As November approaches, Canadians can look forward to a new wave of government benefits and credits that could provide a much-needed financial boost as the year wraps up. The Canada Revenue Agency (CRA) is rolling out several key payments, including the Canada Child Benefit, the Canada Pension Plan, and Old Age Security, among others.
Ontario Trillium Benefit: This program assists low- and moderate-income Ontarians with essential expenses like energy bills and taxes. To qualify, residents must have filed their 2023 income tax return. Eligible recipients can expect payments on November 8, 2024. The amounts vary but could include up to $104 for those aged 18 to 64 and up to $118.41 for seniors.
Canada Child Benefit: Designed to help families with children under 18, this benefit is based on family income and the number of children. Payments can be as high as $648.91 monthly for each child under 6. The next payment date is November 20, 2024.
Old Age Security: Canadians aged 65 and older can receive this monthly benefit, with payments of up to $800.44 for those over 75. The next payment date is November 27, 2024.
Canada Pension Plan: The CPP provides retirement income based on contributions made during working years. The maximum monthly payment at age 65 is $1,364.60, with payments scheduled for November 27, 2024.
Alberta Child and Family Benefit: This tax-free quarterly payment offers support to families in Alberta. The next payment is due on November 27, 2024, with amounts varying based on the number of children.
Veteran Disability Pension: Available for veterans with service-related disabilities, this pension can provide up to $3,357.30 monthly for the highest disability rating. The next payment is set for November 28, 2024.
Overall, these benefits aim to support Canadians through various stages of life, providing essential financial assistance when needed most.
