Canada is giving these residents $1,364 per month this summer

zahraa ahmed - | World News

The Canadian government has announced some benefits and credits that include thousands of dollars under the Canada Pension Plan for some residents, which also include the Canada Child Payment, the Ontario Trillium Payment, and Old Age Security, to name a few.

Difficult economic conditions in Canada

It is worth noting that the current difficult economic conditions in Canada and the high cost of living have pushed many residents to face inflation. People are adopting savings strategies, looking for additional sources of income, and receiving financial support from the federal government.

Receive certain benefits and credits from the CRA

It is also stated that many government benefits and credits will be available to some segments of the Canadian population. It's important to check if you can get certain benefits and credits from the Canada Revenue Agency (CRA), as you could be entitled to thousands of dollars over the coming months.

Canada Pension Plan Benefits

It should be noted that some of the benefits and credits also include the Canada Pension Plan, Canada Child Benefit, Ontario Trillium Benefit, and Old Age Security, to name a few.

The Canadian government provides eight federal payments that you should pay attention to this summer season, as follows:

1- Canadian Pension Plan

Designed as a taxable benefit to replace part of your income upon stopping employment, the Canada Pension Plan (CPP) Those who qualify will get CPP income for the rest of their life upon retirement, said the Canada Revenue Agency.

Should you start your pension at age 65 in 2024, the maximum monthly amount may be $1,364.60. Your situation will determine the amount you get, up to this maximum though.

2- Old age security

Those between the ages of 65 and 74 can get up to $713.34 monthly; those 75 or above can get up to $784.67 monthly. Payment dates follow these: June 26, 2024; July 29, 2024; August 28, 2024.

3- GST/HST credit

Quarterly payments issued by the CRA rely on adjusted net household income and the count of children under 19 registered for benefits. Single persons can get up to $496, while married or common-law partners can get up to $650, with an additional $171 per child less base year 2022 (July 2023 to June 2024). Payment dates from 19 years ago are July 5, 2024.

4- Canada Child Benefit (CCB)

Children under six benefit $7,424 annually ($619.75 per month), whereas children aged six to seventeen benefit $6,275 annually ($522.91 per month). Should your yearly salary be less than $34,863, these sums and payment dates—July 19, 2024, August 20, 2024, September 20, 2024—are not reduced.

5- Ontario Trillium Benefit (OTB)

You have to be qualified for any one of these credits to reap this advantage. Eligibility for the 2024 benefit year calls for you to be a Northern Ontario resident as of December 31, 2023, and satisfy one of the following by June 1, 2025: be eighteen years of age or above, have a common-law or spouse, or live with a child.

Payment dates: July 10, 2024 – August 9, 2024 – September 10, 2024; you must also have paid property tax for your main house, covered home energy bills as a reserve, or helped with living expenses of a public long-term care facility.

6- Advanced Canadian Worker Benefit

Payment Date: July 2024; Maximum Basic CWB: $1,428 for single persons, lowered for income over $23,495; $2,461 for families, lowered for income over $26,805; varied amounts for residents of Quebec, Nunavut and Alberta.

7- Veteran disability pension

Members of the Canadian Armed Forces or veterans, present or former RCMP personnel, veterans of World War II or the Korean War (including Merchant Marine), and some WWII citizens are eligible. You have to have a medically diagnosed condition connected to your service to qualify.

Should you be qualified, you can select between a disability pension—which offers a lifelong monthly benefit with possible increases for particular circumstances—or pain and suffering compensation, which offers either a lump sum or a lifetime monthly benefit. Paying dates: June 27, 2024; July 30, 2024; August 29, 2024.

8- Canada carbon discount

It covers a base level as well as a supplement for people living in tiny rural towns. You have to be a resident of Canada in the month before the payment, live in a qualifying province (Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, or Saskatchewan) on the first day of the payment month.

Moreover, you have to be at least 19 years of age, either as a parent living with your child or as a spouse or common-law partner if you under 19 years of age. Payment deadline is July 15, 2024; payment amount differs depending on county.

About Author

zahraa ahmed
zahraa ahmed
109 Total posts

Read Also

World News
Australia announces an increase in visa fees for international students to $1,600

The Australian government announced an increase in visa application fees for international students wishing to study in Australia from $710 to $1,600.

World News
Canada announces new facilities for asylum seeker procedures for these nationalities

The Canadian government announced a reduction in asylum applications from citizens in Mexico who wish to move to Canada, and the government announced the opening of 3 new visa application centers in Mexico.

World News
Canada issues widespread heat wave warnings until mid-week

Environment Canada has issued widespread heatwave warnings over much of British Columbia, Alberta and Saskatchewan due to a ridge of high pressure that is expected to last until mid-week.

World News
Canada decides Changes To Post-Study Work Permits For foreign students

The Canadian government announced its readiness to make new changes to the post-graduation work rights of international students, in accordance with the PGWP program, which allows them to work in Canada temporarily after graduation.

World News
Canada warns of High temperatures today in Ontario and Quebec

The Ministry of Environment Canada warned today about the weather expected today, and the agency indicated that it is expected to witness high and severe temperatures in central and southern Ontario and a large part of western Quebec.

