Security, the Canada Child Benefit, the Ontario Trillium Benefit and Quebec’s Family Albelowance measure, to name a few.
Here’s everything you need to know about which benefits and credits are paying out, when and how much you can receive.
Canada Pension Plan
The monthly retirement pension plan is a taxable benefit that replaces a portion of your income when you are no longer in the workforce. For those who qualify, Canada Pension Plan payments will be given for the rest of your life upon retirement, per the Canada Revenue Agency.
To qualify for a Canada Pension Plan retirement pension, you need to be at least 60 years old and have made at least one valid contribution. Contributions can come from work in Canada or credits from a former spouse or common-law partner, according to the federal agency.
In 2024, starting your pension at age 65 could result in a maximum monthly payment of $1,364.60. However, the actual amount you receive depends on your unique circumstances, up to this maximum.
Payment Dates: May 29, 2024
Old Age Security
According to the CRA, the Old Age Security pension offers monthly payments for those aged 65 and above. Service Canada typically automatically enrolls eligible individuals, but if not, you may need to apply.
Employment history doesn’t affect eligibility. If in Canada, you must be 65 or older, a citizen or legal resident, and have lived in Canada for at least 10 years since age 18. If outside Canada, you need to meet similar criteria, with 20 years of residency in Canada since age 18.
Those aged 65 to 74 can receive up to $713.34 and those 75 years of age and over can receive up to $784.67.
Payment Dates: May 29, 2024
Canada Child Benefit
The Canada Child Benefit provides tax-free monthly assistance to eligible families raising children under 18, potentially including the child disability benefit and provincial/territorial programs, per the CRA.
To qualify, you must reside with and be primarily responsible for the child’s upbringing, be a Canadian resident for tax purposes, and meet citizenship or residency criteria.
The benefit amounts to $7,437 annually ($619.75 monthly) for children under 6, and $6,275 annually ($522.91 monthly) for those aged 6 to 17, with no reduction if your annual income is below $34,863.
Payment Dates: May 17 and June 20, 2024
Ontario Trillium Benefit
The Ontario Trillium Benefit integrates the Northern Ontario Energy Credit, Ontario Energy and Property Tax Credit, and Ontario Sales Tax Credit to assist with energy expenses, sales tax, and property tax payments.
Eligibility for any of these credits qualifies individuals to receive the benefit. To qualify for the 2024 benefit year, you must have been a Northern Ontario resident by December 31, 2023, and meet one of these criteria by June 1, 2025: be 18 or older, have had a spouse or common-law partner, or have lived with your child. 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: May 10 and June 10, 2024
Alberta Child and Family Benefit
The Alberta Child and Family Benefit offers financial aid to lower and middle-income families with children under 18 residing in Alberta, administered by the Canada Revenue Agency.
Eligibility requires being a parent of children under 18, residing in Alberta, filing a tax return, and meeting income criteria. Application is automatic and payments are based on family income and the number of children, comprising a base component and a working component for families with employment income exceeding $2,760. Benefits decrease for incomes above $25,935 or $43,460.
Payment Dates: May 27, 2024
Veteran Disability Pension
A disability benefit offers tax-free financial assistance to support the well-being of Canadians with disabilities, its amount is contingent upon the relationship of your condition to your service (entitlement) and its severity affecting your quality of life (assessment), the CRA says.
Eligibility extends to 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 opt for either a Pain and Suffering Compensation, offering a choice between a lifetime monthly benefit or a lump sum, or a Disability Pension, a lifetime monthly benefit with potential increases for dependents.
Payment Dates: May 30, 2024
Quebec Pension Plan
The Québec Pension Plan (QPP) is a mandatory public insurance program for workers aged 18 and above earning over $3500 annually, aiming to offer essential financial security in retirement, death, or disability situations for Québec workers and their families.
In 2024, the contribution rate is 10.8% for the base plan and 2% for the additional plan on earnings between the $3500 exemption and $68,500, with self-employed workers responsible for both shares, per Revenu Québec.
Payment Dates: May 31, 2024
Quebec public-sector pension plans (RREGOP, PPMP)
Per the provincial government, public-sector pension plans are designed for employees within the Québec public and para-public sectors, encompassing fields such as public service, education, health, and social services.
These plans apply to individuals who became part of them through employment in the public sector, accrue benefits within the plans, or continue to receive benefits even after ceasing accrual. Beneficiaries may include retirees, surviving spouses, children of deceased parents, or heirs.
Payment Dates: May 15 and June 14, 2024
Quebec Family Allowance
Family Allowance payments offer financial support to eligible families with dependent children under 18, according to Rétraite Québec.
In Quebec, newborns are automatically enrolled when their birth is declared to the Directeur de l’état civil. Other situations, like adoption, immigration, or custody changes, may require an application. Payment amounts vary based on factors like family size, income, and custody arrangements.
Payment Dates: May 1 and June 3, 2024
This article’s cover image was used for illustrative purposes only.
Source: MTL Blog
