It’s no secret that Canadians are grappling with economic challenges posed by the rising cost of living. Whether it’s the increasing prices of groceries, rise in rent or essential day-to-day expenses, stretching a paycheck has become significantly more difficult for individuals and families, especially those with lower incomes.
For residents of Quebec seeking additional financial support to cope with inflation, the Quebec government provides various benefits and credits throughout March.
It’s best to confirm your eligibility for these government programs, as qualifying for these financial initiatives can potentially increase your income by hundreds of dollars.
The Quebec government offers several credits and benefits, including the Quebec Pension Plan, Old Age Security, and the Canada Workers’ Benefit, among others.
Here is everything you need to know about the upcoming Revenu Quebec benefits and credits being paid out in March:
Quebec Pension Plan
Per Revenu Quebec, the Québec Pension Plan (QPP) is a mandatory public insurance program designed for individuals aged 18 and above, earning an annual employment income exceeding $3500.
Its primary objective is to help individuals who have been employed in Québec, along with their families, with fundamental financial security in cases of retirement, death, or disability. In other parts of Canada, a similar program known as the Canada Pension Plan (CPP) exists.
Public-sector Pension Plan (RREGOP & PPMP)
For those who collect and opt for direct deposit, the public-sector retirement pension will be paid on the 15th of each month for the rest of your life, per Retraite Quebec.
If the 15th falls on a weekend or statutory holiday, your pension will be paid on the preceding business day. If you opted for payment by cheque, the cheque will be issued no later than 48 hours before that date.
Payment Date: March 15, 2024
Canada Child Benefit (CCB)
The Canada Child Benefit (CCB) is managed by the Canada Revenue Agency (CRA). It constitutes a tax-free monthly allowance provided to qualifying families to assist with the expenses associated with raising children below the age of 18.
Additionally, the CCB might encompass the Child Disability Benefit and supplementary programs offered by provinces and territories.
Old Age Security (OAS)
The Old Age Security (OAS) pension is a monthly benefit available to individuals aged 65 and above, per the CRA.
Typically, Service Canada can enroll you automatically for the OAS pension if they have adequate information. You’ll receive a notification from Service Canada if you’ve been enrolled automatically.
If you haven’t received any correspondence regarding the OAS pension the month after your 64th birthday, you may need to apply for it.
This article’s cover image was used for illustrative purposes only.
Source: MTL Blog