World News
Canada warns residents of a severe snowstorm and rain this weekend

weather warnings from Canadian forecasters for the Atlantic region as well as the west and north of the nation.

World News
Canada announces new automated tax filing system for low-income employees

The Canadian government is preparing to start implementing the new automated tax filing system that the government recently announced, in order to force non-compliant workers to submit their tax returns. Through this decision, the federal government...

World News
Canada announces new changes to the 2024 Canadian work permit

The Temporary Foreign Worker Program (TFWP) in Canada has been revised. These modifications support hiring foreign workers by Canadian firms seeking a favorable Labour Market Impact Assessment (LMIA) before granting a work permit.

World News
Canada issues widespread warnings due to thunderstorms hitting these areas

This morning, the Government of Canada issued an important and urgent morning warning that temperatures will drop in some areas, with rain falling, and Environment Canada warns of the risk of thunderstorms in southern Ontario.

World News
Canada sets requirements for a Canadian Open Work Permit with Working Holiday Visa

The Canadian Immigration Department has identified some new visas for residence with the aim of intercultural interaction, as the Canadian government offers open work permits for young people from 35 partner countries to work and explore the country,...

World News
European Central Bank announces interest rate cuts, first time since 2019

The European Central Bank (ECB) recently announced its first interest rate cut since 2019, signaling progress in addressing inflation while acknowledging that the battle is far from over.

World News
Canada issues an emergency alert regarding a water outage in the city of Calgary

Water conservation companies in the city of Calgary in Canada issued an urgent alert to residents, and the companies asked residents to do a number of requests, including not to shower or bathe. Do not wash dishes or operate appliances that use...

World News
Britain sets an annual cap on visas and work permits before the next election

British Prime Minister Rishi Sunak announced a cap on immigration visas, and imposed new limits on work and family visas to reduce immigration to Britain.

World News
The Bank of Canada announces interest rate cuts and expectations for another cut next month

The Bank of Canada announced a reduction in its key interest rate on Wednesday to about 4.75%, by a quarter of a percentage point, according to the new announcement made by the bank.

World News
Housing prices in Canada deteriorate in conjunction with interest rate cuts

The Bank of Canada is set to announce a reduction in interest rates on Wednesday, several economists in Canada have confirmed, but some economists have warned that the central bank may have other ideas when it comes to timing the first cut.

World News
Volcano Eruption Causes Cancellation of 29 Domestic Flights in the Philippines

The Kanlaon Volcano on Negros Island, Philippines, erupted sending a vast plume of ash and steam five kilometers (three miles) into the sky.

World News
Visa Holders on India-UAE Flights advised to Book Return Tickets on Same Airline

Travel agents are cautioning India-based travelers bound for the UAE to book their roundtrip tickets on the same airline to avoid potential boarding denials, citing advisories from select carriers.

World News
Canada's most dangerous killer "Robert Pickton" dies after being attacked in prison

Serial killer Robert Pickton has died in Quebec at the age of 74, after being attacked in a Quebec prison.

World News
Canada: 3 people arrested in Brampton with methamphetamine drug and 60 stolen bank cards

Following the seizure of more than sixty stolen credit cards and illegal narcotics in Brampton, the investigation led to the arrest of three individuals and the filing of charges against them numbering 292.

World News
US confirms another citizen infected with bird flu linked to outbreak of dairy products

The state of Michigan has announced the identification of a second human case of highly pathogenic avian influenza (HPAI) A (H5) virus infection.

World News
The minimum wage in Canada is scheduled to increase starting next month

Reports and news currently circulating indicate that the minimum wage in Canada will rise starting next month, and the minimum wage is scheduled to rise from $16.75 to $17.40.

World News
Britain issues strict measures on work permits and deportations within 60 days

Even as hundreds of Indian care workers who find themselves unfairly stranded in the nation appeal for aid, the UK government on Wednesday celebrated a notable decline in healthcare visa applications following new limitations on family dependents.

World News
Canada: The cheapest Canadian cities to buy a home in Northern Ontario

The famous Royal Lepage company, in a report published today, revealed the cheapest Canadian cities to buy a home, at a reasonable cost.

World News
Delhi Airport: Two Dubai Passengers Arrested for Gold Smuggling from India

At New Delhi's Indira Gandhi International Airport, two Dubai passengers were apprehended on suspicion of smuggling 1,430 grams of gold.

World News
Canada issues a decision to cancel work permit fees for some residents

The Canadian government has declared that work permits for temporary residents will not require payment.

World News
Italy announces facilitation of visa procedures

Italy has introduced a "digital job seekers visa," which makes it easier for non-EU citizens to live the dream of living in Italy.

World News
Canada issues plan allowing immigrants living in Canada without valid work permits to stay

Monday, NDP Leader Jagmeet Singh and his party's MPs joined unions and community organizations to push Prime Minister Justin Trudeau to launch a comprehensive program allowing thousands of migrants living in Canada without proper documentation...

World News
Canada announces updated rules for spouses for study permit holders

Anaada's International Mobility Program (IMP) work permit category is designed for spouses and common-law partners who are actively enrolled in full-time studies but are not themselves study visa holders. Spouses' entry into Canada and...

Housing prices in Canada deteriorate in conjunction with interest rate cuts